Tuesday 18th December - What rally ?, page-31

Dividends are going to account for a large part of that loss. You are effectively short the ASX 200 basket and have to pay for any dividends going ex div over that whole period. If it is levered 2 times as you suggest, you’d have to pay double the divas. This would all be contained in the PDS for the product. Stock borrow cost and funding credit would come into play as well but on this kind of product you get gouged everywhere.