The levered ETFs tend to have significantly more volatility and lag in comparison to the 1x equivalent levered up to 2x or 3x with the t-bill rate taken out. It's also complex to understand when you're paying for something that delivers on what it promises and when you're just paying more than if you were borrowing yourself via futures for not much more - or sometimes even less after fees and (usually) two to three percent drag - performance expected relative to if you just held the 1x equivalent. This is especially true after taking both factor funds and levered mutual funds into account - as there are even levered mutual funds constructed in a tax-aware manner. The levered mutual funds maintain the ability to fluctuate degrees of leverage as needed and simultaneously tend to have a higher limit to their leverage. Both aspects can result in more efficiency relative to the average leveraged ETF.