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04 You are managing a -3X leverage ETF that targets 3 times the opposite of daily return of the underlying index. If the starting with

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04 You are managing a -3X leverage ETF that targets 3 times the opposite of daily return of the underlying index. If the starting with a price of 100, what is the daily rebalancing decision in the un- levered ETF and cash? Underlying unlevered ETF demonstrated the following path over a four day period: Day 0 1 2 3 4 Price 100 110 100 90 100 Q4a Day 0 1 2 3 4 Price 100

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