The swing taxWhat does the daily reset cost?

A flat index year costs FAS about 6.2%

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What the daily reset costsA flat index year costs FAS about 6.2%% lost in a flat yearAs of Nov 4, 2026MultipleHow much the index swings in a yearFunds sit at their index's swings over the past year15%Financials25%Nasdaq-10040%Semiconductors60%Single stocks80%2×Double2.2%6.1%15%30%2× single-stock funds47%3×Triple6.5%FAS17%TQQQ38%SOXL66%85%−2×Double, against6.5%17%38%66%85%−3×Triple, against13%FAZ31%SQQQ62%SOXS88%98%ETFETF Tracker@TheETFTracker · theetftracker.comLoss ≈ 1 − exp(−(multiple² − multiple) ÷ 2 × swings²)

Loss ≈ 1 − exp(−(multiple² − multiple) ÷ 2 × swings²)

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What the daily reset costsA flat index year costs FAS about 6.2%% lost in a flat yearAs of Nov 4, 2026MultipleHow much the index swings in a year15%Financials25%Nasdaq-10040%Semiconductors60%Single stocks80%2×Double2.2%6.1%15%30%2× single-stockfunds47%3×Triple6.5%FAS17%TQQQ38%SOXL66%85%−2×Double, against6.5%17%38%66%85%−3×Triple, against13%FAZ31%SQQQ62%SOXS88%98%How to read: FAS is 3× an index that swung 15% over the past year, so in a year that index ends flatit would give up about 6.2%. It sits in the nearest column, 15%.ETFETF Tracker@TheETFTracker · theetftracker.comLoss ≈ 1 − exp(−(multiple² − multiple) ÷ 2 × swings²)Square720 × 720What the daily reset costsA flat index year costs FAS about 6.2%% lost in a flat yearAs of Nov 4, 2026MultipleHow much the index swings in a year15%Financials25%Nasdaq-10040%Semiconductors60%Single stocks80%2×Double2.2%6.1%15%30%2× single-stockfunds47%3×Triple6.5%FAS17%TQQQ38%SOXL66%85%−2×Double, against6.5%17%38%66%85%−3×Triple, against13%FAZ31%SQQQ62%SOXS88%98%How to read: FAS is 3× an index that swung 15% over the past year, so in a year that index ends flatit would give up about 6.2%. It sits in the nearest column, 15%.ETFETF Tracker@TheETFTracker · theetftracker.comLoss ≈ 1 − exp(−(multiple² − multiple) ÷ 2 × swings²)Tall720 × 900What the daily reset costsA flat index year costs FAS about 6.2%% lost in a flat yearAs of Nov 4, 2026MultipleHow much the index swings in a yearFunds sit at their index's swings over the past year15%Financials25%Nasdaq-10040%Semiconductors60%Single stocks80%2×Double2.2%6.1%15%30%2× single-stock funds47%3×Triple6.5%FAS17%TQQQ38%SOXL66%85%−2×Double, against6.5%17%38%66%85%−3×Triple, against13%FAZ31%SQQQ62%SOXS88%98%ETFETF Tracker@TheETFTracker · theetftracker.comLoss ≈ 1 − exp(−(multiple² − multiple) ÷ 2 × swings²)WideSelected960 × 540

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