SVXY vs YXI

SVXYBProShares Short VIX Short-Term Futures ETF

YXICProShares Short FTSE China 50

In short

SVXY Short volatility, half dose. SVXY targets one-half the inverse of a VIX short-term futures index each day, a deliberately de-tuned take on the short-vol trade, and it has run that mandate since 2011.

YXI The one-speed China short. YXI aims for -1x the daily move of the FTSE China 50, Hong Kong's Chinese blue chips, and resets every day. Fee is 0.95% net of a waiver through September 30, 2027.

Stated mandate

SVXY SVXY seeks daily results equal to one-half the inverse of the S&P 500 VIX Short-Term Futures Index. Its objective is measured daily, so returns over longer periods can differ from the stated daily target.

YXI YXI seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the FTSE China 50 Index.

Why people hold it

• SVXY The half-strength design is the whole idea: a -0.5x daily target rather than full inverse, so a jump in VIX futures lands with half the force of a one-for-one short.proshares.com
• 0.95% a year sits below the typical leveraged and inverse fund, and among that crowd this is one of the stronger implementations in its peer group.
• Launched in 2011 and actively traded, so it has a long operating history and a working market for getting in and out.

• YXI Unleveraged inverse: it targets -1x the index's daily move, while stablemate FXP runs -2x on the exact same index. Same China exposure, one gear instead of two.proshares.com
• Aims at the short side of a real benchmark: the FTSE China 50 holds 50 of the largest, most liquid Chinese stocks trading in Hong Kong (H shares, red chips, P chips).jpx.co.jp
• Fee sits near the typical leveraged-and-inverse fund at 0.95% net of a waiver through September 30, 2027, the same net fee as FXP (also waived through that date).
• Trading since 2010 as a fund registered under the Investment Company Act of 1940, not a commodity-pool wrapper.

Worth knowing

• SVXY The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can look nothing like half the inverse of the index.proshares.com
• It is a commodity pool holding VIX futures, not a basket of stocks. Reporting and tax treatment follow different rules than a standard equity ETF.proshares.com
• Pure price vehicle with no distribution stream, and volatility spikes arrive fast, which is exactly what a short-vol position is on the wrong side of.

• YXI The -1x target applies to a single day. Hold longer and daily compounding can pull results away from -1x the index over that stretch, especially in choppy markets.proshares.com
• That 0.95% is net of a waiver through September 30, 2027. The gross expense ratio is 3.46%, so the cap has an end date on it.
• Small and lightly traded next to the big US index inverses, which can mean wider spreads. Limit orders do more work here than market orders.

Full SVXY profile⁠

Full YXI profile⁠