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Consider: "The investment seeks daily investment results that correspond to two times (2x) the daily performance of the S&P 500".

That is on a daily basis only. This means that over the long term, you will have the same performance as the S&P 500. Twice up and twice down gets you to the same spot.

These funds can be traded profitably, and if you really want to have fun, you can trade a 2X long fund and a 2X inverse fund. Just be in the long fund when the market is going up and in the inverse fund when the market is going down. Very simple.
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