Warning About Leveraged ETF

Yesterday's Wall Street Journal article about leveraged ETFs warns against using them as a hedge. Apparently, there are 106 such funds with $46B in assets. "[Daily] swings make it hard for a leveraged fund to match its targeted return in the long run; each loss requires a bigger gain just to get back to break-even." "The bottom line: Leveraged ETFs are for day traders." I find the following stat fascinating; in a single day volume for FAZ was 23M shares with only 2M shares outstanding. Article says it indicates a holding period of less than 34 minutes.