Leveraged Equities ETFs

Most of these ETFs seek to increase the exposure and impact from the underlying index or investments in the ETF. For example, the leveraged ETF may attempt to double, triple, or even quadruple the return of an index on a daily basis. Leveraged ETFs are typically used by investors who are using a short-term trading strategy. We view inverse or leveraged ETF categories as simply suited for aggressive investors only who are willing to accept the exaggerated returns offered by these particular ETFs and are prone to more active portfolio management. We see limited appeal for long-term investors.

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Fund Symbol/Name	Last	Open	High	Low	52-Wk Hi	52-Wk Lo	Day Chg	YTD Chg	12-Mo Chg	AUM	Exp. Ratio	SMART Grade
SSO ProShares Ultra S&P500	140.02	140.48	140.96	138.45	141.77	81.39	-0.98 (-0.70%)	28.14%	34.62%	2.81B	0.89%	A Strong Buy
FLGE Credit Suisse FI Large Cap Growth Enhanced ETN	308.89	311.20	311.77	305.71	312.18	166.60	-2.34 (-0.75%)	35.42%	42.30%	2.29B	0.85%	A Strong Buy
QLD ProShares Ultra QQQ	110.18	111.00	111.64	108.52	112.07	58.44	-1.35 (-1.21%)	50.25%	52.10%	1.99B	0.95%	A Strong Buy
FBGX UBS AG FI Enhanced Large Cap Growth ETN	308.72	310.15	310.96	307.18	311.86	167.50	-2.52 (-0.81%)	35.88%	40.97%	1.69B	0.85%	A Strong Buy
ROM ProShares Ultra Technology	144.18	145.30	146.24	142.13	147.01	68.54	-2.08 (-1.42%)	64.37%	71.75%	410.93M	0.95%	A Strong Buy
MVV ProShares Ultra MidCap400	42.36	42.60	42.73	41.76	42.87	26.88	-0.27 (-0.63%)	3.37%	17.11%	148.56M	0.95%	A Strong Buy
BDCS UBS AG Exchange Traded Access Securities (E TRACS) Linked to the Wells Fargo Business Development Company Index due April 26, 2041	19.86	19.90	19.90	19.77	20.50	16.83	+0.03 (0.15%)	-2.22%	4.10%	89.65M	0.85%	A Strong Buy
PPLC Portfolio+ S&P 500 ETF	42.88	42.99	43.08	42.70	43.18	30.45	-0.22 (-0.51%)	19.11%	21.76%	81.71M	0.32%	A Strong Buy
SAA ProShares Ultra SmallCap600	99.54	100.59	100.59	99.54	107.44	68.69	-1.31 (-1.30%)	-1.14%	3.16%	34.83M	0.95%	A Strong Buy
LMLP ETRACS Monthly Pay 2xLeveraged Wells Fargo MLP Ex-Energy ETN	16.48	16.45	16.77	16.37	18.17	9.24	-0.22 (-1.32%)	4.88%	29.46%	32.19M	0.85%	A Strong Buy
DVHL ETRACS 2xLeveraged Diversified High Income ETN	16.55	16.79	16.79	16.50	18.71	14.51	-0.04 (-0.24%)	-16.37%	-3.41%	23.01M	0.85%	A Strong Buy
SDYL ETRACS Monthly Pay 2xLeveraged S&P Dividend ETN	96.61	97.57	97.57	95.82	99.28	64.50	-0.96 (-0.98%)	13.90%	16.40%	17.02M	0.30%	A Strong Buy
PPSC Portfolio+ S&P Small Cap ETF	36.62	36.62	36.62	36.62	37.65	28.77	-0.32 (-0.87%)	3.07%	4.70%	8.41M	0.35%	A Strong Buy
SPUU Direxion Daily S&P 500 Bull 2X Shares	62.07	62.36	62.43	61.51	62.89	36.47	-0.49 (-0.78%)	25.22%	33.66%	7.38M	0.60%	A Strong Buy
SMLL Direxion Daily Small Cap Bull 2X Shares	48.38	48.91	48.91	48.38	50.85	32.10	-0.41 (-0.84%)	-5.53%	8.87%	3.99M	0.60%	A Strong Buy
URE ProShares Ultra Real Estate	86.88	86.95	87.05	86.23	91.35	51.25	-0.02 (-0.02%)	31.74%	35.43%	N/A	N/A	A Strong Buy
UWM ProShares Ultra Russell2000	70.38	70.38	71.27	69.25	74.26	46.25	-0.51 (-0.72%)	-0.35%	12.36%	N/A	N/A	A Strong Buy
UCC ProShares Ultra Consumer Services	112.13	112.75	112.75	110.91	121.32	68.00	-0.93 (-0.82%)	37.73%	33.02%	N/A	N/A	A Strong Buy
FAS Direxion Financial Bull 3X Shares	87.16	87.31	87.93	85.45	88.50	36.73	-0.85 (-0.97%)	27.69%	52.99%	1.95B	0.95%	B Buy
FIHD UBS AG UBS AG FI Enhanced Global High Yield ETN due March 3, 2026	193.96	194.26	195.29	178.70	197.93	82.78	-1.29 (-0.66%)	12.72%	23.94%	1.44B	0.80%	B Buy
SPXL Direxion Daily S&P 500 Bull 3X Shares	59.27	59.58	59.87	58.27	60.38	27.27	-0.63 (-1.05%)	33.70%	49.56%	922.43M	0.95%	B Buy
TECL Direxion Technology Bull 3X Shares	207.59	210.15	212.00	203.01	213.53	68.96	-4.20 (-1.98%)	85.07%	112.28%	794.66M	0.95%	B Buy
TNA Direxion Small Cap Bull 3X Shares	63.08	63.04	64.28	61.50	70.44	35.33	-0.62 (-0.97%)	-10.23%	12.24%	788.05M	0.95%	B Buy
MORL ETRACS Monthly Pay 2XLeveraged Mortgage REIT ETN	13.34	13.44	13.44	13.29	15.37	11.40	-0.01 (-0.07%)	-20.39%	-5.99%	469.69M	0.40%	B Buy
DDM ProShares Ultra Dow30	53.00	53.14	53.24	52.41	54.00	32.81	-0.38 (-0.71%)	20.50%	26.43%	416.43M	0.95%	B Buy
ERX Direxion Energy Bull 3X Shares	15.03	14.61	15.37	14.33	25.61	12.43	+0.43 (2.95%)	-56.97%	-33.50%	400.51M	0.95%	B Buy
BDCL 2xLeveraged Long Exchange Traded Access Securities (E-TRACS) Linked to the Wells Fargo Business Development Company Index due May 24, 2041	14.26	14.24	14.31	14.23	14.98	10.57	-0.04 (-0.28%)	-9.53%	3.75%	243.06M	0.85%	B Buy
CURE Direxion Daily Healthcare Bull 3X Shares	63.39	63.41	63.89	62.27	66.95	38.98	-0.18 (-0.28%)	36.03%	15.89%	156.14M	0.95%	B Buy
RXL ProShares Ultra Health Care	115.36	115.62	116.00	114.00	116.37	80.30	-0.12 (-0.10%)	30.83%	14.82%	145.30M	0.95%	B Buy
MIDU Direxion Mid Cap Bull 3X Shares	44.84	45.00	45.47	43.97	46.56	23.75	-0.45 (-0.99%)	-3.42%	20.54%	87.83M	0.95%	B Buy
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	65.35	64.88	66.09	64.52	66.76	23.89	+0.11 (0.17%)	46.85%	70.81%	73.53M	0.95%	B Buy
SMHD ETRACS Monthly Pay 2xLeveraged US Small Cap High Dividend ETN due February 6, 2045	10.53	10.70	10.70	10.43	16.87	10.02	-0.14 (-1.31%)	-44.41%	-32.50%	58.43M	0.85%	B Buy
DRN Direxion Daily Real Estate Bull 3x Shares	29.65	29.72	29.87	29.26	32.43	14.61	-0.07 (-0.24%)	29.82%	41.99%	54.87M	0.95%	B Buy
DVYL ETRACS Monthly Pay 2x Leveraged Dow Jones Select Dividend Index ETN	71.68	71.37	71.68	71.37	73.92	51.25	-0.16 (-0.22%)	-1.13%	8.89%	43.09M	0.35%	B Buy
RETL Direxion Daily Retail Bull 3X Shares ETF	23.82	24.79	24.79	23.20	36.00	16.19	-1.03 (-4.14%)	-33.65%	-19.23%	35.17M	0.95%	B Buy
REML Credit Suisse AG Credit Suisse X-Links Monthly Pay 2xLeveraged Mortgage REIT Exchange Traded Notes (ETNs) due July 11, 2036	23.27	23.35	23.50	23.18	26.11	20.05	-0.03 (-0.13%)	-20.24%	-4.83%	28.99M	0.50%	B Buy
MRRL ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN Series B due October 16, 2042	13.18	13.19	13.21	13.10	14.91	11.25	-0.01 (-0.08%)	-21.79%	-6.66%	13.80M	0.40%	B Buy
LBDC 2xLeveraged Long ETRACS Wells Fargo Business Development Company Index Series B due May 24, 2041	14.31	14.28	14.31	14.28	16.78	10.48	-0.02 (-0.14%)	-8.36%	3.48%	6.44M	0.85%	B Buy
LRET ETRACS Monthly Pay 2xLeveraged MSCI US REIT Index ETN due May 5, 2045	28.95	29.07	29.07	28.95	30.64	18.85	-0.19 (-0.65%)	12.06%	21.90%	5.98M	0.85%	B Buy
UMDD UltraPro MidCap400	111.80	112.43	112.43	110.61	115.83	58.86	-1.26 (-1.11%)	-4.31%	20.46%	N/A	N/A	B Buy
UPRO ProShares UltraPro S&P 500	62.64	62.95	63.26	61.58	63.81	28.65	-0.68 (-1.07%)	34.17%	49.96%	N/A	N/A	B Buy
UPW ProShares Ultra Utilities	66.18	65.31	66.19	65.31	71.09	43.90	+0.70 (1.07%)	41.16%	29.50%	N/A	N/A	B Buy
URTY ProShares UltraPro Russell2000	74.75	74.59	76.12	72.83	82.94	41.61	-0.71 (-0.94%)	-9.22%	12.88%	N/A	N/A	B Buy
UXI ProShares Ultra Industrials	85.33	86.11	86.19	84.82	86.79	46.63	-1.10 (-1.27%)	16.88%	40.48%	N/A	N/A	B Buy
UYG ProShares Ultra Financials	50.63	50.58	50.87	50.07	51.15	28.46	-0.34 (-0.67%)	18.85%	31.55%	N/A	N/A	B Buy
TQQQ ProShares UltraPro QQQ	74.58	75.35	76.03	72.82	76.47	30.32	-1.33 (-1.75%)	61.29%	75.90%	N/A	N/A	B Buy
UBIO Proshares UltraPro Nasdaq Biotechnology	27.87	27.31	28.34	27.01	33.19	15.76	+0.44 (1.60%)	-17.15%	13.53%	N/A	N/A	B Buy
BIB ProShares Ultra Nasdaq Biotechnology	55.46	54.41	55.97	54.20	60.10	36.05	+0.74 (1.35%)	-1.09%	15.78%	N/A	N/A	B Buy
UDOW ProShares UltraPro Dow30	115.47	116.03	116.41	113.64	118.88	58.01	-1.41 (-1.21%)	22.66%	36.52%	N/A	N/A	B Buy
SOXL Direxion Daily Semiconductor Bull 3x Shares	219.31	223.43	227.51	214.28	238.00	66.38	-7.81 (-3.44%)	59.04%	139.68%	675.74M	0.95%	C Neutral
LABU Direxion Daily S&P Biotech Bull 3X Shares	45.39	44.50	46.23	43.31	66.67	24.00	+0.44 (0.98%)	-41.70%	6.77%	486.47M	0.95%	C Neutral
CEFL ETRACS Monthly Pay 2X Leveraged Closed-End Fund ETN	13.73	13.86	13.91	13.73	14.85	10.86	-0.24 (-1.72%)	-21.70%	4.41%	247.43M	0.50%	C Neutral
TMF Direxion Daily 20-Yr Treasury Bull 3x Shrs	28.92	28.51	28.95	28.46	34.86	16.14	+0.86 (3.06%)	31.01%	75.91%	115.25M	0.95%	C Neutral
MLPQ UBS AG ETRACS 2xMonthly Leveraged Alerian MLP Infrastructure Index ETN Series B due February 12, 2046	17.36	17.25	17.68	17.25	30.94	17.25	+0.08 (0.46%)	-52.55%	-36.09%	85.14M	0.85%	C Neutral
MLPZ UBS AG ETRACS ETRACS 2xMonthly Leveraged S&P MLP Index ETN Series B due February 12, 2046	21.60	21.55	21.60	21.55	35.87	21.15	+0.38 (1.79%)	-48.06%	-32.33%	52.81M	0.95%	C Neutral
FINU ProShares UltraPro Financial Select Sector	101.71	101.78	101.79	100.18	104.89	45.81	-1.43 (-1.39%)	-3.41%	30.56%	51.86M	0.95%	C Neutral
DPST Direxion Daily Regional Banks Bull 3X Shares	45.44	45.49	46.20	44.37	57.04	26.38	-0.67 (-1.45%)	-37.45%	-7.30%	49.56M	0.95%	C Neutral
HDLV ETRACS Montly Pay 2xLeveraged US High Dividend Low Volatility ETN due September 30, 2044	28.27	28.14	28.31	27.94	29.46	20.42	+0.04 (0.14%)	-10.41%	11.31%	19.44M	0.85%	C Neutral
AMJL Credit Suisse X-Links Monthly Pay 2xLeveraged Alerian MLP Index Exchange Traded Notes due May 16, 2036	8.80	8.75	8.87	8.67	15.58	8.67	0.00 (0.00%)	-52.16%	-37.14%	18.13M	0.85%	C Neutral
UTSL Direxion Daily Utilities Bull 3X Shares	43.43	42.67	43.49	42.60	48.20	23.76	+0.75 (1.76%)	58.37%	47.03%	8.66M	0.95%	C Neutral
TPOR Direxion Daily Transportation Bull 3X Shares	26.35	26.77	27.10	26.25	34.38	15.36	-1.15 (-4.18%)	-23.57%	-3.69%	7.42M	0.95%	C Neutral
DUSL Direxion Daily Industrials Bull 3X Shares	36.45	37.01	37.05	36.10	38.24	16.33	-0.82 (-2.20%)	-0.78%	43.44%	6.83M	0.95%	C Neutral
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	10.71	10.61	10.88	10.54	13.84	7.06	-0.13 (-1.20%)	-47.98%	18.03%	4.66M	0.95%	C Neutral
LTL ProShares Ultra Telecommunications ProShares	40.12	39.88	40.12	39.88	46.00	29.37	-0.75 (-1.84%)	-6.98%	11.14%	3.12M	0.95%	C Neutral
UGE ProShares Ultra Consumer Goods	48.99	48.99	48.99	48.99	49.25	31.33	-0.04 (-0.08%)	0.06%	22.22%	N/A	N/A	C Neutral
USD ProShares Ultra Semiconductors	54.03	54.86	55.22	53.48	56.78	25.62	-1.41 (-2.54%)	32.50%	72.64%	N/A	N/A	C Neutral
UYM ProShares Ultra Basic Materials	58.20	58.74	59.61	58.10	62.72	41.70	-1.50 (-2.51%)	-21.32%	7.71%	N/A	N/A	C Neutral
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares	71.90	71.00	74.25	70.58	77.61	20.41	+0.27 (0.38%)	-22.10%	160.32%	45.70M	0.95%	D Sell
HOML ETRACS Monthly Reset 2xLeveraged ISE Exclusively Homebuilders ETN due March 13, 2045	61.62	61.62	61.62	61.62	69.39	20.45	+0.09 (0.15%)	2.36%	131.83%	4.17M	0.85%	D Sell
FIYY Barclays ETN+ FI Enhanced Global High Yield Exchange Traded Notes Series B	115.39	115.82	115.87	114.80	118.10	70.80	-0.83 (-0.71%)	14.10%	24.37%	1.62B	0.93%	NR Not Rated
FFEU Barclays ETN+ FI Enhanced Europe 50 Exchange Traded Notes Series C	100.66	100.66	100.66	100.66	103.28	63.68	-1.25 (-1.23%)	5.58%	26.12%	686.85M	1.05%	NR Not Rated
FRLG Large Cap Growth Index-Linked ETN	133.80	134.35	135.42	132.91	135.44	70.31	-1.13 (-0.84%)	39.40%	42.20%	261.96M	1.46%	NR Not Rated
FNGU BMO REX MicroSectors FANG+ Index 3X Leveraged ETNs	45.80	46.04	46.78	44.49	52.60	22.38	-0.88 (-1.89%)	-14.47%	34.98%	136.11M	0.95%	NR Not Rated
FNGO MicroSectors FANG+ Index 2X Leveraged ETNs	45.63	45.80	46.38	45.00	48.24	26.94	-0.64 (-1.38%)	0.00%	12.48%	49.95M	0.95%	NR Not Rated
PPMC Portfolio+ S&P® Mid Cap ETF	25.96	26.11	26.11	25.96	26.66	20.00	-0.15 (-0.57%)	2.45%	1.96%	27.12M	0.40%	NR Not Rated
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares	16.37	16.05	16.79	16.04	31.84	11.23	+0.39 (2.44%)	-39.84%	-40.70%	5.37M	0.95%	NR Not Rated
UBOT Direxion Daily Robotics & Artificial Intelligence Bull 2X Shares	11.94	11.86	12.17	11.74	15.14	6.05	-0.09 (-0.75%)	-51.48%	20.72%	5.02M	0.95%	NR Not Rated
UCOM ProShares UltraPro Communication Services Select Sector	56.17	56.17	56.17	56.17	58.58	37.24	-1.12 (-1.95%)	0.00%	42.06%	N/A	N/A	NR Not Rated
TAWK Direxion Daily Communication Services Index Bull 3X Shares	36.53	36.75	36.85	35.75	38.27	23.82	-0.70 (-1.88%)	0.00%	47.91%	N/A	N/A	NR Not Rated
MUTE Direxion Daily Communication Services Index Bear 3X Shares	13.78	13.78	13.78	13.78	25.92	13.48	+0.26 (1.92%)	0.00%	-45.53%	N/A	N/A	NR Not Rated
PASS Direxion Daily Consumer Discretionary Bear 3X Shares ETF	15.40	15.12	15.40	15.12	38.36	13.95	+0.15 (0.98%)	0.00%	-39.26%	N/A	N/A	NR Not Rated
WANT Direxion Daily Consumer Discretionary Bull 3X Shares ETF	31.03	31.60	31.60	30.62	37.00	15.50	-0.37 (-1.18%)	0.00%	24.49%	N/A	N/A	NR Not Rated
LACK Direxion Daily Consumer Staples Bear 3X Shares ETF	16.36	16.39	16.39	16.36	36.01	16.22	-0.12 (-0.73%)	0.00%	-34.55%	N/A	N/A	NR Not Rated
NEED Direxion Daily Consumer Staples Bull 3X Shares ETF	32.47	32.07	32.47	31.89	32.94	16.84	+0.22 (0.68%)	0.00%	30.32%	N/A	N/A	NR Not Rated
PFFL ETRACS 2xMonthly Pay Leveraged Preferred Stock ETN	24.93	24.94	24.99	24.89	27.36	20.70	-0.04 (-0.16%)	0.00%	8.93%	N/A	N/A	NR Not Rated
BNKU MicroSectors U.S. Big Banks Index 3xMicroSectors U.S. Big Banks Index 3x Leveraged ETN Leveraged ETN	69.33	68.98	69.40	68.98	72.33	39.93	-1.22 (-1.73%)	0.00%	36.05%	N/A	N/A	NR Not Rated
BNKD MicroSectors U.S. Big Banks Index -3x Inverse Leveraged ETN	27.94	28.04	28.04	27.94	54.42	27.05	+0.45 (1.64%)	0.00%	-43.00%	N/A	N/A	NR Not Rated
BNKO MicroSectors U.S. Big Banks Index 2x Leveraged ETN	64.12	64.12	64.12	64.12	65.22	43.96	-0.74 (-1.14%)	0.00%	26.63%	N/A	N/A	NR Not Rated
BNKZ MicroSectors U.S. Big Banks Index -2x Inverse Leveraged ETN	34.83	34.83	34.83	34.83	53.29	34.40	+0.40 (1.16%)	0.00%	-29.41%	N/A	N/A	NR Not Rated
YCOM ProShares UltraShort Communication Services Select Sector	27.88	27.69	27.88	27.69	41.69	27.53	+0.35 (1.27%)	0.00%	-30.80%	N/A	N/A	NR Not Rated
SCOM ProShares UltraPro Short Communication Services Select Sector	22.57	22.57	22.57	22.57	42.47	22.12	+0.41 (1.85%)	0.00%	-44.17%	N/A	N/A	NR Not Rated
XCOM ProShares Ultra Communication Services Select Sector	51.36	51.36	51.36	51.36	52.04	38.21	-0.68 (-1.31%)	0.00%	29.37%	N/A	N/A	NR Not Rated

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