QQQD vs ZSL

QQQDCDirexion Daily Magnificent 7 Bear 1X ETF

ZSLCProShares UltraShort Silver

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.

ZSL Silver runs hot, and ZSL leans the other way. Live since 2008, it aims to deliver twice the inverse of the Bloomberg Silver Subindex's daily move, reset every day: a short-term trading tool in a corner with almost no rivals.

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.

ZSL The fund seeks daily results, before fees and expenses, equal to two times the inverse of the Bloomberg Silver Subindex’s daily performance.

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.

• ZSL Fee runs 0.95% a year, under the median for leveraged and inverse bear funds, and it stands among the stronger builds in that group.
• ProShares calls it the only US ETF designed to gain when daily silver futures prices fall. Inverse silver exposure via one ticker, no futures account or margin short.proshares.com
• Actively traded for such a specialized corner, which helps keep the spread you pay on the way in and out contained.
• Trading since December 2008, so it has run through multiple silver booms and busts under the same daily -2x mandate.

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.

• ZSL The -2x target resets daily. Held longer, compounding can push results far from twice the inverse of the index's move over the period.sec.gov
• The benchmark tracks rolling COMEX silver futures, not spot silver, and futures can behave very differently from the metal's spot price.sec.gov
• It is a commodity pool taxed as a partnership, so holders get a Schedule K-1 at tax time rather than a 1099.proshares.com

Full QQQD profile⁠

Full ZSL profile⁠