We're talking about seasoned traders that specialise in...

We're talking about seasoned traders that specialise in investing on the short side, not all of their money is in if they feel a rally is on the cards.
The advantage of trading/holding BBUS is they are calling the shots, enough to pay a 9% div no less.
If you bought at $13 on the far side of the trade, you still saw it return to those levels on the near side.
Yes, if the S&P long term direction is up then not a good idea to hold, because they do have a duty to be invested at all times which would eventually erode their cash reserves. My feeling is we'll be rewarded for at least another 12 months, trading the dips is not as easy as it looks