According to @adriannewman21, $ALTS is already about a 20% drawdown versus its treasury deal price, highlighting a notable discount to the deal level for traders tracking entry points and relative value spreads (source: @adriannewman21). He adds that $ALTS is trading significantly below the pre-market trading price of $WLF I, underscoring a price dislocation between the two that the market is observing (source: @adriannewman21). The post notes market pushback on the deal’s financial engineering and that pricing was set in a very illiquid trading market, flagging liquidity and price discovery risk for participants (source: @adriannewman21). He also indicates $WLF I is set to be listed, pointing to a near-term event the market may monitor for price impact (source: @adriannewman21).