LEVERAGED ETFS: NEVER FOR THE LONG-RUN

The 'tourist goes through the math, explains the hedging effects, and finally, fades the "Dumb Money"

Leveraged ETFs are getting more attention lately. I’ve heard some terrible takes, and with the increased focus on the end-of-day hedging flows, I thought it important to write a piece about the topic. Even if you don’t trade them, understanding how they affect markets is beneficial, so hopefully my piece offers a little something for everyone.

Let’s star…