How Short ETFs Make Money

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I am now looking at some of the short and ultra-short ETFs as protection against a bear market. But I cannot get a handle on how these make money. Do they short the individual stocks in the index they track? And exactly how do the ultra-short ETFs try to double the return? -- E.W.

The short and "ultra" (or "double") short ETFs (exchange-traded funds ) offer a new way for investors to short the market while taking on less risk than shorting stocks outright. ...