Stock price when the opinion was issued
As a portfolio manager, he is an investor, not a gambler. He refers to these kinds of leverage ETF’s as GLC, Guaranteed Loss Certificates. You really have to be on top of these. The way they are structured you can be on the right side of the trade, but still lose money because of the leverage affect and the setting of the pricing. A great vehicle if you want to day trade, but make sure you are aware that you are not investing, you are gambling.
If the Greeks vote No there is going to be absolute pandemonium next week, for the short-term. If they vote Yes, the Greeks won’t have any government or any money and there will be total pandemonium also. Using a Long Call gives him 60 to 1 leverage. Good strategy? He has looked and played in some triple leveraged ETF’s in an aggressive portfolio. If you do some probability analysis, and have the right amount of exposure to this ETF, and willing to take a 25% loss on it on Monday. His short answer is No, he hasn’t done anything like this, but understands where you are coming from. If the position size is good, why not take a shot at it.