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ETF tracking BRAZIL market down 50% in today’s trading

Brazil stocks plunge 10% on emerging political scandal. The Brazilian Bovespa fell more than 10 percent in opening trade.
Brazilian newspaper O Globo reported late Wednesday that Brazilian President Michel Temer gave his blessing to an attempt to pay a potential witness to remain silent in the country’s biggest-ever graft probe.

Below is the screenshot of  an ETF which tracks BRAZIL market. This ETF is levered 3X to BRAZIL markets so it moves 3 times the movement of bovespa .

This ETF is down 50% as I write, wiping out more than a years gain in few seconds of market opening.

This is what happens when everybody rushes for exits at the same time

 

Ritesh Jain