AGE chart, page-1690

It's not really up to the ASX holdings:

Jane Street - I believe does the market making for URA (they have the largest holding and shorts)


URA Short positions:



Market makers are strange beasts they provide ETF liquidity but also pocket returns to the themselves (especially in rebalances).

Wallstreet is essentially bringing the U stocks back to the trading zone, and placing additional bets on them, likely in the options market.
They make more money on the volatility (and make the bulls work twice as hard)

NOTE: Global X - URA lends it's shares out also. So strictly speaking it possible for AGE shares to be even more volatile in future - should some decide to borrow the 120M shares AGE from URA, for a fixed income. URA is simply an index vehicle,they have no requirement to maximise or preserve your capital. They just need demonstrate they objective on the end of reporting date, and distribution (Dec). Last year they were forced to sell down a lot of shares to fund the distribution obligations; they had essentially spent and invested the funds throughout the year.

If you consider AGE case, the relationship with BNP is no different, they are tasked with extracting revenue for their "lenders", and provide a fixed interest return. It's made worse for AGE..... BNP can simultaneously act as custodian, and market marker for AGE.
I suspect they literally handed Global X - URA the AGE shares without much trouble, recently.

We might be able to confirm this once the 13F filings are done for AGE. Thus far nothing is updated.