I've got a position in SSO which is a 2x leveraged ETF for the S&P 500. I'm curious what are the pros and cons of leveraged ETFs versus futures? For me I'm using the ETF simply because it's in my fidelity account and they don't do futures. I keep my IB account for day trading. However if the margin is less for futures I think it may be more interesting to buy ES instead of SSO. What do you think?