BetaPro 3x Russell 2000 Daily Leveraged Bull Alternative ETF

What moved the price

• ·Concentration: United States was about 97.1% of the fund, so that market drove most of the movement.
• ·Currency: the fund hedged its foreign-currency exposure back to Canadian dollars, so most of the exchange-rate movement was removed, and hedging itself carried a cost.
• ·Daily reset: the fund targets 3 times the index's one-day move and resets each day, so over more than one day compounding made the result drift from a simple multiple of the period return.
• ·Fund size: assets were $6M, below the level where bid-ask spreads widen and the chance of closure rises for smaller funds.
• ·Track record: the fund had about 10 months of history, too short to show how it behaved across a full market cycle.