While there are many ways to gamble in the equities sector, targeting the best leveraged ETFs for April could be a recipe for success.

To be sure, you’re going to have to accept a heightened risk profile. These exchange-traded funds are designed for short-term exposure. If you hold onto the positions for longer than a single trading session, time decay can erode your earnings. So, it’s quick in, quick out.

Nevertheless, some investors may prefer this approach. Certainly, it’s a lot less complicated than trading options. On that note, below are possible ideas for the best leveraged ETFs for April.

ProShares Ultra Bloomberg Crude Oil (UCO)

At first glance, targeting ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO) as one of the best leveraged ETFs for April seems unusually risky. I’m not going to take anything away from the downside dangers. After all, the political and ideological winds favor green and sustainable energy infrastructure. It’s just that we need to be realistic, which makes the UCO ETF quite intriguing.

For one thing, geopolitical dynamics makes fossil fuels an asset class to watch. Let’s just be brutally honest and acknowledge that Russia shows no sign of slowing its military belligerence. With western nations continuing to support Ukraine, I can only imagine that’s not going to make the Kremlin happy. So, it’s a simple equation: reduces supplies translates to higher demand.

Also, on the domestic front, President Joe Biden can’t afford to take an excessively aggressive approach to the hydrocarbon industry. Oil workers vote. So, the sector is surprisingly relevant. Therefore, UCO could be good for the occasional quick pop higher.

Direxion Daily Utilities Bull 3X Shares (UTSL)

No, I haven’t quite lost the plot yet, though I’m sure that’s coming. And yes, you are reading this correctly. I selected Direxion Daily Utilities Bull 3X Shares (NYSEARCA:UTSL) as one of the best leveraged ETFs for April. Utilities? What on earth am I thinking?

First, while the utilities play is understandably boring, by utilizing leverage, it can add excitement to the mix. Certainly, leveraged ETFs carry extraordinary risks. But one advantage is that it can imbue slow-moving asset classes with a sense of urgency, if you will. Further, utilities are generally stable so this category helps mitigate volatility.

Second, there’s a fundamental reason why UTSL ranks among the best leveraged ETFs for April. Not too long ago, public tech companies saw an outflow of $4.4 billion. That was the biggest outflow ever recorded over a single-week period. Further, the smart money piled into conservative ideas like investment-grade bonds.

Considering that utilities are also conservative, UTSL might benefit from the tech sector rotation.

Direxion Daily S&P Biotech Bull 3X Shares (LABU)

Finally, let’s dial up the risk-reward factor to “11” with Direxion Daily S&P Biotech Bull 3X Shares (NYSEARCA:LABU). Fundamentally, I don’t mind speculating on the biotech space because of the extraordinary upside potential. Sure, that goes for the other direction too. One clinical miss and everything can go belly up in a hurry. I’ve had my fair share of biotech misses.

Nevertheless, the broader industry is permanently relevant. So long as the concept of disease exists, there will be a push to eradicate it. And since we’re talking about life or death here, people will find the means to save themselves through advanced therapeutics. Honestly, what other choice is there? So, on that (somewhat cynical) front, LABU could benefit.

In addition, the rotation out of the technology sphere could help the biotech ecosystem. Yes, as I stated earlier, the smart money is putting funds into conservative investments. But there are plenty of undervalued and promising opportunities in biotech. So, a rotation here could easily make LABU one of the best leveraged ETFs for April.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.