http://www.proshares.com/funds/qld.html
This Ultra ProShares ETF seeks a return that is 2x the return of an index or other benchmark (target) for a single day
how take a look at their holding to find out how they achieve 2x return
http://www.proshares.com/funds/qld_daily_holdings.html?show=all
They are holding a bunch of Nasdaq 100 Swaps
In general...
1. the more leveraged the ETF, the worse it lose value over time
2. the more volatile its underlying index is, the worse its "time decay"
3. they are not intented to be used for buy and hold strategy