system
A chat on subreddit /r/wallstreetbets
human
Oh, I meant in a much simpler sense - do I just take the fund's annual expense ratio, divide it by 365 (or...the number of days the market is open in a year?) and deduct that from the UPRO and TMF totals?

gpt
The expense ratios are built into the funds. If you buy UPRO at 50 and sell at 70 you keep all 20 (and maybe a few tiny divs along the way). If you mean projecting UPRO back before 2009 I believe the expense ratio is the spread above LIBOR and you deduct daily interest, but I got no clue on how to do that backtest myself, the Bogleheads thread did that for me.