Isn't it because theres difference caused the gaps between markets trading?
i.e. If you buy BBUS at close - 4:00pm AEST and at the time of purchase the S&P futures was at 2400
The US S&P 500 will open overnight between 1:30am - 7:00am AEST the next day. Say at 7am it closes at 2450 after which point the S&P Futures start trading.
When the ASX opens the same morning at 10am BBUS will open at a loss as it purchased when futures was at 2400 and its now 2450.
Say then the S&P Futures might be at say 2430 (its trading at a -% because the futures opened at 2450 and is now 2430) however the 2430 still higher than 2400 (the futures index you bought it at) and therefore BBUS is still at a loss.
Thats my guess anyway... happy to be proven wrong.
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