Though one issue with most leveraged ETF/ETNs is how they aim to replicate the daily return of the index. So by holding it longer than a day, your returns are p

Though one issue with most leveraged ETF/ETNs is how they aim to replicate the daily return of the index. So by holding it longer than a day, your returns are path dependent. So if you are holding the leveraged ETF for a month and the index has a positive return, it is still possible for you to have a negative return.