What is FAZ?

[Nate]

Cant quite figure out what triggers it, what it follows, and why it was sitting at $860 high in 2009, and is now below $10 per.
The only thing I found close to it was the VIX.....inverse to the market. Is this something to consider to diversify during a bull market, to take advantage of a bear when it comes?
-And because it seems to be an ETF, does this mean it's lifespan could come to a close once it reaches a certain low-value?

I tried to register with ETF Talk last week but never got the confirmation. I dont really have many ETF questions anyways, so figured Id ask here.

 

[KevinD]

Down the page in the right column.

http://finance.yahoo.com/q?s=FAZ

Fund Summary
The fund seeks daily investment results, before fees and expenses, of 300% of the inverse of price performance of the Russell 1000® Financial Services Index. The fund normally creates short positions by investing at least 80% of net assets in financial instruments that, in combination, provide leveraged and unleveraged exposure to the index. It is non-diversified. View More

 

[pmcint01]

Must have nerves of steel to gamble on this.