# Alpay Kaya, CFA

La vérité existe. On n'invente que le mensonge. —Braque (Truth exists. One only invents falsehood.)

# Errata: Leveraged ETFs

Page 94
Remove the subscript  $\delta$  from the last term in Eq. 4.17 so it reads  $\beta \rho$ .

LEGACY ERRATA (Does Not Affect Current Production)
Page 37
Remove is from the final complete sentence, which should read “. . . random variable with which it has an injective functional dependency.”

Page 44
Add chance to the third sentence, which should read “. . . and there is still a 50% chance of the output. . .”

Page 87
The right-hand side of Eq. 4.14c should read as follows:  $\exp \Bigl[ \beta \rho + {\textstyle \frac{1}{2}} \bigl( \beta - \beta^{\;\! 2} \bigr) \sigma_{\!\delta}^{\;\! 2} \Bigr]$ .

Page 94
Replace truncate with separate in the comment after Eq. 4.17, which should read “. . . and separate higher-order time. . .”

Page 97
The left-hand side of the equation before Eq. 4.23 should read as follows:  ${\displaystyle \left. \frac{\;\! d \zeta}{d \beta} \right|_{\textstyle [\mu,\sigma]}}$ .