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Rally Hasn't Erased Losses for Bullish ETFs

Stocks in this article: BAC C UYG

TSC Ratings provides exclusive stock, ETF and mutual fund ratings and commentary based on award-winning, proprietary tools. Its "safety first" approach to investing aims to reduce risk while seeking solid outperformance on a total return basis.

This year's stock market rebound has renewed investor confidence, but exchange-traded funds that are bullish on equities have a long way to go to make up the past year's losses.

The S&P 500 index has advanced 10% in the past month, erasing a third of its decline in the past year. Even with double-digit returns, leveraged ETFs that bet on rising stocks have recouped only a fraction of their losses since May 2008. Ratings

Among the 50 leverage funds that are bullish, 20 have hit the market in the past year. The remaining 30 have lost 63%, on average, during that time.

Bullishly Leveraged ETFs Long Way From
Recouping 1 Year Losses
Fund (Ticker) Rating Total Return 1 Month Total Return 1 Year
ProShares Ultra Real Estate (URE) E+ 19.81% -89.26%
ProShares Ultra Financials (UYG) D- 26.54% -88.61%
ProShares Ultra Basic Materials (UYM) E 27.22% -80.51%
PowerShares DB Commodity Double Long ETN (DYY) U -2.57% -75.46%
ProShares Ultra Oil & Gas (DIG) D 7.52% -75.05%
ProShares Ultra Industrials (UXI) D 28.57% -70.80%
ProShares Ultra Russell1000 Value (UVG) E 16.94% -70.78%
ProShares Ultra Russell MidCap Value (UVU) E 23.96% -69.07%
ProShares Ultra Russell MidCap Growth (UKW) D 22.00% -66.74%
ProShares Ultra S&P500 (SSO) D 14.60% -65.71%
Source: Ratings & Bloomberg 5/5/2009

For the month that ended May 5, the ProShares Ultra Financials Fund (UYG) returned 27% with its 200% leveraged bet on rebounds in Bank of America (BAC) and Citigroup (C). However, the fund is still down 89% over the past year.

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