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ETF Plummets 96% Despite No Leverage
5 Aug
Summary
- The Opportunistic Trader ETF lost 96% of its value in 2026.
- WZRD is not a leveraged or inverse fund, unlike others near the bottom.
- The ETF's assets dropped from $23 million to $500,000.
The Opportunistic Trader ETF (WZRD) has suffered a dramatic 96% loss in 2026, marking the steepest decline among all US-listed funds this year. Unlike many other poorly performing funds which are leveraged or inverse products, WZRD employs a discretionary strategy. This approach, focused on large-cap US stocks and active options investing, has proven disastrous.
Managed by Larry Benedict, known for his inclusion in "Market Wizards," the fund's options strategy appears to be the source of its failure. Despite Benedict's pedigree, the fund experienced a 25% drop on a single day in 2026, even as the S&P 500 rose. Assets under management have collapsed from $23 million to around $500,000, effectively wiping out investors.
