Haga, Raymond; Lindset, Snorre - In: The European Journal of Finance 18 (2012) 2, pp. 149-165
This paper analyzes leveraged exchange-traded funds (ETFs) with a particular focus on some of the early Norwegian ETFs. The funds use the futures markets to provide investors with 2 and−2 times the daily returns on the OBX index. First, we found that positive risk-free interest rates make the...