"In January 2012 HNU was trading at the equivilant of 24.00 and is now 10.55. You absolutely can not hold a leveraged play like HNU or HND for any amount of time or you are guarunteed to loose with rebalancing daily."

Take a look at this chart, notice that HND has split 40 for 1 over the years:

http://finance.yahoo.com/echarts?s=HND.TO#symbol=hnd.to;range=5y;compare=;indicator=split+volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;

Now take a look at this one; notice that HNU has split 1 for 640 over the years;

http://finance.yahoo.com/echarts?s=HNU.TO#symbol=hnu.to;range=5y;compare=;indicator=split+volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;

The main culprit is the price of NG, the major trend, not ETFs rebalancing daily, or contango, or any ot the other stories you read about here. A couple of years ago I refuted all these fantasies on this board but they still prevail. NG 5 years ago was in a bubble at 12 bucks, and the bubble deflated along with other bubbles since 2008.

For 17 cents worth of HND held from June 2008 it's worth 4.70. Put another way, 1000 dollars put into HND and held 5 years would be worth 27,600 dollars now. Last April, before the big NG price rise began, it would have been worth 70,000 dollars. This is without any trading; just held all the way through.

For 31,000 dollars worth of HNU held from June 2008, it's worth 10 bucks. And put another way, for 1000 dollars put into HNU 5 years ago it would be worth 34 cents. Once again, no trading, just held for the whole period.