Don Fishback

Some Thoughts on Leveraged ETFs

Hey kfisher ...,

I couldn't agree more with the improper use of the one-year chart. Just don't reach out and shake me. The *only* reason I show a current, real world chart is to point out the contrast with the *hypothetical* one-year chart that's in the prospectus. Look at their chart and you'll see that it implies near perfect tracking over the course of ... ONE YEAR!

And to your point that these things *do* work as advertised "if your timing is perfect*. I agree. But if you're timing is not perfect, then you cannot expect the fund to perform as the charts in the prospectus indicate. Instead, they'll perform as the Bloomberg chart indicates.

So don't get mad at me for having a one-year chart. ProShares is the one with the one-year simulation chart in the prospectus. I'm just showing people how these things operated in the real world, as opposed to the pretend world.