Here's a comparison of the SSEC vs. the two short vehicles, FXP and UHPIX.
From the beginning of February 2008 until the beginning of November of that year, SSEC lost 63% of its value.
In comparison, FXP (leveraged 200%) should have gained 126%, but in fact only gained about 105%.
UHPIX did better, gaining 188%.
But something very strange happened right at the end of October. SSEC dropped 8% the last week of October, trading as low as 1664.92. But FXP dropped 51%, and UHPIX dropped 42%. Both bars were exceedingly wide (69% and 56% respectively).
Today, the Xinhua 25 was down 2.27%. That means the FXP and UHPIX should have been up about 4.5%, but the actual return for FXP was 3.9% (for UHPIX, it was 4.5%).
So there are some very serious tracking issues with these vehicles, and this happens rather frequently, unfortunately.
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