QQQD vs ZVOL

QQQDCDirexion Daily Magnificent 7 Bear 1X ETF

ZVOLBVolatility Shares Volatility Premium Plus ETF

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.

ZVOL Short volatility, but further out the curve. ZVOL takes daily inverse exposure to mid-term VIX futures instead of the front month, aiming to monetize the roll premium in those contracts, and it pays out monthly.

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.

ZVOL The Fund seeks daily results, before fees and expenses, corresponding to the S&P 500 VIX Mid-Term Futures Inverse Daily 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.

• ZVOL Most short-vol trades crowd the front month. ZVOL works the mid-term end of the VIX curve, the fourth through seventh contracts, which move less violently than the nearest ones.sec.gov
• Income is the point, not a byproduct: continuously rolling short VIX futures is expected to produce a volatility premium or roll yield, which the fund declares as a monthly dividend.sec.govvolatilityshares.com
• A registered 1940 Act fund, with futures exposure held through a wholly owned Cayman subsidiary rather than a bare commodity pool.sec.gov
• Sits in the upper half of the inverse and leveraged funds we grade, with a risk profile calmer than most of that crowd, thanks to the mid-term contracts and single inverse exposure.

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.

• ZVOL The mandate resets daily. Hold past one day and returns compound, so results can drift well away from the inverse of the index, and a volatility spike cuts against the position.volatilityshares.com
• Fees run above the neighborhood: 1.42% versus a 1.21% median for bear and leveraged funds. SVXY does short-vol at 0.95%, though from the short-term end of the curve.
• It is a small, thinly traded fund, so limit orders earn their keep. The issuer also expects part or all of each distribution to be return of capital rather than new profit.volatilityshares.com

Full QQQD profile⁠

Full ZVOL profile⁠