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
"The more power a government has the more it can act arbitrarily according to the whims and desires of the elite, and the more it will make war on others and murder its foreign and domestic subjects. Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse."
R. J. Rummel, Mass Murder and Genocide, 1994