I actually didn't buy HZD, tho it would have been more profitable than I would have dreamed. CME changing a few rules sure rocked the market. I have used the Horizon ETFs a few times, usually the bulls, in oil, nat gas and gold. Have done ok.

Here is what I was getting at in a nutshell. If you bought both the bear and bull, in a year's time you would be down significantly. In many (most?) cases you would be down on BOTH! Hence...shorting the opposite is a much higher percentage play than buying the side you like. In fact, there are some who are shorting both at the same time, simply taking the built in volitility premium. For those shaking their heads at the thought of being both sides of a given market, compare charts for HOU/HOD, HNU/HND etc. over a year or so. Instead of betting which boat wins the race, you are betting that they will be lower in the water because they leak.

Shorting has a poor reputaion, not all of it undeserved. As a farmer, I must sell throughout the year, in a way be bearsh in that I need to realize sometimes the downside risk is greater than the upside. We frequently forward contract, selling part of a crop we have yet to even plant, and if we are unable to plant and harvest, must buy the production at the time the contract is due... a short play whether we intend it that way or not. It is not to undermine anyone, but to hedge our risks of sinking markets. I also see ETF's as being a les risky short as there is no short squeeze, no trading halts, no takeover possibilities. There is of course still downside risk.