{
 "ticker": "XPP",
 "name": "ProShares Ultra FTSE China 50",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/XPP",
 "html": "https://etfiq.com/funds/XPP",
 "markdown": "https://etfiq.com/funds/XPP.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: XPP returned \u22125.4% where its own daily promise gave \u22123.9%, 1.6 points short.",
 "key_facts": [
  {
   "key": "what_fxi_did",
   "label": "What FXI did",
   "value": "\u22121.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "XPP, what FXI did: \u22121.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u22123.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "XPP, what +2 times a day gives: \u22123.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22125.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "XPP, what the fund returned: \u22125.4%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.6 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "XPP, the fund itself cost: \u22121.6 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$8m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "XPP, net assets: $8m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 23, 2025",
   "as_of": "2026-09-11",
   "sentence": "XPP, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of FXI, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "FXI moved \u22121.5% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "FXI",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, country",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$8m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 23, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "18% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22125.2%",
   "FXI": "\u22122.1%",
   "+2x the move": "\u22124.2%",
   "Difference": "\u22121.0 pts",
   "FXI moved about": "15%"
  },
  {
   "window": "3 months",
   "Fund": "\u22125.4%",
   "FXI": "\u22121.5%",
   "+2x the move": "\u22123.1%",
   "Difference": "\u22122.3 pts",
   "FXI moved about": "18%"
  },
  {
   "window": "6 months",
   "Fund": "\u221212.2%",
   "FXI": "\u22124.1%",
   "+2x the move": "\u22128.2%",
   "Difference": "\u22124.0 pts",
   "FXI moved about": "20%"
  },
  {
   "window": "1 year",
   "Fund": "\u221232.7%",
   "FXI": "\u221213.8%",
   "+2x the move": "\u221227.5%",
   "Difference": "\u22125.2 pts",
   "FXI moved about": "20%"
  },
  {
   "window": "3 years",
   "Fund": "+19.8%",
   "FXI": "+36.3%",
   "+2x the move": "+72.7%",
   "Difference": "\u221252.9 pts",
   "FXI moved about": "27%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221268.9%",
   "FXI": "+18.5%",
   "+2x the move": "+37.1%",
   "Difference": "\u2212106.0 pts",
   "FXI moved about": "27%"
  }
 ],
 "questions": [
  {
   "q": "Did XPP return +2 times FXI?",
   "a": "Over the window to Sep 11, 2026, FXI moved \u22121.5% and XPP returned \u22125.4%. 2 times that move is \u22123.1%, so the fund came out 2.3 points short of it."
  },
  {
   "q": "Why does XPP not return +2 times over a year?",
   "a": "Because it resets daily. XPP aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  },
  {
   "q": "Which +2x FXI ETF tracked its stated multiple most closely?",
   "a": "2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}