Thanks to Paul Kedrosky for a clear and useful analysis.
Levered ETFs, with the various targeted multipliers, reset their basis at the end of each trading day, which means that you are levered up only for that day.
This can have some remarkable and counter-intuitive results over a trend.
There is also a signficant amount of intraday slippage in volatile markets.
More Fun with Levered ETFs - Paul Kedrosky - Seeking Alph
"When you speak these things, they will not listen. When you call to them, they will not answer. 'This is the nation that would not listen to the Lord their God. Truth has perished among them. Raise up a dirge on the barren heights, for the Lord has rejected and abandoned them under His wrath. For the Judeans have done what is contemptible in My sight.' This is the Lord’s declaration. 'They have set up detestable things in the house that is called by My name — and defiled it.'" Jeremiah 7:27-30