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No not exactly. Think of it this way, if it goes down 50% it must go back up 100% to get back to even. So the index it tracks goes up 20%, that index must come down 40% just for FAZ to get back to where it was. For this reason as soon as the market cracks I will short FAS and close faz. I am in FAZ at 20.33 so no worries yet.