XPP +2x ProShares Ultra FTSE China 50 of PROSHARES TRUST

BULL ETF standard · Issuer ProShares · Tracks China (FXI) · Listed 2009-06-04

Quote & options All leveraged ETFs

Implied AUM

$7.5M

shares out × price

Last close

$19.04

20261001

30-day avg volume

2,419

options listed →

XPP realized

—

what holders actually earned

Theoretical +2x

—

+2x × China's return

Decay gap

—

realized minus theoretical

Realized vs theoretical +2x China

Cumulative return of XPP against a clean +2x of China's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: FXP (-2x bear, ProShares UltraShort FTSE China 50 of ProShares Trust)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on China

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
YINN	+3x	BULL	Direxion	Direxion Daily FTSE China Bull 3X ETF	$562.3M	1,176,907	✓
CWEB	+2x	BULL	Direxion	Direxion Daily CSI China Internet Index Bull 2X ETF	$186.9M	746,561	✓
CHAU	+2x	BULL	Direxion	Direxion Daily CSI 300 China A Share Bull 2X ETF	$84.6M	41,424	✓
FXP	-2x	BEAR	ProShares	ProShares UltraShort FTSE China 50 of ProShares Trust	$5.6M	3,395	✓
YANG	-3x	BEAR	Direxion	Direxion Daily FTSE China Bear 3X ETF	$111.7M	712,610	✓

How XPP works

XPP targets +2x the daily return of China — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from +2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a +2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.