Understanding Leveraged ETFs

You’ve probably heard about leveraged ETFs: Funds designed to deliver twice or even three times the return of their benchmarks.Just last week, ProShares launched the first triple-leveraged ETFs tied to the SP 500 index. ProShares UltraPro SP 500 (UPRO) is a 3x ETF for bulls, while ProShares UltraPro Bear SP 500 (SPXU) is a 3x leveraged inverse ETF.What a deal! Wouldn’t it be great to double or triple your gains? Far be it from me to throw water on the party, but I have to tell you it’s n