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FXP vs QQQD

ProShares UltraShort FTSE China 50

FXPCNYSE Arca

Direxion Daily Magnificent 7 Bear 1X ETF

QQQDCNYSE Arca

Overlap

Expense ratio

QQQD −0.45pt a year

FXP0.95%QQQD0.50%

Avg volume · 30D

QQQD 18.1×the volume

FXP3.77KQQQD68.1K

FXP vs QQQD Performance

Oct 31, 2025 – Oct 30, 2026

+35.5%FXP−0.7%QQQD

Oct 31, 2025 to Oct 30, 2026. FXP +35.5%. QQQD −0.7%. Use the arrow keys to read each point.−10%10%20%50%Oct 2025Apr 2026Oct 2026
Expense ratio
FXP 0.95%
QQQD 0.50%, better
Fund size
FXP $6M
QQQD $28M
1Y total return
FXP +35.5%, better
QQQD −0.7%
Yield (12M)
FXP 2.19%
QQQD 3.35%, better
Holdings
FXP 1
QQQD 3
Avg volume (30D)
FXP 3.77K sh
QQQD 68.1K sh, better
NAV per share
FXP $23.15
QQQD $12.18
52W range

ETF.net Grade

FXP: Cost 50, Risk 56, Mission not scored, Tradability 16, Holdings not scored, Durability 49. QQQD: Cost 50, Risk 67, Mission not scored, Tradability 43, Holdings not scored, Durability 38.
Pillar letters and Scores for FXP, QQQD, with each pillar’s weight
PillarFXPQQQD
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightB56B67Higher
Tradability15% weightF16C43Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC49HigherD38

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FXP and QQQD are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds
See all 53 ›

QQQD ranks 21st and FXP 28th of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 21CEFZProShares Short MSCI EAFEScore 51
  2. Rank 21CQQQDDirexion Daily Magnificent 7 Bear 1X ETFScore 51
  3. Rank 23CZSLProShares UltraShort SilverScore 50
  4. Rank 28CDUSTDirexion Daily Gold Miners Index Bear 2X ETFScore 43
  5. Rank 28CFXPProShares UltraShort FTSE China 50Score 43
  6. Rank 28CSSGProShares UltraShort SemiconductorsScore 43

Our read on each fund

ETF.net Research

FXPCProShares UltraShort FTSE China 50

QQQDCDirexion Daily Magnificent 7 Bear 1X ETF

In short

FXP The only US ETF built to move two times the opposite of the FTSE China 50, the 50 largest Chinese companies listed in Hong Kong. Live since 2007, and it resets daily: a trading instrument, not a set-and-forget China short.

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

FXP FXP seeks daily results, before fees and expenses, equal to two times the inverse of the FTSE China 50 Index’s daily performance. It is intended to gain when that index declines and lose when it rises.

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

  • FXP One ticker, in an ordinary brokerage account, targeting -2x the FTSE China 50's daily move. ProShares calls it the only -2x ETF built on that index.proshares.com
  • Fee is 0.95% net of a waiver through September 30, 2027, near the category norm for leveraged and inverse funds and far below the 2.36% gross.
  • Listed in November 2007, making it one of the longest-running inverse China funds around, with mechanics investors have had years to get to know.proshares.com
  • Want half the gearing? Sibling YXI shorts the same index at -1x, also 0.95% net of a waiver through September 30, 2027.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

  • FXP Daily reset means multi-day results can drift far from -2x the index move, and choppy markets grind value down even if China ends flat.proshares.com
  • It trades lightly next to the big broad-market inverse funds, so spreads and order size deserve more attention.
  • Exposure is Hong Kong listed large caps, not mainland A-shares or smaller names, so it leans against one slice of China, not the whole market.proshares.com
  • 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 FXP profile⁠

Full QQQD profile⁠

FXP vs QQQD Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FXP vs QQQD Cost

Overpaying FXP vs QQQD

$7,890

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FXP 0.95%

    $17,869

  • QQQD 0.50%

    $9,979

$10,000
30 years

Cost over time

  • FXP 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FXP $17,869QQQD $9,979

Year by year

YearFXPQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890

Expense ratio

  • 0.95%FXP
  • 0.50%QQQD, cheaper
  • Middle half of Leveraged Inverse (2x & Other) funds
  • Median 0.95%

QQQD cheapest of 53 funds

FXP 6th cheapest of 53 funds

FXP vs QQQD Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FXP 2.19%
QQQD 3.35%, better
Payout (12M)
FXP $0.51
QQQD $0.41
Last payment
FXP $0.12
QQQD $0.10
Ex-dividend
FXP Sep 23, 2026
QQQD Sep 22, 2026
Paid on
FXP Sep 29, 2026
QQQD Sep 29, 2026
Frequency
FXP Quarterly
QQQD Quarterly

Distribution history

Per share, 2024 to 2026, same scale for both

FXPQuarterly · 10 paymentsAll FXP payments⁠
One bar per payment. 10 payments from 2024 to 2026 YTD. Mar 20, 2024 $0.25; Jun 26, 2024 $0.28; Dec 23, 2024 $0.08; Mar 26, 2025 $1.00; Jun 25, 2025 $0.31; Sep 24, 2025 $0.26; Dec 24, 2025 $0.18; Mar 25, 2026 $0.10; Jun 24, 2026 $0.11; Sep 23, 2026 $0.12. Use the arrow keys to read each point.$0$12026YTD
QQQDQuarterly · 10 paymentsAll QQQD payments⁠
One bar per payment. 10 payments from 2024 to 2026 YTD. Jun 25, 2024 $0.32; Sep 24, 2024 $0.41; Dec 23, 2024 $0.15; Mar 25, 2025 $0.13; Jun 24, 2025 $0.20; Sep 23, 2025 $0.08; Dec 23, 2025 $0.15; Mar 24, 2026 $0.08; Jun 23, 2026 $0.09; Sep 22, 2026 $0.10. Use the arrow keys to read each point.$0$12026YTD

FXP vs QQQD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FXP 40.0%QQQD 21.1%since Apr 2024
Return per unit of riskSharpe ratio, 3 years
FXP −0.77QQQD −1.14since Apr 2024
Worst fallMax drawdown, 5 years
FXP −88.3%QQQD −51.4%since Mar 2024
Market sensitivityBeta, 5 years
FXP −0.61QQQD −1.35

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