Exactly. If you own URE at $9 and the US Real Estate Index goes up 2%, URE gains approximately 4%...thus the stock price would be $9.36. Assuming a 1/5 Split, URE would be around $45. With a 2% gain in the US RE Index, URE again gains approx 4%...so URE would move to $45.90. You can do the math, but you'll notice that you'll end up with EXACTLY the same amount of money. Leveraged ETFs move only based on the underlying index. These are not stocks.