Highly leveraged investments should normally be red flags to most investors. Second, most of the leveraged ETNs were promoted as a means of obtaining higher returns without higher risks or average returns with less risk. This should be a huge red flag. Without the benefit of 20 - 20 hindsight, there simply is no such thing as a high-return, low-risk investment. Investors who think there is are likely misjudging returns, risk, or both. Whenever you see too-good-to-be-true claims, we suggest you run, not walk, from such promotional offerings. In normal times, these investments might not encounter severe difficulties. However, in stressed times—which occur more often than any of us would like—leveraged ETNs and similar investments could cost your investment life.