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6. Russell 1000 High Volatility ETF (HVOL)

We all want low volatility, but the “HVOL flips things on their head, owning up to 200 of the most volatile stocks in the Russell 1000,” says Index Universe. “That seems odd on the face of it: We don’t hear from a lot of investors wanting to dial UP their volatility. But what caught our eye was this: HVOL has traded 2,500 shares in the past three months. That trade took place May 31: The other 60 days, not a single share traded (as far as we can tell).”

A Russell official said that while “Products such as HVOL may be less intuitive, ... high volatility stocks tend to have high stock-specific risk and often a contrarian nature, as seen in HVOL’s 24 percent exposure to the Financial Services sector currently. High Volatility stocks may represent more of a tactical exposure, but they can and do outperform at times — such as Q1 2012 when HVOL outperformed its parent Russell 1000 Index by nearly 5 percent. The High Volatility ETFs could also be used as potential short positions as a way to help hedge volatility exposure or in combination with the Low Volatility ETFs in a long/short structure.”

Photo: Getty Images | CNBC Composite