Can investors exploit the uneven playing field of leveraged and inverse exchange-traded fund (LETF) share creation and redemption? In his August 2025 paper entitled "Leveraged ETF Issuance During Market Stress and the Mechanics of Profit: Who's the Dog, Who's the Tail?", Rob Bezdjian focuses on daily share creation and redemption for ProShares UltraPro QQQ (TQQQ), the largest LETF with more than $25 billion in assets. He determines whether these activities benefit the LETF offeror or investors. Using TQQQ price and share issuance data for January 2010 through mid-August 2025, he finds that:
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