I continue to be interested in ProShares UltraShort FTSE Xinhua China 25 ETF (FXP) . The 09 JAN 60.0 covered calls are paying 305.3 percent annualized and the stock, currently at 55.67 (+4.46), is trading near its all time lows. Although this ETF has been driven down in recent weeks due to the market’s rally, a gauge of China’s manufacturing activity in November, as compiled by brokerage CLSA Asia-Pacific Markets, showed the sharpest contraction in the history of the survey. FXP has continuously ranked very high on an annualized percentage basis during the last few months and this information should drive it higher in the forseeable future.
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