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If the ETFs are clear, I don’t understand what you are asking. I guess the downside is if they are in a taxable account and are prohibited in the future you would have to sell and recognize losses and gains. The other downside that applies to everyone is that there is decay and you lose money if the stock is up and down
You’d be purchasing a levered ETF, which amplifies downside—is that what you’re asking?
We don’t ‘circumvent’ independence! These funds would be allowed so long as you’re not a covered person for alphabet and or apple.