Everyone that owns stock should own some of this stuff. Since hitting lows of around $7.80 in March and April the HXD has gradually worked its way up, a break-out if you wish, to the present level of $9.36, up about 20% against a market that is down about 10% so it tracks as advertised by 2 to 1. This is a great hedge!
Why hedge? Why not just sell the existing position? The answer is that your broker truly knows what he is doing and therefore his picks will outperform the market, so you want to keep them while you want to reduce your exposure to the market overall. Tax and commission considerations may play a role as well.