If you have the risk tolerance for it, I would strongly advocate for using a margin account and purchasing stock in companies you trust and understand instead of holding onto someone else's interpretation of the same idea (i.e. ETNs and other higher-order derivatives). Put another way, if you don't have the stomach for a margin account, you absolutely should not be putting any substantial amount of money into these kinds of derivatives either. It's arguably even more risky.

Sure, 5%+ APY interest sucks, but so does being completely wiped-out over something you have zero visibility into. At least with a margin account you can look into your assets and control your risk in a very direct and immediate way.

I personally run a 50/50 leverage ratio with my margin account (i.e. 2x). I review this status on a weekly basis and will make decisions based on high/low water marks (45/55%). I've previously held ETNs and other derivatives when I was still learning the ropes... Margin accounts are 10x less stressful for me by comparison. It's literally just a normal portfolio that I would otherwise be perfectly comfortable with, but tuned slightly for a longer-term investment horizon. The fees are negligible to me with dividend income and the bigger strategic picture at play.