A couple of years ago I bought as a hedge to my Sipp bond holdings the only "short" I could find, i.e. DB trackers U.K. gilt short ETF (SUKX). Since then, this has underperformed significantly when bonds tumbled last year, and is now back where I bought it, despite gilts quite a bit down from lofty 2012 Levels. Also, whilst DB states that entry/exit fees will be at most 3% either way, the bid/offer spread is at present 10.4%, whilst underlying short gilts are liquid. A hedsge is a hedge, so I am not minded to let go for now, but it just demonstrates (as if needed) that we get shafted with ETFs (and ETCs) with substantial hidden fees.