We study the strategy of shorting a pair of leveraged ETF and inverse leveraged ETF of the same index. The profitability of this strategy does not depend on the direction of the underlying benchmark. We derive an approximation formula to show that the expected return is high when the weighted...

chapter 1 Introduction Capital Structure Theory: An Overview -- chapter 2 Capital Structure: Tests of Optimality vs. Pecking Order Theory -- chapter 3 Tests of Capital Structure Theory: A Binomial Approach -- chapter 4 The Determinants of Capital Structure -- chapter 5 Capital Structure and...