8.18.2009 The SEC and FINRA jointly posted an investor alert on leveraged and inverse exchange-traded funds (ETFs). The alert states that leveraged and inverse ETFs typically are designed to achieve their stated performance objectives on a daily basis. The regulators believe that some investors might invest in these ETFs with the expectation that the ETFs may meet their stated daily performance objectives over the long term as well. The alert states, “Investors should be aware that performance of these ETFs over a period longer than one day can differ significantly from their stated daily performance objectives.”

Click http://www.sec.gov/investor/pubs/leveragedetfs-alert.htm to access the alert.