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Investing in Ultra Dow EFTs DDM and UDOW?

#1
Has anyone invested in, or know about, ultra leveraged ETFs DDM and UDOW.  If they leverage the DOW and the DOW historically goes up, wouldn't it make sense to buy one of these and just hold it and get a higher return?  Is there any downside, i.e. does it expire like an option?
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#2
They are meant to be daily trading devices and need to be highly monitored. Holding them long term is not the objective
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#3
It does not expire, but it doesn't work like that. Buying and holding doesn't usually, work - it resets daily. Just look at the charts (I haven't) - these are day trading vehicles, not even suitable to hold over night. I'm not  saying they are "bad", and sometimes you can grab them low and hold them for a gain......but the ride will be bumpy.
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#4
I am definitely NOT one of the experienced and great traders who give great advice here (Thanks, guys & gals!).

I had bought UDOW on the thought that the index will likely come back up whenever (unlike a single company). Yes, the ways these are calculated are super complicated and I cannot figure them out. At the end of last week (?) I was going to sell for 7% profit and hubby said, let's just wait, the market's coming back up. Well, now I am at -5.8% total, so regrettably didn't sell when I could, perhaps with a stop loss--although those would be really hard with a 3X leveraged thing that swings so much.

In any event, I had in Yahoo! (doesn't matter where) opened a comparison chart on UDOW vs. Dow index. For 1 month, dow down 0.75% udow 2.66% (that is 3.5% not 3% leverage) For 6 months dow up 1.55% and UDOW slightly negative. For 1 year Dow up 8% and UDOW about 14.89% (so <2% better than DOW). But for two years, UDOW did 3.6x better than dow index. I'll stop there. Looking at the charts, I think even in between there are times when you could do really a lot better than Dow if you held it a month or two, just REALLY depends on the exact timing. The way they figure this out must be so complicated only an accountant could keep up.

I am foolishly going to hold my UDOW, I do believe, because if Dow comes up and I even make only 1.5x better than Dow (not 3x), that is to my advantage. That is because of the situation I am in now. I don't see any point in selling it at a huge loss. This is just a small percentage of my holdings, so I think I will wait it out for a gain. Might be awhile!!!!

Thank you everyone, again, for always trying to answer all the questions from us neophytes (you can be a senior aged market neophyte, I am proof). We all do really, really appreciate your time and patience with us!
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