Defining a Leveraged ETF and ETN

A leveraged ETF is designed to mirror an index such as the S&P 500, but the fund uses financial derivatives and debt to amplify the returns of that underlying index. The funds aim to keep a constant amount of leverage during the investment time frame, typically a 2–3x ratio. In other words, a leveraged 2x ETF will maintain a $2 exposure to the index for every $1 of investor capital, in hopes of getting twice the return of investors in the underlying index. An ETN is issued as a senior debt note, not a stake in an underlying commodity, and like bonds, they are unsecured debt. Leveraged index ETFs are often marketed as bull or bear funds. For example, a leveraged bull ETF might attempt to achieve daily returns that are 2x or 3x more pronounced than the Dow Jones Industrial Average or the S&P 500. As with any leveraged ETF, you need to know that the targeted leveraged return is on the ​daily performance, not the annual return.

List of Funds

AGQ: Ultra Silver ProShares ETF AMJL: Credit Suisse X-Links Monthly Pay 2x Leveraged Alerian MLP Index ETN BDCL: UBS 2X Leveraged Long Wells Fargo Business Development Company ETN BIB: Ultra NASDAQ Biotechnology ETF BIS: Ultra Short NASDAQ Biotechnology ETF BOIL: ProShares Ultra DJ-UBS Natural Gas ETF BZQ: UltraShort MSCI Brazil ProShares ETF CEFL: Etracs Monthly Pay 2x Leveraged Closed-End Fund ETN CHAU: Direxion Daily CSI 300 China A Share Bull 2x ETF CROC: ProShares UltraShort Australian Dollar ETF DDM: Ultra Dow 30 ProShares ETF DGP: PDB Gold Double Long ETN DIG: Ultra Oil & Gas ProShares ETF DRR: Market Vectors Double Short Euro ETN DSXJ: JP Morgan 2X Short US 10 Year Treasury Futures ETN DTO: DB Crude Oil Double Short ETN DUG: UltraShort Oil & Gas ProShares ETF DVYL: Etracs Monthly Pay 2x Leveraged Dow Jones Select Dividend Index ETN DXD: UltraShort Dow 30 ProShares ETF DZZ: DB Gold Double Short ETN EET: Ultra MSCI Emerging Mkts ProShares ETF EEV: UltraShort MSCI Emerging Markets ProShares ETF EFO: Ultra MSCI EAFE ProShares ETF EFU: UltraShort MSCI EAFE ProShares ETF EPV: UltraShort MSCI Europe ProShares EUO: ProShares UltraShort Euro ETF EWV: UltraShort MSCI Japan ProShares ETF EZJ: Ultra MSCI Japan ProShares ETF FXP: UltraShort FTSE/Xinhua China25 Proshares ETF GLL: UltraShort Gold ProShares ETF HOML: Etracs Monthly Reset 2x Leveraged ISE Exclusively Homebuilders ETN KOLD: UltraShort DJ-UBS Natural Gas ETF LTL: Ultra Telecommunications ProShares ETF LRET: Etracs Monthly Pay 2xLeveraged MSCI US REIT Index ETN MLPQ: Etracs 2x Monthly Leveraged Alerian MLP Infrastructure ETN Series B MLPZ: Etracs 2x Monthly Leveraged S&P MLP Index ETN Series B MVV: Ultra Mid Cap 400 ProShares ETF MZZ: UltraShort Mid Cap 400 ProShares ETF PILL: Direxion Daily Pharmaceutical & Medical Bull 2X Shares ETF PST: UltraShort 7-10 Year Treasury ProShares ETF QID: UltraShort QQQ ProShares ETF QLD: Ultra QQQ ProShares ETF RETL: Direxion Daily Retail Bull 2X Shares ETF REW: UltraShort Technology ProShares ETF ROM: Ultra Technology ProShares ETF RXD: UltraShort Health Care ProShares ETF RXL: Ultra Health Care ProShares ETF SAA: Ultra Small Cap 600 ProShares ETF SCC: UltraShort Consumer Services ProShares ETF SCO: UltraShort DJ-UBS Crude Oil ProShares ETF SDD: UltraShort Small Cap 600 ProShares ETF SDP: UltraShort Utilities ProShares ETF SDS: UltraShort S&P500 ProShares ETF SDYL: Etracs Monthly Pay 2x Leveraged S&P Dividend ETN SIJ: UltraShort Industrials ProShares ETF SKF: UltraShort Financials ProShares ETF SMLL: Direxion Daily Small Cap Bull 2X Shares ETF SMN: UltraShort Basic Materials ProShares ETF SMHD: $100,000,000 ETRACS Monthly Pay 2x Leveraged US Small Cap High Dividend ETN due February 6, 2045 SRS: UltraShort Real Estate ProShares ETF SSG: UltraShort Semiconductor ProShares ETF SSO: Ultra S&P 500 ProShares ETF SZK: UltraShort Consumer Goods ProShares ETF TBT: UltraShort 20+ Year Treasury ProShares ETF TVIX: VelocityShares Daily 2x VIX Short Term ETN TWM: UltraShort Russell 2000 ProShares ETF UBR: Ultra MSCI Brazil ETF UBT: Ultra 20+ Year Treasury ETF UCC: Ultra Consumer Services ProShares ETF UCO: Ultra DJ-UBS Crude Oil ProShares ETF UGE: Ultra Consumer Goods ProShares ETF UGL: Ultra Gold ProShares ETF UJB: ProShares Ultra High Yield Bond ETF ULE: Ultra Euro ProShares ETF UPV: Ultra MSCI Europe ETF UPW: Ultra Utilities ProShares ETF URE: Ultra Real Estate ProShares ETF URR: Market Vectors Double Long Euro ETN USD: Ultra Semiconductor ProShares ETF UST: Ultra 7-10 Year Treasury ETF UVXY: ProShares Ultra VIX Short-Term Futures ETF UWM: Ultra Russell 2000 ProShares ETF UXI: Ultra Industrials ProShares ETF UYG: Ultra Financials ProShares ETF UYM: Ultra Basic Materials ProShares ETF XPP: Ultra FTSE/Xinhua China 25 ProShares ETF YCL: Ultra Yen ProShares ETF YCS: UltraShort Yen ProShares ETF ZSL: ProShares UltraShort Silver ETF