The YCS and EUO represent leveraged bearish plays on the yen and euro, respectively.

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Also like YCS, this ETF holdings forwards and cash, and has a 0.95% expense ratio.

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On a bearish Yen, the idea would be to short FXY, or purchase the leveraged Short Yen via YCS (least preferred).

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You can also play the cratering yen via the YCS, which moves double in the opposite direction of the Japanese currency relative to the U.S. dollar.

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The ProShares Ultra Yen (NYSE: YCL) and the ProShares UltraShort Yen (NYSE: YCS) are two ETFs for investors to consider, depending on which direction they think the yen is headed.

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Hedge funds call this pair-trading, and right now he is keeping a 10% portfolio position with one-half allocated to the UUP, the bullish dollar ETF, and one-fourth to both the EUO and the ProShares UltraShort Yen (YCS).

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