BlackBerry, ticker BB, is not the company you remember. The phones are long gone. What survived is a Canadian software business built around QNX, the operating system that increasingly runs inside cars and robots, plus a secure communications arm and a licensing operation. It has been staging a genuine comeback, back to cash generation and growing nicely, and the stock has moved sharply higher off its lows.
So naturally, someone has wrapped it in two-times daily leverage. There is a beautiful narrative arc here. A company written off as a relic reinvents itself as an infrastructure play for physical AI, the market notices, the shares run, and the ETP industry arrives at the party wearing a t-shirt that says "but faster." If you had told me a few years ago that the hottest use of leverage would be a bet on BlackBerry, I would have checked what year it was.
The underlying here trades under the single letter "P," which is its own small triumph of corporate ambition. This is Everpure, the company formerly known as Pure Storage. It rebranded, repositioned itself around data management and AI rather than plain storage, and claimed one of the most coveted assets on the exchange: a one-character ticker.
There is something poetic about a company changing its name to signal reinvention and then immediately acquiring a tow-times leveraged ETF as a housewarming gift. The single-letter ticker says "we are a serious institution now." The leveraged product listed against it says "let us find out how serious, on a daily reset basis." Both things are true at once, which is roughly the state of the entire market.
This is the one I keep thinking about. The underlying index tracks the fifty most widely held US stocks in SoFi's self-directed retail accounts. In other words, it does not analyse companies, screen fundamentals, or weigh valuations. It simply holds whatever the crowd already owns, which currently means a familiar roll call of Tesla, Nvidia, Amazon, and friends.
And now there is an income version. So the pitch is: we will buy the stocks that retail investors are most enthusiastic about, and then we will sell away some of the upside to generate a yield. It is a popularity contest with a coupon attached. I do not say that as an insult. There is a real logic to owning what everyone owns and getting paid to cap the fireworks. It is just a remarkably honest description of where a lot of the market's attention actually lives.
Rounding out the batch are two listings on the Toronto exchange with no theme, no multiplier, and no rebrand. The Madison US Large Cap ETF (MLRG) offers Canadian investors plain exposure to large US companies in Canadian dollars, unhedged. Its sibling, the Madison US Mid Cap ETF (MMID), does the same for the middle of the market.