Fletch, There's an interesting discussion of just such an idea by Vesselin here <A HREF="http://www.investorshub.com/boards/read_msg.asp?message_id=475773" target="_new">http://www.investorshub.com/boards/read_msg.asp?message_id=475773</A> Notice towards the end, a discussion of the risks of LTBH with these leveraged funds. The drop of Rydex from 600+ to 5 now (which is much higher than the equivalent index drop) seems to bear this out. Cheers Kevin