QQQD vs SDD

QQQDCDirexion Daily Magnificent 7 Bear 1X ETF

SDDDProShares UltraShort 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.

SDD The only double-short on the S&P SmallCap 600, the small-cap index with an earnings screen. SDD targets -2x the index's move each trading day, reset daily, for 0.95% net of a waiver through September 30, 2027.

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.

SDD SDD seeks daily investment results corresponding to twice the inverse of the daily performance of the S&P SmallCap 600.

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.

• SDD ProShares calls it the only -2x ETF built on the S&P SmallCap 600, an index that screens new members for positive earnings. A short on profitable small caps, not the whole small-cap pond.proshares.comspglobal.com
• Fee sits near the category median: 0.95% net of a waiver through September 30, 2027, against a 5.52% gross ratio. The waiver is doing real work here.
• Trading since January 2007, so the mechanics have run through multiple small-cap drawdowns and recoveries rather than one市 cycle.

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.

• SDD The -2x objective applies to a single day, NAV to NAV. Hold longer and compounding can pull results away from -2x the index move over that stretch, most of all in choppy tape.proshares.com
• One of the smaller and less-traded funds in its category, which tends to mean wider spreads. Limit orders are the norm for this kind of exposure.
• Sits in the bottom quartile of our leveraged-and-inverse review. SBB shorts the same index at one times, also 0.95% net of a waiver through September 30, 2027.

Full QQQD profile⁠

Full SDD profile⁠