Series 65: 3.5.3. Comparing Leveraged And Inverse ETFs And ETNs

Taken from our Series 65 Online Guide

3.5.3. Comparing Leveraged and Inverse ETFs and ETNs

Familiarize yourself with the following table about traditional and non-traditional ETFs and ETNs.

	Traditional ETFs	Leveraged ETFs	Inverse ETFs	Traditional ETNs	Leveraged ETNs	Inverse ETNs
Returns	Index return	Multiple of index (2x)	Inverse of index (-x)	Index return	Multiple of index (2x)	Inverse of index (-x)
Tracking Error	yes	yes	yes	no	yes, if held more than a day	yes, if held more than a day
Suitable for buy and hold strategy	yes	no	no	yes	no	no
Suitable for diversified long-term portfolio	yes	no	no	yes	no	no
High expense ratio	no	yes	yes	no	yes	yes
Tax efficient	yes	no	n

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