ProShares Ultra MSCI Emerging Markets(AMEX:EET)

EET is an aggressive one-day bet on the widely followed MSCI Emerging Markets Index. The fund promises to provide 200% of the return of the indexa cap-weighted composite of emerging-market firms covering 85% of the market cap in those countriesevery day. Note that this index involves massive exposure to Korea and China, and consequently roughly half the portfolio is split between financials and technology. As with most leveraged funds, it's designed to provide this exposure only for one trading day. Holding the fund for longer than one day will expose investors to the effects of compounding and may create significant drift between the expected 2x return and what is actually realized. Tactical users should be concerned with the trading costs. Direxions 3x play on this space is EDC.