{
 "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": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: XPP returned +10.9% where its own daily promise gave +12.4%, 1.5 points short.",
 "key_facts": [
  {
   "key": "what_fxi_did",
   "label": "What FXI did",
   "value": "+6.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "XPP, what FXI did: +6.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+12.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "XPP, what 2 times a day gives: +12.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+10.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "XPP, what the fund returned: +10.9%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.5 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "XPP, the fund itself cost: \u22121.5 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$8m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "XPP, net assets: $8m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "XPP, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "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": "+1.7 times, against +2 stated",
   "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 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "17% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22128.2%",
   "FXI": "\u22123.8%",
   "+2x the move": "\u22127.6%",
   "Difference": "\u22120.5 pts",
   "FXI moved about": "17%"
  },
  {
   "window": "3 months",
   "Fund": "+10.9%",
   "FXI": "+6.4%",
   "+2x the move": "+12.8%",
   "Difference": "\u22121.9 pts",
   "FXI moved about": "17%"
  },
  {
   "window": "6 months",
   "Fund": "\u221211.2%",
   "FXI": "\u22123.6%",
   "+2x the move": "\u22127.2%",
   "Difference": "\u22124.0 pts",
   "FXI moved about": "18%"
  },
  {
   "window": "1 year",
   "Fund": "\u221235.7%",
   "FXI": "\u221215.8%",
   "+2x the move": "\u221231.5%",
   "Difference": "\u22124.1 pts",
   "FXI moved about": "20%"
  },
  {
   "window": "3 years",
   "Fund": "+24.4%",
   "FXI": "+38.4%",
   "+2x the move": "+76.7%",
   "Difference": "\u221252.3 pts",
   "FXI moved about": "27%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221269.8%",
   "FXI": "+16.9%",
   "+2x the move": "+33.8%",
   "Difference": "\u2212103.6 pts",
   "FXI moved about": "27%"
  }
 ],
 "questions": [
  {
   "q": "Did XPP return +2 times FXI?",
   "a": "Over the window to Sep 30, 2026, FXI moved +6.4% and XPP returned +10.9%. 2 times that move is +12.8%, so the fund came out 1.9 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 figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}