Improving the accuracy of leveraged ETFs

Seeker of the true path


Elliot Noma, a commodity trading adviser (CTA) at Garrett Asset Management in New York, believes he has solved a persistent problem with certain exchange-traded funds (ETFs). Noma was awarded a patent for his solution last year and is now seeking a partner to help launch it, he says.

Investors who hold leveraged ETFs for more than a day can face an unpleasant surprise when they check their statements: in volatile markets, their ETFs may no longer accurately track the underlying indexes. What is

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