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That is on a daily basis only. This means that over the long term, you will have the same performance as the S&P 500. Twice up and twice down gets you to the same spot.

That isn't necessarily correct. Holding period (and when you sell it) matters a lot

Compare TQQQ and QQQ over the last four years (TQQQ has only be around that long).

Only if QQQ were to have a significant decline would TQQQ come back to have the same performance as QQQ. Conversly, QQQ would have to go sideways for a very long time for TQQQ to slowly erude back down to the QQQ value.

Now take a look at SSO and the S&P for the last five years. SSO crushed the S&P - 600% return vs less than 200%.

Now go back futher (2006 when SSO was created (same chart).

Now they in fact have very similar returns because of how much SSO lost in 2008. If a person had instead sold some time prior to the bottom and bought back in, they would of course be significantly ahead today.

In summary, these can produce nice long(er) term returns but like with any investment, I would not advice holding onto it if the bottom is falling out. Everyone should determine a point where they should cut their losses, whether that be in a vanilla S&P or something more leveraged.
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