Hedge Fund Alum George Noble Shutters New ETF After 59% Plunge
- Largest bearish positions in NOPE include QQQ, Nvidia, Apple
- Timing aspect of being long or short can torch a fund: Sohn
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Hedge-fund veteran George Noble’s foray into the exchange-traded fund industry has come to a quick, and painful, end.
The Noble Absolute Return ETF (ticker NOPE), which took long and short equity positions and which has dropped 59% since its September debut, is set to liquidate, according to a Wednesday announcement. Its plunge has happened even as the S&P 500 rose 23% over that stretch and the Nasdaq 100 jumped some 36%.