本文发表在 rolia.net 枫下论坛It is also important to understand the effects of compounding when
investing in any mutual fund, especially funds which use daily
rebalanced leverage as part of their investment strategy. The
following simple examples provides an illustration. All three
examples assume the Underlying Index of the ETF is up 10% on day one
(from 100 to 110) and down 10% on day 2 (from 110 to 99). This two-
day sequence results in the Underlying Index being cumulatively down
1% (starts at 100 and drops to 99) over this two-day period:


Assume you invested $100 in ETF C (a Horizons BetaPro ETF), a fund
that seeks to return 200% of the daily performance of its Underlying
Index. On day one, the value of your units in ETF C would be expected
to increase $20 (20% of $100) to $120. On day two, however, the value
of your units in the daily rebalanced leveraged fund would be expected
to decrease $24 (20% of $120) to $96, for a -4% cumulative two-day
return. So while in this example the ETF has succeeded in meeting its
200% daily investment objective, it does not and should not be
expected to return 200% of the index over any period of time other
than daily.更多精彩文章及讨论，请光临枫下论坛 rolia.net