I wrote a new article on leveraged tokens! I think it does a better job of explaining what they do than the other ones:
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Are leveraged tokens basically like option spreads? I've got to lose a bit of theta each day, I get some leveraged linear performance, and there's a bit of convexity baked in for my management fee.
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Where are you seeing the theta coming from? If you assume that days are uncorrelated then they're as likely to gain as to lose from movements
There is a 0.03 bps per day management fee (which is a low cost of capital, not criticizing the level) which I imagine offsets your risk on re-balancing friction requirements each day + includes the net-revenue model for the product.
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