Yes, but a directly levered position and an indirectly levered position, for all but Talebian wet dream scenarios, have the same exact risk profile. Levered no

Yes, but a directly levered position and an indirectly levered position, for all but Talebian wet dream scenarios, have the same exact risk profile. Levered notes are regulatory arbitrage and are not materially safer investments levering up on one's own. In fact, the investor is probably better served by the latter due to lower fees.