When tiered funds were first issued, they basically had one share A and one share B, so the share leverage was: initial leverage = (number of shares of A + number of shares of B) / number of shares of B = 2 Net worth leverage = FOF

Total net worth/total net worth of B shares == (net worth of the parent fund/net worth of B shares)

20% or within 20% drop, (PS fluctuation is a bad word, if it rises 20% in the morning and falls 20% in the afternoon, that is a 40% fluctuation).