At a glance
XPP charges 0.95% a year. It has $8.3M in assets; it paid 3.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −41.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +6.7% a year. At its worst it fell 65.1% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
ProShares Ultra FTSE China 50 (XPP) uses swaps to seek twice the daily return of the FTSE China 50 Index, which tracks 50 large Chinese companies listed in Hong Kong. It is built for short-term traders betting on a rise in Chinese stocks: its leverage resets daily, so returns over longer periods can stray far from 2x the index. It charges 0.95% a year and lost 89.1% from February 2021 to January 2024.
Price history
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XPP -41.1% 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 | |
|---|---|---|---|---|---|---|
| XPP official prospectus, to Dec 31, 2025 | — | +45.75% | — | -17.15% | -4.64% | — |
| XPP price data to Oct 27, 2026 | -32.7% | -41.1% | +6.7% | -18.7% | — | -15.0% |
- Over the year to Oct 27, 2026, XPP returned -41.1%.
- Its 5-year annualized return was -18.7%.
- Its worst full calendar year was 2022 (-50.1%); its best was 2025 (+45.9%).
- The deepest fall in its price history was 89.1% (Feb 17, 2021 to Jan 22, 2024), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -32.8% | — |
| 2025 | +45.9% | +45.75% |
| 2024 | +38.3% | +37.89% |
| 2023 | -34.8% | -34.59% |
| 2022 | -50.1% | -50.14% |
| 2021 | -40.5% | -40.46% |
| 2020 | — | +7.43% |
| 2019 | — | +24.56% |
| 2018 | — | -31.32% |
| 2017 | — | +79.84% |
| 2016 | — | -3.61% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 60.5% over that stretch · deepest drop along the way 65.1%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4000 | |
| 2025 | $0.6200 | +12.7% |
| 2024 | $0.5500 | +41.0% |
| 2023 | $0.3900 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (41.66% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 0.92% | |
| Repurchase Agreement RA | 0.61% | |
| Repurchase Agreement RA | 0.37% | |
| Repurchase Agreement RA | 0.20% | |
| Repurchase Agreement RA | 0.12% |
By country
United States 2.21%By asset type
RA 2.21%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -18.28%, +32.28%, -6.68%.
How it works
XPP follows the FTSE China 50 Index, run by FTSE International Limited. The index includes the 50 largest, most liquid Hong Kong-listed companies offering H shares, Red Chips or P Chips, share types tied to mainland Chinese companies. Stocks are weighted by market value, with caps on any single company; the lineup is reviewed each March, June, September and December. As of May 31, 2026, banks made up a significant portion of the index.
Rather than owning those stocks, ProShare Advisors mainly uses swaps: contracts with large financial institutions that exchange payments based on an asset's change in value. Together, its positions aim to deliver twice the index's daily return. Cash goes into Treasury bills and repurchase agreements (short-term loans backed by government securities). As of August 31, 2026, its reported holdings were mostly repurchase agreements and total return swaps referencing FXI, not Chinese shares.
It rebalances daily, adding exposure after the index rises and cutting it after a fall. That keeps each day near 2x, but over longer periods compounding can make results differ sharply, usually for the worse in choppy markets. The prospectus estimates that if the index fell 20% in a year while swinging sharply (50% volatility), the fund would lose about 50%, not 40%. A one-day index drop near 50% could wipe out the investment.
What it really costs
- XPP charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.54% 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 $1,733 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XPP | $97 | $418 | $762 | $1,733 |
Structure and tax notes
- Resets its 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
XPP seeks twice the index's return one day at a time, and its daily reset and 89.1% peak-to-trough drop make it a tool for short-term trading rather than long-term savings.
XPP launched in June 2009, after the 2008 crisis. The prospectus shows a 7.43% gain in 2020, the COVID crash year. In the 2022 bear market it fell 65.1% from January 20 to October 12, and 2022 was its worst calendar year, down 50.1%. Its deepest drop, 89.1% from February 2021 to January 2024, had not been recovered as of October 27, 2026. A retiree forced to redeem shares after such a fall would lock in most of the loss.
Its trailing 12-month yield was 3.35% as of October 27, 2026, paid quarterly, small beside those swings. It charges 0.95% a year after a fee waiver; the SEC's standard example, $10,000 growing 5% a year, shows $97 in costs after one year and $1,733 after 10. Past results don't predict future ones, and a plan is better judged across the whole portfolio than by one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking twice the one-day move of the FTSE China 50 Index who can check and adjust their position every day.
- Traders comfortable relying on swaps with large financial firms, which carry nonpayment risk; holdings were mostly swaps and repurchase agreements as of August 31, 2026.
- Speculators using money they can afford to lose, given swings from a 43.59% quarterly gain in 2024 to a 43.87% quarterly loss in 2022.
Look elsewhere if
- Long-term holders: despite big gains in 2024 and 2025, it lost an average 17.15% a year over five years through December 31, 2025.
- Retirees seeking dependable income: the 3.35% trailing yield (as of October 27, 2026) is small next to a 50.1% loss in 2022.
- Investors wanting broad diversification: it tracks only 50 Hong Kong-listed Chinese companies, with banks a significant share, and carries Chinese government and currency risks.
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 XPP a good long-term investment?
It isn't designed for that. XPP targets twice the FTSE China 50 Index's return for a single day and resets its leverage daily, so results over longer periods can differ sharply from 2x. Over the five years through December 31, 2025, it lost an average of 17.15% a year, and over 10 years an average of 4.64% a year, even including gains of 37.89% in 2024 and 45.75% in 2025. Net assets were also small, about $8.3 million as of August 31, 2026.
What's the difference between XPP and a non-leveraged China ETF?
Leverage and the daily reset. A non-leveraged fund tracking the FTSE China 50 Index aims to match it over any period; XPP aims for twice its one-day move, mainly through swaps, and rebalances daily. That magnifies gains and losses: XPP's quarterly results have ranged from a 43.59% gain (quarter ended September 30, 2024) to a 43.87% loss (quarter ended September 30, 2022). It also depends on swap counterparties paying what they owe.
Does XPP pay dividends?
Yes, it pays distributions quarterly. Its trailing 12-month yield was 3.35% as of October 27, 2026, or about $0.58 per share. Because the fund holds mostly swaps and cash-like instruments rather than Chinese stocks, its payout does not simply mirror the companies' dividends. Next to swings like its 32.7% year-to-date drop through October 27, 2026, the yield is a small part of the story.
What is XPP's expense ratio?
XPP's expense ratio is 0.95% a year, according to its prospectus filed September 25, 2026, including a 0.75% management fee and after a 0.54% fee waiver. In the SEC's standard example, $10,000 earning 5% a year and redeemed at the end of each period would incur about $97 in costs after one year, $418 after three, $762 after five and $1,733 after 10. Financing and trading costs tied to its swaps also pull results away from 2x the index.
Can you lose all your money in XPP?
Yes. The prospectus says leverage raises the risk of a total loss, and if the FTSE China 50 Index approaches a 50% loss at any point in a day, holders could lose their entire investment. Losses close to that have happened over longer stretches: XPP fell 89.1% from February 17, 2021, to January 22, 2024, and had not regained that peak as of October 27, 2026.