CTAs and quantitative funds are just starting to recover from the historic drubbing they endured during the February “volocaust” when stocks and bonds fell simultaneously in defiance of the funds' carefully calibrated assumptions about asset-price correlations.

However, the company offered a disclaimed when approached by Bloomberg: The fund is “not suitable for all investors and should be utilized only by investors who understand the risks associated with seeking daily leveraged and inverse investment results, and intend to actively monitor and manage their investments.”

As one might expect, the fund will charge a staggeringly high fee of $12.20 for every $1,000 invested to cover operating costs and “acquired expenses”. Its base management fee is 75 basis points.

The only question now is how long it will take to go to zero?