Watching the stock market’s spectacular drop this week, I took a look at FactorShares spread ETFs as well as a collection of long-term bond ETFs.

The first, a post on WSJ’s MarketBeat, jumps into the world of quadruple leverage. Factor Advisors launched a collection of commodity pools that offered a leveraged long position in one thing (you pick) and a leveraged short position in other. Few of the funds have garnered any more assets than they launched with, but the 2x Gold Bull/2x S&P 500 Bear highlighted by many who follow ETFs soared in the last month.

Also on a roll, and more palatable to investors not willing to buy products with embedded margin, were the long-term bond ETFs I discussed on SmartMoney. These ETFs push the envelope on duration and maturity, by design, and flutter in the wind from the breath of bond vigilantes or fly in the face of economic weakness.

I looked at these ETFs last February, when the market was moving against them during weak treasury auctions.