QQQD vs SBB

QQQDCDirexion Daily Magnificent 7 Bear 1X ETF

SBBCProShares Short SmallCap600

In 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.

SBB Small-cap bearishness with the dial set to one: SBB aims for the inverse (-1x) of the S&P SmallCap 600's daily move. A sibling fund runs that same index at -2x. This is the plain version, and it has been doing the job since January 2007.

Stated mandate

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

SBB The Fund seeks daily investment results, before fees and expenses, that correspond to the inverse of the daily performance of the S&P SmallCap 600 Index.

Why people hold it

• 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.

• SBB Straight -1x, not 2x or 3x: a dollar of inverse exposure per dollar invested, without the amplified daily swings that stacked leverage brings.proshares.com
• In ProShares' lineup it is the -1x take on the S&P SmallCap 600; sibling SDD runs the same index at -2x (0.95% net of a waiver through September 30, 2027).proshares.com
• 0.95% net of a waiver through September 30, 2027 (gross 2.52%), which lands near the median fee among the bear funds in its category.
• Live since January 2007, so the mechanics have run through nearly two decades of market cycles rather than a single recent stretch.

Worth knowing

• 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.

• SBB The -1x objective resets daily. Over longer holds, compounding means results can drift from the index's inverse for that stretch, especially in choppy markets.proshares.com
• One of the smaller and more thinly traded funds in its category, so bid-ask spreads carry more weight here than headline fee math.
• That 0.95% rests on a contractual waiver running through September 30, 2027; the gross expense ratio underneath it is 2.52%.

Full QQQD profile⁠

Full SBB profile⁠