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FRAWD RESEARCH:
THE MATH DOESN'T LIE. 
NEITHER DO WE
 

Founded by whistleblower and investor activist Rob Bezdjian, FRAWD Research exposes structural fraud in leveraged and inverse ETFs (LETFs) through open, auditable models and forensic-grade, evidence-backed analysis—so regulators, journalists, litigators, and investors can cut through complexity and verify the truth in plain sight.

Models + Dashboards + Links:

Man in the Mirror / Double Down

Model Design + Backtest

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Inputs → Rules → Outputs

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  • Quarterly rebalancing; top‑up rule

  • Target: high Sharpe, low beta

  • Pairs like  SOXL/SOXS, GDXU/GDXD, NUGT/DUST

Methodology (Book)

Day Late-Dollar Richer (DLDR)

Flow strategy

 

Inputs → Rules → Outputs

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  • Trade 1/100,000th of share delta

  • Issuance = short ; redemption = buy

  • FIFO covers; NAV execution in backtest

  • Live Tracking $SQQQ

White Paper - SSRN

FRAWD Model Portfolio

Live tracking

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Inputs → Rules → Outputs

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  • Signals → trades → cumulative P&L

  • Real Pricing + Tracking

  • Independent replication encouraged (paper trade)

  • 14-24 LETFs 

Math Proof - SSRN
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