BBUS, page-690

It seems to open based on the previous days ‘estimated’ NAV (number crunchers will be doing their figures), then moves around intraday based on whats happening with the S&P 500 futures and considering day trader speculation. Thats why you routinely see an early day trading bounce when the S&P 500 goes down overnight, or an early day fall when it goes up. Todays chart (attached) is an example. I think this stock serves two valuable purposes. One; it gives you an easy low-cost option to short the S&P 500 (mgmt fees @ 1.3%). Two, given the liquidity, you can punt the daily S&P 500 futures. For me, I’m in for the first value only so Ive bought and will hold until I see what I think I will see. It’s still a Bear market ladies and gentlemen. I would not have anything to do with this instrument during more stable Bull markets.