At a glance
FXP charges 0.95% a year. It has $5.4M in assets; it paid 2.13% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +50.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned −30.0% a year. At its worst it fell 10.3% in the 2020 crash (S&P 500: 33.7%) and 54.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 4 months after the lows.
The short version
ProShares UltraShort FTSE China 50 (FXP) seeks twice the opposite (-2x) of the FTSE China 50 Index's daily return through swaps rather than stocks, so it may suit short-term traders expecting large Hong Kong-listed Chinese companies to fall. Because exposure resets daily, long holds have fared poorly: FXP lost about 90% over the 10 years through October 27, 2026. It costs 0.95% a year and managed just $5.4 million as of August 31, 2026.
Price history
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FXP +50.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FXP official prospectus, to Dec 31, 2025 | — | -45.42% | — | -20.41% | -24.17% | — |
| FXP price data to Oct 27, 2026 | +32.9% | +50.3% | -30.0% | -17.9% | -20.3% | -27.8% |
- Over the year to Oct 27, 2026, FXP returned +50.3%.
- Its 5-year annualized return was -17.9% and its 10-year -20.3%.
- In the 2020 COVID crash, while stocks fell, it gained 36.8%.
- Its worst full calendar year was 2009 (-76.3%); its best was 2021 (+23.6%).
- The deepest fall in its price history was 99.9% (Oct 9, 2008 to Oct 2, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +32.9% | — |
| 2025 | -47.8% | -45.42% |
| 2024 | -53.4% | -52.30% |
| 2023 | +10.7% | +12.77% |
| 2022 | -11.8% | -11.90% |
| 2021 | +23.6% | +23.48% |
| 2020 | -39.5% | -39.53% |
| 2019 | -29.0% | -28.92% |
| 2018 | +12.5% | +12.45% |
| 2017 | -49.8% | -49.78% |
| 2016 | -18.8% | -18.99% |
| 2015 | -0.8% | — |
| 2014 | -30.8% | — |
| 2013 | -13.1% | — |
| 2012 | -42.1% | — |
| 2011 | +1.0% | — |
| 2010 | -28.3% | — |
| 2009 | -76.3% | — |
| 2008 | -53.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 36.8% over that stretch · deepest drop along the way 10.3%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 38.9% over that stretch · deepest drop along the way 54.3%, back to its old high 3.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3300 | |
| 2025 | $0.7200 | +125.0% |
| 2024 | $0.3200 | -26.4% |
| 2023 | $0.4350 | +4250.0% |
| 2022 | $0.0100 | -75.0% |
| 2020 | $0.0400 | -96.9% |
| 2019 | $1.3000 | +441.7% |
| 2018 | $0.2400 | -99.8% |
| 2008 | $147.2000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its inverse exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 25.67% | |
| Repurchase Agreement RA | 17.07% | |
| Repurchase Agreement RA | 10.24% | |
| Repurchase Agreement RA | 5.46% | |
| Repurchase Agreement RA | 3.41% |
By country
United States 61.86%By asset type
RA 61.86%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $608K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +20.69%, -25.36%, +6.69%.
How it works
FXP is linked to the FTSE China 50 Index, maintained by FTSE International Limited. The index tracks the 50 largest, most heavily traded companies on the Hong Kong Stock Exchange that issue H shares, Red Chips or P Chips, categories for Chinese companies listed in Hong Kong. Stocks are weighted by market value, with caps so no single company dominates, and the index is reviewed each March, June, September and December.
The fund doesn't own those stocks. ProShare Advisors uses a mathematical model to build -2x exposure through swap agreements: contracts with financial institutions that exchange payments based on price moves. As of August 31, 2026, repurchase agreements, short-term loans backed by securities such as US government securities, made up about 62% of assets, alongside five total return swaps linked to the ticker FXI. If a swap partner fails to pay, the fund can lose money.
The fund rebalances daily. When the index rises, the fund's assets fall and it trims exposure; when the index falls, it adds exposure. That keeps each day near -2x, but over longer periods compounding, or returns building on returns, can pull results far from -2x the index, usually for the worse in choppy markets. The prospectus warns that if the index nears a 50% gain within a day, holders could lose everything.
What it really costs
- FXP charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.41% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $2,588 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FXP | $97 | $601 | $1,132 | $2,588 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
FXP targets -2x the FTSE China 50 Index one day at a time, and its daily reset has worn down its value over long holds, including a loss of about 90% over the 10 years through October 27, 2026.
At most, FXP could act as a brief hedge, a position meant to offset losses on Chinese stocks, held for days, not years. It gained 36.8% in the 2020 COVID crash and 38.9% in the 2022 bear market, yet finished 2020 down 39.53% and 2022 down 11.9%. Between March and June 2022 it fell 54.3%, regaining that ground by late October. Figures for the full 2008 crisis aren't available; its worst calendar year was 2009, at -76.3%. Its deepest decline, 99.9% from October 2008 to October 2025, has not been recovered. Anyone cashing out in a bad stretch could lock in losses that may never return.
Its yield over the past 12 months was 2.13% as of October 27, 2026, paid quarterly, small next to its swings. It costs 0.95% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a one-day, -2x bet against the FTSE China 50 Index and can check positions every day.
- Investors wanting a days-long hedge on Hong Kong-listed Chinese stocks who accept 0.95% yearly costs and the risk a swap partner defaults.
- Experienced traders who can stomach swings like a 64.04% quarterly gain in 2022 and a 36.67% quarterly loss in 2024.
Look elsewhere if
- Long-term or retirement investors: FXP lost about 90% over the 10 years through October 27, 2026, and never regained its 2008 peak.
- Income seekers: the 2.13% yield, paid quarterly, is tiny next to calendar-year losses of 52.3% in 2024 and 45.42% in 2025.
- Anyone wary of very small funds: net assets were about $5.4 million as of August 31, 2026, and tiny funds can be closed.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is FXP a good long-term investment?
FXP is not built for long holding periods. It targets -2x the FTSE China 50 Index for a single day, and daily compounding pushes longer results away from that target. As of December 31, 2025, its average annual returns were -45.42% over one year, -20.41% over five years and -24.17% over 10 years. Based on price, it lost about 90% over the 10 years through October 27, 2026. Its prospectus says longer-term performance will likely differ from the daily target, possibly by a lot.
Why can FXP lose money when Chinese stocks fall?
Because it resets its exposure every day. Over weeks or months, FXP's return comes from compounding many daily results, not from -2x the index's total move. In choppy markets where the index swings up and down, that compounding tends to erode value, so FXP can lose ground even if the index ends lower. Fees, transaction costs and the financing costs of its swaps also reduce returns, the prospectus notes. Results over any period longer than a day may differ sharply from -2x.
Can FXP go to zero?
A total loss is possible. FXP's prospectus warns that if the FTSE China 50 Index approaches a 50% gain at any point in a day, holders could lose their entire investment. Its price has come close over time: from its October 9, 2008 peak to its October 2, 2025 low, FXP fell 99.9%, and it has not regained that peak. A fund this small, with about $5.4 million in net assets as of August 31, 2026, could also be shut down.
Does FXP pay dividends?
Yes, FXP pays quarterly distributions. Its yield over the past 12 months was 2.13%, or about $0.51 per share, as of October 27, 2026. The fund holds no Chinese stocks directly; as of August 31, 2026, about 62% of its assets sat in repurchase agreements, short-term loans backed by securities, alongside swaps. That payout is small next to FXP's price swings, which included calendar-year losses of 52.3% in 2024 and 45.42% in 2025.
What is FXP's expense ratio?
FXP's expense ratio, the yearly cost taken from fund assets, is 0.95% after a fee waiver of 1.41%, according to its prospectus filed September 25, 2026; the management fee is 0.75%. In the SEC's standard example, $10,000 earning 5% a year would cost about $97 over one year, $601 over three years, $1,132 over five and $2,588 over 10. Costs climb faster after the first year in that example, a sign the waiver may not continue. Swap financing costs also weigh on returns.