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
"Why is my language not clear to you? Because you are unable to hear what I say. You belong to your father, the devil, and you want to carry out your father’s desires. He was a murderer from the beginning, not holding to the truth, for there is no truth in him. When he lies, he speaks his native language, for he is a liar and the father of lies."
John 8:43-44