“Now imagine that this fund tracks something like an index. So something that has about 1% daily volatility. Now in this case, the break even return, the underlying stock is to be up, I think about 8.4% for the levered ETF and the underlier to have the same.”

“The way that they work is that you invest, say it's $1,000 in a 2x leveraged index ETF. That gives you exposure to $2,000 of the index's daily returns.”

“The other really big piece over that specific period was low financing costs. Low interest rates. ... high returns, low volatility were big pieces of it.”

“Break evens are pricing in a return to break evens are basically at 2.3% throughout the whole curve”

“It gives exposure to international equities… companies that have high return on equity, low financial leverage and stable year-on-year earnings growth… provide defensive characteristics and historically outperformed during periods of higher market volatility.”