Here is an article that looks at the 2X funds (and how the ultra-long fund and the ultra-short fund can both be down over a period of time). <a href="http://seekingalpha.com/article/104703-explaining-inverse-and-leveraged-etfs?source=article_lb_articles" target="_blank">http://seekingalpha.com/article/104703-explaining-inverse-and-leveraged-etfs?source=article_lb_articles</a>