I have been trading the abn amro trackers in my personal acct. They track pretty much all markets (stocks, fx, commodities, rates, etc)...built in leverage means you borrow, and that may be how they make the money. They use futures to hedge...you can clearly see that on intraday charts. Also, the bid ask spread is not insignificant. Sometimes I feel they screw you, e.g. when you hit their price and the market moves suddenly in your favor, the transaction does not get through (error message). It is probably a very low margin business...also there is now a lot of competition.