As a levered product, VBX is not a buy-and-hold ETF, it's a short-term tactical instrument. The use of swap agreements opens investors to counterparty risk as well. Like many levered funds, it aims to deliver its 2x exposure only over a one-day holding period. Over longer periods, returns can vary significantly from their headline 2x target returns. Knowledge of the benefits, risks and pitfalls of levered products is paramount when investing in this fund.