Pension funds could decide to make a geared bet on equities by borrowing money and investing in the S&P 500 index.
退休基金可以通过在标普500指数上交易来对赌股本。
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There are leveraged ETFs which offer a geared return on a given index, inverse ETFs which aim to go down when a benchmark goes up (and vice versa) and, inevitably, leveraged inverse ETFs.