As of today, FAS and FAZ, the 3X leveraged financial ETFs have collectively lost whoever invested in them the staggering amount of... $3B.
We track these losses live at our Fas-FAZ-Loss-O-Meter.
See the chart of lost and remaining dollars:
As you have probably seen, the issuers of these ETFs are in full campaign to defend their funds, even paying companies to publish reports that are favourable to them. How much more money will investor lose in them?
The scam Madoff pulled was peanuts compared to leveraged ETFs.