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Misunderstood pricing dynamic versus peersIII. Tax loss carryforwards depleting shortlyIV. Substantial cash usage unsustainable due to leverageV. This metric normalizes the baseline expense (which excludes interest cost) to 0% leverage, then subtracts from that the expense ratio for the passive ETF. As DVHL is a passive fund, the active expense metric does not apply. Instead, I have calculated a normalized expense ratio, which is computed by dividing the baseline expense ratio (1.25%) by the leverage of the fund (200%), which gives 0.63%, which is moderately high for a passive fund.
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