A graph of why you should not hold levered ETF's long term

DO you remember last week when I tweeted from the FMA conference about the luncheon speaker who pointed out the fact that levered ETF's that regularly relever are good at mirroring the market on a daily basis, but in the long term are bad bets since they are short an embedded option on Gamma which makes it very likely that the levered fund will be a money loser?To show this, let's look at two