Whenever the investor wishes to make a subsequent transaction with a leveraged or reverse ETN, he receives a warning message informing him that he has signed the agreement. When a Fidelity client first places an order for a reverse or leveraged ETF or ETF, they must agree to the terms of a designated investment agreement that requires them to disclose their risk profile. Only investors who say their investment target is “the most aggressive” can trade inverted and leveraged ETFs and ETFs. “All the big discount brokers are trying to figure this out,” said Scott Burns, director of ETF research at MorningStar Inc.