'unleveraged' originates from the prefix 'un-' meaning 'not' and the word 'leveraged', which comes from the French word 'lever', meaning 'to raise'.

'leveraged' changed from the French word 'lever' and eventually became the modern English word 'leverage', with 'unleveraged' forming as its negative.

Initially, 'leverage' meant 'to raise or lift', but over time it evolved into its current financial meaning of 'using borrowed capital'.