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These are often called inverse etfs or funds. They are a way to long an etf that performs opposite or inverse the performance of particular etf.

Single Beta Inverse ETFs

EUM – This is a single beta short ETF of the MSCI Emerging Markets index. If EEB closes up 1%, EUM will be down 1%.

EFZ – This etf is a single beta short etf for MSCI EAFE index.

Double Beta Inverse ETFs

FXP – This is the anti-FXI and its leveraged. Whatever the China ETF FXI does on a daily basis, FXP Ultrashort China ETF will do the the opposite and double it. Example:  FXI was down 5.98% today, while the FXP was up 11.5%. The ultra short/long etf’s only aim to 2x whatever their 1x counterparts do. Sometimes they come out a little ahead and sometimes they come out behind.

EEV – MSCI Emerging Markets index. Example: If EEB closes up 1%, EEV will lose roughly 2% on the day.

EFU – This etf tries to match the double the amount of MSCI EAFE index daily performance, but in the opposite direction. Lets say the MSCI EAFE index is down 1%, the EFU will be up 2% on the day.

EWV – This is a double beta ETF that correlates to the opposite performance of the EWJ or Japan Index.