At a glance
YXI charges 0.95% a year. It has $4.7M in assets; it paid 2.14% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +26.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned −10.9% a year. At its worst it fell 28.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low.
The short version
ProShares Short FTSE China 50 (YXI) uses swap contracts to aim for the opposite (-1x) of the FTSE China 50 Index's daily return, so traders may use it to bet against or hedge large Hong Kong-listed Chinese stocks over short periods. Its exposure resets daily, so longer-term results can stray far from -1x the index; over the 10 years to December 31, 2025, it lost an average of 8.92% a year.
Price history
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YXI +26.7% 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 | |
|---|---|---|---|---|---|---|
| YXI official prospectus, to Dec 31, 2025 | — | -22.91% | — | -4.99% | -8.92% | — |
| YXI price data to Oct 27, 2026 | +18.7% | +26.7% | -10.9% | -2.7% | — | +0.5% |
- Over the year to Oct 27, 2026, YXI returned +26.7%.
- Its 5-year annualized return was -2.7%.
- Its worst full calendar year was 2024 (-25.3%); its best was 2023 (+12.3%).
- The deepest fall in its price history was 58% (Oct 31, 2022 to Oct 2, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.7% | — |
| 2025 | -23.6% | -22.91% |
| 2024 | -25.3% | -25.24% |
| 2023 | +12.3% | +12.64% |
| 2022 | +4.8% | +4.40% |
| 2021 | — | +14.23% |
| 2020 | — | -18.27% |
| 2019 | — | -14.18% |
| 2018 | — | +9.43% |
| 2017 | — | -28.40% |
| 2016 | — | -7.71% |
| 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 Feb 22, 2021 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 27.3% over that stretch · deepest drop along the way 28.4%, back to its old high 3.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3600 | |
| 2025 | $0.5500 | -54.2% |
| 2024 | $1.2000 | +20.0% |
| 2023 | $1.0000 | +900.0% |
| 2022 | $0.1000 |
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 | 29.73% | |
| Repurchase Agreement RA | 19.77% | |
| Repurchase Agreement RA | 11.86% | |
| Repurchase Agreement RA | 6.33% | |
| Repurchase Agreement RA | 3.95% |
By country
United States 71.63%By asset type
RA 71.63%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $212K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.19%, -13.34%, +3.51%.
How it works
YXI aims for the opposite (-1x) of one day's return on the FTSE China 50 Index, run by FTSE International Limited. The index holds the 50 largest, most liquid companies listed in Hong Kong through H Shares, Red Chips or P Chips, which are share types for companies tied to mainland China. Companies are weighted by market value, with caps on any one stock, and the lineup is reviewed each March, June, September and December.
Rather than shorting stocks, ProShare Advisors uses a mathematical approach to set positions. It relies mainly on swap agreements, which are contracts with large financial institutions to exchange payments based on an asset's price change. As of August 31, 2026, about 72% of net assets sat in repurchase agreements, which are short-term loans backed by securities. Total return swaps referencing FXI supplied the inverse exposure. If a swap counterparty fails to pay, the fund can lose money.
The fund rebalances daily. When the index rises, the fund's assets shrink and it trims its short position; when the index falls, it adds to it. Each day's result aims for -1x. Over longer periods, though, compounding (each day's gain or loss building on the last) pulls results away from -1x the index, usually for the worse in choppy markets. An index gain approaching 100% in one day could wipe out the investment.
What it really costs
- YXI charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 2.51% 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 $3,571 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| YXI | $97 | $828 | $1,582 | $3,571 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its -1x bet against the FTSE China 50 Index resets every day, so returns over months or years can stray far from the index's opposite.
YXI launched in March 2010, after the 2008 crisis, and lost 18.27% in calendar 2020, the year of the COVID crash. In the 2022 bear market it gained 27.3%, yet it fell 28.4% between March and June 2022 before recovering about 3.7 months later. Its deepest drop was 58%, from October 31, 2022 to October 2, 2025, and it had not recovered as of October 27, 2026. Its worst calendar year from 2016 through 2025 was 2017, at -28.4%. Raising cash from it in a slump could lock in steep losses.
As of October 27, 2026, its trailing 12-month yield was 2.14%, paid quarterly. That is a minor offset to its swings. Its expense ratio, the yearly fee as a share of assets, is 0.95% after a fee waiver. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders betting against the 50 largest Hong Kong-listed Chinese companies for a day or a few days, checking positions daily.
- Investors wanting a brief hedge for holdings similar to the FTSE China 50, without borrowing shares or using a margin account.
- Traders expecting sharp, brief drops in big Chinese stocks; the fund's strongest quarter, ended September 30, 2022, gained 29.19%.
Look elsewhere if
- Long-term investors: exposure resets daily, and the fund lost an average 8.92% a year over the 10 years to December 31, 2025.
- Investors who couldn't absorb a long slump: its 58% drop, October 2022 to October 2025, was unrecovered as of October 27, 2026.
- Cost-conscious investors: the 0.95% expense ratio depends on a 2.51-point fee waiver, and the SEC's example shows $3,571 in costs over 10 years on $10,000.
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
Can you hold YXI long term?
It isn't built for that. YXI seeks -1x the FTSE China 50 Index's return for a single day, and its exposure resets daily. Over longer periods, compounding can pull results far from the index's opposite, usually for the worse in choppy markets. The fund lost an average of 8.92% a year over the 10 years to December 31, 2025. Its 58% drop from October 31, 2022 to October 2, 2025 had not been recovered as of October 27, 2026.
What does YXI hold?
YXI holds mostly cash-like instruments and swaps, not Chinese stocks. As of August 31, 2026, repurchase agreements (short-term loans backed by securities) made up about 72% of its roughly $4.7 million in net assets. Its inverse exposure came from total return swaps referencing FXI. These are contracts with financial institutions to exchange payments based on price changes. The swaps carry counterparty risk: if an institution fails to pay, the fund can lose money.
Does YXI pay dividends?
Yes. YXI pays distributions quarterly. As of October 27, 2026, its trailing 12-month yield was 2.14%, or $0.51 per share. That yield is the income paid over the prior year as a share of the price. Because the fund holds no stocks, these payouts aren't company dividends; funds like this earn interest on the cash-like holdings that back their swaps. Payouts can vary from quarter to quarter.
What is YXI's expense ratio?
YXI's expense ratio, the yearly fee as a share of assets, is 0.95%, according to its prospectus filed September 25, 2026. That includes a 0.75% management fee and reflects a fee waiver of 2.51 percentage points. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs total $97 after one year, $828 after three, $1,582 after five and $3,571 after ten. The jump after year one reflects costs without the waiver.
What happens to YXI when Chinese stocks rise?
YXI loses money on days when the FTSE China 50 Index rises, the opposite of a regular index fund. Its calendar-year losses included 25.24% in 2024 and 22.91% in 2025, and its weakest quarter, ended September 30, 2024, lost 18.74%. The prospectus warns that if the index approached a 100% gain within one day, holders could lose their entire investment. Unlike shorting stocks directly, though, a holder's losses can't exceed the amount invested.