Bull or Bear leveraged ETF's discussion board.
No, the leverage is handled by the fund manager.
With ETF and ETN funds, you can select 1X bull or bear. The funds tracts the underlying basket of companies 1 to 1.
Or leverage funds, 2X and 3X, bull or bear. They accelerate by 2 or 3.
If you buy with CASH or margin, with your broker, that is another issue.
In crazy, volatile days like now, it is suggested no leverage, no margin.
I would highly suggest picking up a copy of Investors Business Daily ( which is now weekly ).