Understood. But please read the whole link; you don't take a long position in any etf, geared or not, if you're expecting the underlying index to give negative

Understood. But please read the whole link; you don't take a long position in any etf, geared or not, if you're expecting the underlying index to give negative or neutral returns. The whole point of the market is to grow--which is does "most of the time". (Caveat emptor, yadda yadda.)