You are right EK, and there is another reason which I can testify to through personal experience. 2X funds have significant slippage in a trading range. If you are caught in a 5% trading range you will probably lose 1% even if the underlying index ends up even.
Ek, I think the 2x funds do make sense in my particular position, i.e., given that I cannot short in my account, and given the amount of time my broker farks around with my money before letting me use it to trade again.
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