You won't lose money if the index doesn't move at all (as opposed to moving but eventually returning to its starting value) - but that never happens. Are you sure about this? I believe it with the 100% funds but not the 200% ones. If the 200% ones use shorts plus options then the decay will eat away at those options if it just stays falt. If 200% is not options I would think a margin call could happen. Help- Admired your work for some time Mish