{"id":243917,"date":"2026-06-05T14:06:00","date_gmt":"2026-06-05T18:06:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=243917"},"modified":"2026-06-17T11:56:28","modified_gmt":"2026-06-17T15:56:28","slug":"mastering-leveraged-etfs","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/mastering-leveraged-etfs\/","title":{"rendered":"Mastering Leveraged ETFs"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Discover how leveraged ETFs work and why they have become popular tools for active traders seeking amplified market exposure. In this IBKR Podcast episode, Jeff Praissman and Will Rhind break down daily resets, compounding effects, earnings-season trading, volatility and practical ways investors use leveraged ETFs in today&#8217;s markets.<\/p>\n\n\n\n<iframe title=\"Mastering Leveraged ETFs\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=yqh6r-1ae51a3-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-393\">Summary \u2013 IBKR Podcasts Ep. 393<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hi, everyone. This is Jeff Praissman from Interactive Brokers.\u00a0It&#8217;s\u00a0my pleasure to welcome back to the Interactive Brokers Podcast Studio, Will Rhines from\u00a0GraniteShares. Hey,\u00a0Will. How are you?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind\">Will Rhind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Good, thanks, Jeff.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-0\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Love having you come in for our monthly talk on all things about the market, whether\u00a0it&#8217;s\u00a0commodities or ETFs or options\u00a0or futures. And today\u00a0we&#8217;re\u00a0gonna\u00a0talk about\u00a0leveraged\u00a0ETFs, which\u00a0is a pretty interesting instrument, right? So, Will,\u00a0it&#8217;s\u00a0probably best\u00a0to start with the foundation.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How do&#8230;&nbsp;&#8217;cause&nbsp;I think a lot of people may have heard of leveraged ETFs, but&nbsp;they&#8217;re&nbsp;not sure really what they are or how they work. So how do they achieve their daily return targets? And why is that daily reset so important?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-0\">Will Rhind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, so leveraged ETFs\u00a0in a nutshell\u00a0are ETFs where you have prepackaged leverage or preset leverage on anything from an index to a single stock. And these are super popular here in the United States. Typically,\u00a0that&#8217;s\u00a0two times the leverage factor, so two times the return of an underlying stock or an underlying index over a given day, and those can be both long and short.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-1\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And how should traders think about these leveraged ETFs? Like, should they think about them differently than traditional ETFs in terms of structure, in terms of risk, in terms of time horizon?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-1\">Will Rhind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah.\u00a0So\u00a0there&#8217;s\u00a0a few things that people should be aware of. I think the most important thing, Jeff, is that\u00a0leveraged\u00a0ETFs work in the same way\u00a0really regardless\u00a0of whether you buy a leveraged ETF from a company like us or from other folks in the market.\u00a0They&#8217;re\u00a0based upon\u00a0a daily\u00a0rebalancing or a daily reset mechanism.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What that means is the portfolio gets rebalanced at the end of each day, and the reason for doing that is so the leverage\u00a0remains\u00a0constant. In other words, if\u00a0it&#8217;s\u00a0two times leverage, you want to make sure that\u00a0it&#8217;s\u00a0two times\u00a0leverage\u00a0today,\u00a0it&#8217;s\u00a0two times\u00a0leverage\u00a0tomorrow, or in six months&#8217; time, et cetera.\u00a0Now, the net effect of doing that is you do get some deviation from the underlying price over time.\u00a0So\u00a0in other words,\u00a0let&#8217;s\u00a0just hypothetically say that you were to look at the price of a leveraged ETF over a 12-month period versus the price of the underlying, and it\u00a0wouldn&#8217;t\u00a0be exactly two times. And the reason for that is because the portfolio has been\u00a0or is being rebalanced\u00a0on a daily basis.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-2\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And, well,\u00a0compounding&#8217;s\u00a0often misunderstood. So how does it,\u00a0kind of diving\u00a0a little bit more into this, how does the timing of these rebalances impact\u00a0returns\u00a0over multiple days, especially if the markets are choppy?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-2\">Will Rhind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah.\u00a0So\u00a0at the risk of oversimplifying it, what the effect amounts to is in a trending market, the leveraged ETF will\u00a0most likely outperform\u00a0the 2X return if\u00a0you&#8217;d\u00a0held the stock itself or the underlying index. In a down market, it will\u00a0most likely underperform\u00a0the 2X, and then in a choppy market, it will most likely underperform, again, the two times metric on the underlying stock because the portfolio is constantly going up and down.\u00a0So trending markets are really the environment that these products love most.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-3\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Gotcha. And obviously\u00a0we&#8217;re\u00a0not giving any kind of trading\u00a0advice out\u00a0here, but who are these\u00a0leveraged\u00a0ETFs designed for?\u00a0Like, who\u00a0are these\u00a0leveraged\u00a0ETFs designed for? Are they for short-term traders, tactical allocators, or someone in between?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-3\">Will Rhind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, I mean, I think from a first principles perspective, if you think about what these products do and the appeal of it, it just simply provides access to leverage in an ETF, and you don&#8217;t have to worry about margin or traditional margin accounts. So you think of a world where traditionally you&#8217;d have a brokerage account, you&#8217;d have to get margin, and from a leverage perspective, if it went against you, you might end up owing the broker money or being closed out of your position prematurely.\u00a0So\u00a0ETFs solve that. You\u00a0don&#8217;t\u00a0have any margin requirements. And\u00a0so\u00a0from that perspective,\u00a0it&#8217;s\u00a0then just for anybody that wants to implement or amplify exposure to underlying stocks or indexes.\u00a0And people use them in all sorts of different ways.\u00a0So clearly at the moment, obviously we&#8217;re just finishing up the earnings season, which is probably one of our busiest times\u00a0during\u00a0the year.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And you can imagine that you see elevated trading patterns when all these stocks are reporting earnings, and obviously particularly ones where we have&nbsp;leveraged&nbsp;ETFs in the mix. And so&nbsp;that&#8217;s&nbsp;a super popular time of year. And we can regularly see on our platform trading volumes of above&nbsp;$4 billion&nbsp;a day in earnings season.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, I think one of the attractive things for traders beyond the fact that you don&#8217;t have margin is that with ETFs, they allow you to participate in the pre-market and the post-market, which is different from options, for example, where you can&#8217;t do that. And\u00a0so\u00a0we see a lot of action particularly from international investors who\u00a0are able to\u00a0trade through overnight platforms and overnight markets to domestic investors here that\u00a0are able to\u00a0place orders in the pre- and post-market.\u00a0And\u00a0that&#8217;s\u00a0a very interesting\u00a0sort of phenomenon we\u00a0observe, particularly again around earnings times and when there&#8217;s volatility in the market.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-4\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, I mean,\u00a0I&#8217;m\u00a0glad you\u00a0brought up\u00a0earnings\u00a0&#8217;cause\u00a0earnings\u00a0season&#8217;s\u00a0always a big time of year, four times a year really.\u00a0Volatility tends to spike, and then it tends to collapse, and you have this leading up to this news, and then all of a\u00a0sudden\u00a0the news comes out.\u00a0So\u00a0could you dive a little bit more into how that environment\u00a0impacts\u00a0these leveraged ETFs&#8217; performance and behavior?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-4\">Will Rhind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, I mean, I think what people really look for is big moves. And clearly if you can earn two times the performance of an underlying over a given day, then you&#8217;re probably more naturally drawn to markets that are volatile and where there&#8217;s a lot of movement, both on the long and the short side, I should say.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So&nbsp;this is not just about the potential for a stock or an underlying to go up. This is about being able to take advantage of a downward movement, which is also&nbsp;very important&nbsp;in volatile periods. But I think typically what people are looking to do is express a bullish or bearish view over a short period of time around, let&#8217;s say, an earnings announcement or a big piece of market- or market-moving news coming out of the government or the Federal Reserve or something like that.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-5\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Gotcha.\u00a0So really kind of going back to your original thing where if you have a strong directional conviction, this may be something that you want to look into.\u00a0I want to kind of flip the script a little bit here, Will, and what are some of the bigger, I guess I don&#8217;t want to say biggest risks, but what are some of the risks that traders may overlook when using these leveraged ETFs?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-5\">Will Rhind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, I mean, I think, well, first and foremost, the most obvious with any kind of leverage is yes, you have the potential for two times the return or double the return of the underlying, but you also have potential for two times the losses of the underlying as well if it goes in the wrong direction.\u00a0So just, I guess as a first principle, anytime\u00a0you&#8217;re\u00a0using leverage, then\u00a0there&#8217;s\u00a0more risk involved and therefore\u00a0there&#8217;s\u00a0more risk of losses, not just gains. And then I think beyond that, it&#8217;s really understanding the daily rebalancing, the path dependency of the ETF over time, particularly how the longer you hold the ETF, the more that return stream will potentially deviate from the two times linear return of whatever the underlying is, be it a stock or an index.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But I think if you understand those two principles, then a lot of the other mechanics are really just regular ETF risks, if you want to call them that, such as trading, best times to trade a particular underlying if it&#8217;s thinly traded, if it trades a lot, timing considerations again, where it might be more volatile over earnings.\u00a0And that may be a time you actually don&#8217;t want to participate, or maybe it&#8217;s a time you do\u00a0wanna\u00a0participate.\u00a0But those are more market timing things as opposed to actually structurally with the product.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-6\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And Will,\u00a0I&#8217;m\u00a0gonna\u00a0skip question eight.\u00a0It&#8217;s\u00a0probably talking\u00a0about timing and trading, which is\u00a0probably not\u00a0a good idea. We\u00a0don&#8217;t\u00a0think we need to go there.\u00a0Will, can\u00a0these instruments be used for risk management? Is that something that individuals may want to\u00a0utilize these\u00a0for?\u00a0Maybe short-term\u00a0news events coming up and they have a\u00a0position\u00a0and they can\u00a0kind of buy\u00a0one of these leveraged ETFs that would kind\u00a0of,\u00a0you know, especially in these short-term, potentially high-volatility windows?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-6\">Will Rhind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And\u00a0that&#8217;s\u00a0right.\u00a0So\u00a0when\u00a0you&#8217;re\u00a0looking at\u00a0these kind of instruments, I think sometimes it&#8217;s left unsaid that you can use these defensively as well as offensively.\u00a0And so if you have a short exposure on an underlying stock, you can do obviously anything from just providing pure hedging activity against the performance of the underlying to tax strategies where you&#8217;re able to manufacture taxable losses against the portfolio, or just be a bit more tactical because you probably are long the underlying stock or long the underlying index via an ETF itself, and maybe you don&#8217;t want to sell that and realize a taxable event.\u00a0And so maybe using either a short position or long position around that to trade specific events is something\u00a0that&#8217;s\u00a0appealing to you.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-7\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And, well, this has been great. I\u00a0kind of want\u00a0to end it though with a, for people considering these leveraged ETFs, I guess what would be the kind of the most important rule of thumb or best practice for them?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-7\">Will Rhind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Well, I think the starting point would be for anybody thinking about these clearly\u00a0more risky\u00a0products than regular ETFs, in other words, unleveraged ETFs.\u00a0So\u00a0I think the starting point would be to assess whether leveraged ETFs are a good fit for you.\u00a0And\u00a0so\u00a0if\u00a0you&#8217;re\u00a0somebody that is comfortable with the risk and\u00a0you&#8217;re\u00a0comfortable with how these products work, then they can\u00a0be something that is\u00a0an addition to your portfolio, to your trading activities, to your investing style.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And clearly the amount of interest that we have in these products is\u00a0absolutely huge, and therefore\u00a0there&#8217;s\u00a0a community of users out there that absolutely love these products. But like other investing-related activities that are more on the risk curve, such as prediction markets or cryptocurrencies, nothing is risk-free in this life.\u00a0And definitely leveraged ETFs are firmly in the category of those that love, or like, adding more risk to the portfolio and sort of thrive in\u00a0these kind of volatile environments.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-8\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Will, this has been great as always. For our listeners, you can find more from Will Rhind at graniteshares.com or on our website at interactivebrokers.com. Click on Education, find great podcasts, webinars, and articles. Thanks again, Will,\u00a0and\u00a0looking forward to next time.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-8\">Will Rhind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thanks, Jeff.\u00a0Appreciate\u00a0having you back on. Thank you.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-9\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yep.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discover how leveraged ETFs work and why they have become popular tools for active traders seeking amplified market exposure. In this IBKR Podcast episode, Jeff Praissman and Will Rhind break down daily resets, compounding effects, earnings-season trading, volatility and practical ways investors use leveraged ETFs in today&#8217;s markets.<\/p>\n","protected":false},"author":914,"featured_media":243918,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10842,13857],"tags":[5453,17758,21675,2397,10389,21306,6988,21475,2099,18761,21673,4594,21674,21676,12626,10995,21679,21678,4109,15874,21677,18055,14728,18053,21473],"contributors-categories":[13602,13576],"class_list":["post-243917","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-podcasts","category-podcasts","tag-active-trading","tag-compounding-returns","tag-daily-reset-etfs","tag-earnings-season","tag-etf-investing","tag-etf-strategies","tag-financial-markets","tag-graniteshares","tag-interactive-brokers","tag-investing-podcast","tag-leveraged-etf-trading","tag-leveraged-etfs","tag-leveraged-investing","tag-long-etfs","tag-market-opportunities","tag-market-volatility","tag-portfolio-strategies","tag-short-etfs","tag-stock-market","tag-stock-trading","tag-tactical-investing","tag-trader-education","tag-trading-education","tag-trading-strategies","tag-will-rhind","contributors-categories-graniteshares","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mastering Leveraged ETFs | IBKR Podcasts<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/243917\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mastering Leveraged ETFs | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Discover how leveraged ETFs work and why they have become popular tools for active traders seeking amplified market exposure. In this IBKR Podcast episode, Jeff Praissman and Will Rhind break down daily resets, compounding effects, earnings-season trading, volatility and practical ways investors use leveraged ETFs in today&#039;s markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/mastering-leveraged-etfs\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-05T18:06:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-17T15:56:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/06\/pod20260522granite_coverimage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Praissman\" 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