At a glance
QQQD charges 0.5% a year. It has $34.1M in assets; it paid 3.53% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −5.2% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) aims to return the opposite of each day's move in an equal-weighted Indxx index of Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta. It is designed for short-term bets against those seven stocks without added leverage; because it resets daily through swaps, longer-term returns can drift away from the index's inverse. It charges 0.50% a year after a fee waiver and lost 20.26% in 2025.
Price history
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QQQD -5.2% 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 | |
|---|---|---|---|---|---|---|
| QQQD official prospectus, to Dec 31, 2025 | — | -20.26% | — | — | — | -27.04% |
| QQQD price data to Oct 27, 2026 | -6.4% | -5.2% | — | — | — | -20.8% |
- Over the year to Oct 27, 2026, QQQD returned -5.2%.
- Its worst full calendar year was 2025 (-20.3%); its best was 2025 (-20.3%).
- The deepest fall in its price history was 51.4% (Apr 19, 2024 to Oct 13, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -6.5% | — |
| 2025 | -20.3% | -20.26% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2700 | |
| 2025 | $0.5600 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 104.4% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $10.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.96%, +9.56%, -2.49%.
How it works
QQQD's index is the Indxx Front of the Q Index, which holds seven leading Nasdaq-listed companies. As of December 31, 2025, the seven were Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta Platforms, spread across technology, consumer discretionary and communication services. Each stock gets an equal weight, and the index is reviewed and rebalanced quarterly.
The fund owns none of those stocks. It uses swap agreements, contracts with a financial firm (a counterparty) that pay the fund the opposite of the index's return, and may also use futures or short positions (bets that a price will fall). It holds cash, money market funds and short-term U.S. government debt: as of July 31, 2026, cash and similar holdings equaled 104.4% of its $34.1 million in net assets, alongside three index swaps.
At each market close, Rafferty Asset Management resets the exposure: after the index falls, the fund's assets grow and it enlarges its bet against the index; after a rise, it trims it. So returns over more than one day compound and will very likely differ from the index's inverse. If the index ends a stretch flat, the fund loses money; it can lose even over a stretch when the index falls. It creates and redeems shares mainly for cash, so it is not expected to be tax efficient.
What it really costs
- QQQD charges 0.5% a year.
- Of that, 0.35% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.58% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $1,265 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QQQD | $51 | $286 | $539 | $1,265 |
In a retirement portfolio
QQQD seeks the inverse of its index for one trading day only, and its daily reset can make results over months stray far from the index's inverse.
QQQD launched in March 2024, so it missed the 2008, 2020 and 2022 downturns. It can jump when the seven stocks it bets against slide, gaining 18.5% in the quarter ended March 31, 2025, but it gave that back and more the next quarter, losing 19.97%. It lost 20.26% in 2025, its only full calendar year, and fell 51.4% from April 19, 2024, to October 13, 2026, without recovering as of October 27, 2026. Cashing out after a rally in those stocks would lock in losses.
It pays quarterly; its trailing 12-month yield was 3.53% as of October 27, 2026, a small cushion against those swings. The 0.50% expense ratio reflects a fee waiver; in the SEC's standard $10,000 example, costs total $51 after one year and $1,265 after ten. Past results don't predict the future, and a plan needs to cover the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Traders who want a short-term, one-for-one bet against Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta without shorting those stocks directly.
- Investors with a large stake in these seven stocks who want a brief hedge and can watch the position every trading day.
- Those who want inverse exposure with no added leverage, at a 0.50% expense ratio after a fee waiver, and accept counterparty risk from swaps.
Look elsewhere if
- Long-term or retirement investors: it targets the index's inverse for one day only and lost 20.26% in 2025, its only full calendar year.
- Those hedging a diversified stock portfolio: it bets against just seven equally weighted stocks in three sectors, not the wider market.
- Income seekers: its 3.53% trailing yield as of October 27, 2026, is small next to a 51.4% peak-to-trough drop that hadn't recovered.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is QQQD a good long-term investment?
It isn't designed for that. QQQD seeks the opposite of its index's return for a single day, and the prospectus says longer-term results will very likely differ from the index's inverse. It can lose money if the index ends flat over time, and even while the index falls. It lost 20.26% in 2025 and an average of 27.04% a year from its March 2024 launch through December 31, 2025.
What does QQQD hold?
Mostly cash and swap contracts, not stocks. As of July 31, 2026, cash and similar holdings equaled 104.4% of its $34.1 million in net assets, while three swaps on the Indxx Front of the Q Index provided the inverse exposure. That index held Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta Platforms as of December 31, 2025, each equally weighted and rebalanced quarterly. The swaps pay off when those stocks fall and cost the fund when they rise.
Does QQQD pay dividends?
Yes, QQQD pays distributions quarterly. Its trailing 12-month yield was 3.53% as of October 27, 2026, or about $0.42 per share. Because the fund holds mostly cash, money market funds and short-term government debt rather than stocks, these payouts likely reflect interest on that cash, not company dividends. The yield is small relative to the fund's price swings: it fell 51.4% from its April 2024 peak to its October 13, 2026, low.
Can QQQD lose money if the Magnificent 7 stocks fall?
Yes, over periods longer than one day. QQQD resets its exposure at every market close, so its returns compound daily. When the index swings up and down, that compounding can erode value, and the prospectus says the fund can lose money over time even while the index declines. It also loses money if the index ends flat. The fund seeks its target for a single trading day only, so results over weeks or months can stray far from the index's inverse.
What is QQQD's expense ratio?
QQQD's expense ratio is 0.50% a year, according to its prospectus filed February 26, 2026. That figure is after the adviser, Rafferty Asset Management, waives fees equal to 0.58% of assets. In the SEC's standard example ($10,000 invested, 5% annual return), costs total $51 after one year, $286 after three, $539 after five and $1,265 after ten. The larger later figures suggest the waiver is assumed to apply only in the first year.