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
“A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. For the traitor appears not a traitor; he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear. The traitor is the plague.” Marcus Tullius Cicero