Leveraged ETFs that magnify market movements and bet on the wrong swing of the market are not too surprisingly having some problems of late. The WSJ reports that one of those products, the Ultra Basic Materials ProShares ETF, which aims to post double the daily performance of the Dow Jones U.S. Basic Materials Index, lost 30 percent in the month ended Aug. 16 according to Morningstar data. The article also mentions that narrowly focused ETF that picked the wrong sector to bet on have lost value as well.  

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