BBOZ and BEAR are actually relatively simple strategies but as described above need to be carefully monitored as they do the opposite of what most investments do (i.e. they are specifically designed to go up when the market goes down). In order to achieve their investment strategies they essentially short SPI (ASX 200) futures, in the case of BEAR this is done on close to a 1:1 basis, in the case of BBOZ, this is done on a 2-3:1 basis.
I have used both funds extensively in my trading strategies to both hedge against or profit from market downturns. BBOZ requires far more careful monitoring due the leverage involved than BEAR but both do what they say. The BetaShares website shows you on a daily basis the "exposure" you should be expecting on the day vs. the ASX 200. e.g. at the time I write this BEAR is providing a -1.02x performance and BBOZ is providing a -2.17x exposure.
FYI, there is a similar product to BBOZ available for the US market, its called BBUS
