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An ETF for the apocalyptic set in banking

In today’s ugly market, it was the financial sector again leading the charge down. Investment adviser Ryan Freund has a pretty grim view of what’s still to come in the unfolding subprime lending fiasco. So what’s a poor investor to do? Freund favors the ProShares Ultra Short Financials Fund (Symbol: SKF). The fund, which tracks the Dow Jones U.S. Financials Index, moves twice as much in the opposite direction of the index each day. The index is chock full of the murderer’s row of subprime and leveraged loans losers, led by Citigroup (C).

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