Core Insights - The research team led by Professor Cai Qingyu from Hainan University has made significant progress in addressing the century-old scientific challenge of "time's arrow" and the principle of entropy increase, providing a theoretical foundation for the interpretation of these concepts from a quantum mechanics perspective [1][2] Group 1: Research Findings - The team revealed the irreversibility generated by quantum system correlations, which offers a breakthrough theoretical explanation for the long-standing contradiction between the reversible dynamics at the microscopic level and the observed macroscopic "arrow of time" [1] - A key "no-go theorem" was established, demonstrating that there is no universal physical operation in a closed quantum system that can completely eliminate correlations between arbitrary unknown quantum states [1] - The research created a unified theoretical framework that attributes irreversible phenomena, such as heat flow from high to low temperature and the evolution of isolated systems towards equilibrium, to the continuous generation of correlations that are difficult to reverse [1] Group 2: Expert Evaluation - Academician Sun Changpu from the Chinese Academy of Sciences highly praised the research, stating that it provides a solid theoretical basis for the interpretation of entropy increase and time's arrow from a quantum mechanics perspective, revealing the core role of quantum and classical correlations in physics [2]

Group 1 - The article discusses the potential risks and pitfalls of using leveraged ETFs, particularly those that aim to provide three times the daily return of the semiconductor index [1][2][3] - Leveraged ETFs do not create value and are not a low-risk, high-reward arbitrage tool, as they amplify both gains and losses [2][30] - The concept of "volatility drag" is introduced, explaining how daily resetting of positions can lead to significant losses over time, especially in volatile markets [3][6][24] Group 2 - A mathematical example illustrates that a 10% gain followed by a 10% loss results in a net loss for both the underlying asset and the leveraged ETF, highlighting the asymmetrical nature of returns [4][5] - The article emphasizes that leveraged ETFs have a "path dependency," meaning their final returns are highly influenced by the specific daily price movements [7][19] - The extreme risk of leveraged ETFs is underscored by the fact that a single-day drop of over 33.33% in the underlying index could theoretically render the ETF worthless [8][9] Group 3 - Historical performance data shows that while a specific three-times leveraged semiconductor ETF has had impressive annualized returns over various time frames, these returns are not guaranteed to continue [19][20][35] - The article warns that the high volatility and potential for significant drawdowns, as seen in 2022, make these products unsuitable for long-term holding [22][36] - It is suggested that such leveraged products are more appropriate for short-term trading or very small allocations due to their heightened risk compared to broad market indices [25][34] Group 4 - The article draws parallels between physics and finance, stating that relying solely on leverage for excess profits is akin to believing in a perpetual motion machine [13][15] - The high management fees associated with leveraged ETFs, such as a 0.75% fee for SOXL compared to 0.03%-0.2% for regular ETFs, further erode potential returns [17] - Regulatory warnings indicate that leveraged ETFs are not suitable for long-term investment strategies [18][34]