Fourth, financial markets might frown on a bank that reduced its capital ratio, so even if Basel 2 relaxes its capital constraints, the market might not.
The 0.95% expense ratio may be reduced by interest income earned on cash and financial instruments since the fund will get its desired exposure with leveraged swaps while maintaining a large cash position.
My PV array allows me to avoid buying any of the expensive afternoon power, so the payback time is reduced in proportion to the pricing ratio in the power rates.
To make the demonstration test even fairer, I would be happy if the demonstration to qualify for the assignment of the USD1, 000, 000 were reduced to a five-hour period and with a power multiplication ratio of at least eight times.