Risk warning of the day...

This is cut and paste from the prospectus for TBT, the Proshares ultrashort 20+yr US T Bond ETF. It is supposed to compound 200% of the daily rise or fall in the Barclays (did it used to be Lehman Bros?) long dated US T Bond index.

So, if I'm reading that correctly, they reserve the right not to stump up for margin calls on any given day. To hell with that, they reserve the right to bet invest your money in something entirely different than T Bills altogether!

I'm still convinced there must be a good shorting strategy for some of these monstrosities weird and wonderful creations. I just still haven't found it yet. In the mean time, I chickened out of long XTA, short AUD/USD. I should have just been boring and bought WTI crude oil futures it turns out! Anyone got any good spread betting tips then?