On any given day, exchange-traded fund investors can be found taking long and short positions looking for the best ways to capture returns.

The trouble with that approach, called a spread strategy, is that it usually involves buying multiple funds and incurring fees. The approach can become rapidly expensive, which is why Factor Advisors, a New York-based asset management firm, has developed the industry’s first family of spread ETFs, called FActorShares. The company says the funds give sophisticated investors a way to hold both bull and bear positions in one leveraged ETF.

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