Shorting Tesla, Nvidia, and Nasdaq, the "Most Tragic ETF of the Year" suffered a massive loss of 59% and was forced to liquidate.

In this year's surge in U.S. technology stocks, the most "unlucky" institutional investors may appear. On August 9, Noble Absolute Return ETF(NOPE) announced that it would liquidate and close the fund after the close of trading on August 24.! **Since its IPO last September, the fund has lost 59 per cent, compared with a 25.14 per cent return on the S & P 500 over the same period. * *! According to data compiled by Bloomberg, the fund holds short positions in a number of technology stocks, the largest of which is the Invesco QQQ Trust Series 1 Fund (QQQ), which tracks the technology-based Nasdaq 100 index, which is up nearly 40% this year. It's worth noting that NOPE has shorted three of the" Big Seven "that have dominated the rise in the Nasdaq 100: Nvidia, Tesla and Apple, which are up 196 percent, 126 percent and 42 percent, respectively, so far this year. The fund manager who manages NOPE is George Noble, a hedge fund magnate with more than 40 years of investment experience. He began managing Fidelity Overseas Funds in 1984 and achieved the best-performing mutual fund in the United States in his first year. During his tenure as an overseas fund manager from 1984 to January 1991, the fund's performance ranked first among all international funds tracked by Lipper Analytical Services and second among all mutual funds.! In 1991, Noble founded Teton Partners, a global equity hedge fund, one of the first global hedge funds to manage more than $1 billion in assets. In 1996, he closed the fund for personal reasons. Given Noble's consistently excellent record during his time managing hedge funds, the news caught the market's attention when he announced his move into ETFs last September. Earlier this year, Nobble told Bloomberg that he launched NOPE to provide ordinary investors with investment strategies that are not normally available. **On NOPE's website, the fund's strategy reads:> (NOPE) is an ETF built on the philosophy of saying" no "to passive investing," no "to ignoring valuations, and" no "to asset bubbles.>> ! Then less than a year later, the 40-year veteran's ETF "first experience" ended. In response, Todd Sohn, Strategas ETF strategist, said of NOPE:> This is another example of how difficult it is for the ETF industry-especially for more costly and complex strategies that may not be popular with the advisory community. It also shows how difficult this environment is for some managers.>> The tech industry had a bad time last year, and this year has been an amazing one. As a result, the timing of going long or short can ruin a fund. **Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said that funds like NOPE are like" antiARKK "with" Wood Sister "Cathie Wood:> (they represent) a denial of high-growth stocks that never entered the long-term bear market it thought would happen.