What return objective do leveraged and inverse ETFs set for themselves?

1. These funds track a securities index, so they are a subset of index-based ETFs. 2. Their stated objective is a multiple, or an inverse multiple, of the daily return of that index. 3. The objective is set on a daily basis, not over a quarter or over an open-ended holding period. 4. Performance over a period longer than one day will probably differ significantly from the stated daily objective. 5. That is why they are described as specialized products typically not suitable for buy-and-hold investors. 6. They often use short sales, swaps and futures, which add further risk rather than a fixed income stream. _Source: US SEC Office of Investor Education and Advocacy, "Mutual Funds and ETFs: A Guide for Investors", section Leveraged, inverse and inverse leveraged ETFs_