Short ETFs Are The Top PerformersTom Lydonupdated Oct 11, 2008TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.As the market continues its sharp declines, there is still a way that investors can profit from exchange traded fund (ETF) investing. Short-selling, or betting against the market, has become a strategy for many who want to hedge their losses in the current market conditions.Sam Patel for TheStreet reports that the top ETF performers for the third quarter were the inverse, or short, ETFs. These funds are designed to go up whenever the markets go down.As with any investment, it's wise to be aware of the risks. While these funds do present opportunities in down markets, investors need to use them with caution. While market whipsaws in a negative direction can bring good news, those in a positive direction can cause quick losses.Some of the top short ETFs for the third quarter and their performance numbers include:UltraShort Basic Materials (SMN), up 85.3%PowerShares DB Oil 2X Short (DTO), up 76.5%PowerShares DB Commodity Double Short (DEE), up 70.4%PowerShares DB AGR Double Short (AGA), up 67.9%Wall Street's most recent week has also seen some stunning losses that have benefitted these funds. Among the top short ETFs this week, shown with a one-week performance chart, include:Rydex Inverse 2x S&P Select Sector Energy (REC), up 69.2% (black line)ProShares UltraShort Telecommunications (TLL), up 79% (green line)Read the disclosure, as Tom Lydon is a board member of Rydex Funds.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.