· 1x: fixed 0.15%/yr (expense ratio)
· 2x: 0.95% expense ratio + 1× the period's average Fed funds rate (financing cost)
· 3x: 0.95% expense ratio + 2× the period's average Fed funds rate (financing cost)
Avg Fed funds by era: 1980–90: 9.54% · '91–'00: 4.92% · '01–'10: 2.08% · '11–'20: 0.82% · '21–'25: 3.80% · 2026–: 3.75%
Pre-1980 (Dow): 1896–1930: 4.3–4.9% · '31–'50: 0.6–0.8% · '51–'60: 2.18% · '61–'70: 4.58% · '71–'79: 7.10% (decade averages from FRED data)