Provide two times inverse leveraged exposure to the daily performance of BE. Maintain at least 80% exposure to financial instruments for leveraged performance. Now — the numbers.
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.
Since the drop from its peak, buyer appetite hasn’t come back.
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.