Provide a leveraged investment vehicle for short-term trading strategies. Seek to deliver twice the daily percentage change of Alibaba (BABA) stock. Now — the numbers.
An investor who bought at the very peak is down 78% today. The business is the same; what changed most is the price — and the expectations — the market pins on it.
This is a fund, not a company — there are no company accounts here to point to a strength. What it holds is what it is.
The stock trades 78% below its five-year peak.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.