MacroMarkets

The Two Horsemen of the ETF Apocalypse: UMM and DMM

Allow me to introduce you to an investment product so disgracefully ridiculous that one could only assume it was launched on a dare. Very quietly, on June 30th 2009, some firm called MacroMarkets LLC (co-founded by the otherwise well-regarded Robert Shiller) launched two ETFs that purport to be able to give investors 300% of the return or it’s inverse of the…