With the S&P 500 having shed 7.6% on Monday, sliding to its lowest close since June, it's fair to say there is money to be made on the downside in the current market environment.

For some traders, that means embracing inverse and inverse leveraged exchange-traded funds. A basic inverse ETF, such as the ProShares Short S&P500 SH, delivers the daily inverse performance of a particular index.

Likewise, an inverse geared ETF can deliver double or triple the daily returns of a specific benchmark. For traders willing to bet on more declines, some or all of the following bearish funds could be suitable over the near term.

Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS)

One of the newest additions to Direxion's expansive lineup of inverse and leveraged ETFs, the Direxion Daily S&P 500 High Beta Bear 3X Shares HIBS debuted last November and that time now looks fortuitous.

The reason for that sentiment is simple: the message from the market is low beta destinations, such as consumer staples and utilities, aren't providing any refuge, so there's little chance high beta — the very stocks and sectors HIBS attacks — is going to work.

HIBS looks to deliver triple the daily inverse returns of the S&P 500 High Beta Index. On Monday, HIBS surged 39.25% on volume that was about seven times the daily average and the reason for that move is easy to explain: the S&P 500 High Beta Index devotes almost 59% of its weight to technology and energy stocks.

Direxion Daily Natural Gas Related Bear 3X Shares (GASX)

Traders have been hearing plenty about the weakness in the energy patch and bearish oil ETFs are getting plenty of play as result. However, one of the truly staggering stories among all bearish geared ETFs, energy or otherwise, is the Direxion Daily Natural Gas Related Bear 3X Shares GASX.

Simply put, GASX is acting like a hot technology initial public offering in the late 1990s. Gaining 87% on Monday proves as much. As recently as January, GASX was trading around $50. It headed into Tuesday flirting with $400, good for a 2020 gain of an astounding 860.89%.

Due to persistent weakness in the commodity, it may appear as though shorting natural gas is easy, but the risk with GASX is clear: anything bit of good news to lift natural gas prices and equities could punish this ETF, putting its beleaguered bullish cousin — the Direxion Daily Natural Gas Related Bull 3X Shares GASL — in position to rally.

Speaking of GASL, with Monday's close at 26 cents, a reverse split is essentially a given sometime soon.

Direxion Daily Financial Bear 3X Shares (FAZ)

Consider the following about the near-term fate of the Direxion Daily Financial Bear 3X Shares FAZ. JPMorgan Chase & Co. JPM, arguably the highest quality U.S. bank, plunged 13.55% on Monday and has lost nearly a third of its value this month.

On Monday, Odeon Capital analyst Dick Bove advised steering clear of JPMorgan, Bank of America BAC, Citigroup C and Wells Fargo WFC.

“A sharp decline in oil prices will be a body blow to an industry already at high risk,” Bove said in a note to clients.

Those four stocks combine for about 19% of the index FAZ seeks triple the daily inverse returns of.