EPV vs QQQD

EPVCProShares UltraShort FTSE Europe

QQQDCDirexion Daily Magnificent 7 Bear 1X ETF

In short

EPV The only US ETF built to target -2x the daily move of developed Europe stocks. Pan-European short exposure from a single ticker, no margin account or borrowed shares, running since 2009.

QQQD Fading the Magnificent 7 without a leverage multiplier: QQQD aims for -100% of the Indxx Magnificent 7 Index's daily move, one-for-one, at 0.50% net of a waiver through September 1, 2027.

Stated mandate

EPV EPV seeks daily investment results, before fees and expenses, equal to two times the inverse of the daily performance of the FTSE Developed Europe All Cap Index.

QQQD The fund seeks daily investment results equal to 100% of the inverse performance of the Indxx Magnificent 7 Index, before fees and expenses.

Why people hold it

• EPV ProShares bills it as the only -2x ETF designed to profit when the FTSE Developed Europe All Cap Index falls on the day. Continent-wide short exposure, one ticker, no margin account.proshares.com
• 0.95% net of a waiver through September 30, 2027 (1.47% gross), near the category median and matching stablemates DOG and PSQ at 0.95% net, also waived to that date.
• Listed in 2009, long-lived for a tactical product, and it sits in the upper half of its leveraged-bear peer group on our review.
• The benchmark is all-cap developed Europe, so the short is on the broad market rather than a handful of mega-cap names.proshares.com

• QQQD One-for-one inverse, not 2x or 3x. A 1% index gain is designed to show up as roughly a 1% fund loss that day, and the reverse on down days, with no leverage stacked on top.direxion.com
• 0.50% net of a waiver through September 1, 2027, below the category median and below the 0.95% at PSQ and DOG (net of waivers through September 30, 2027).
• Surgical target: the short exposure is to the Magnificent 7 basket itself, not a broad Nasdaq index where those seven names get diluted by dozens of others.direxion.com
• Despite launching in 2024, it stands in the upper half of a crowded bear and inverse peer group.

Worth knowing

• EPV The -2x target is for a single day. The portfolio rebalances daily, and over longer holds compounding can push returns well away from twice the index move, in either direction.proshares.com
• Europe closes before the US does. Because the index is not struck at the US close, ProShares measures the fund's daily correlation against US-listed European equity ETFs instead.proshares.com
• A small, thinly traded fund, so the bid-ask spread can be a meaningful part of the cost of a round trip. Distributions come quarterly.

• QQQD Exposure resets every day. Hold longer than a day and compounding means the result can drift from the simple inverse of the index's move over that stretch.direxion.com
• Seven mega-caps drive everything. One earnings surprise or one AI headline can move the whole basket, with no other holdings to soften it.direxion.com
• That 0.50% is a net figure. Gross expenses run 1.08%, so the cost picture shifts if the waiver is not extended past September 1, 2027.

Full EPV profile⁠

Full QQQD profile⁠