Where the weight sits — sector mix

Listed equity weights summed by sector and normalized to 100%. Each band is one sector's share.

Leverage / inverse caveat

This fund tracks 1x the inverse of its index — it rises when the index falls, and vice versa.

That 1x applies to a **single day**. Held longer, the daily reset makes the period return drift from 1x the index: if the index chops up and down and returns to where it started, this fund is still down. That is volatility decay.

It bites hardest in sideways markets and compounds with holding time. These are built for short directional trades.

How concentrated is it

Concentration (HHI) is low at 483, with the top 10 holdings at just 36.8% of equity weight. No single name can dominate the fund.

Good for damping single-stock risk — and equally, a big winner inside gets diluted.

HHI squares each weight and sums them: 10,000 means one stock is everything, and the more evenly spread the holdings, the closer it falls to zero.

Where the sector weight sits

Sectors run Consumer Discretionary(23%) · Health Care(18%) · Semiconductors(17%), and even the largest is only 23% — no meaningful industry tilt.

This is built to track a market rather than to call a sector.

Weights above sum the individually listed equities and normalize that equity total to 100%.

How much it overlaps others

It shares 46% of its holdings with QBY (1 names in common) — close to half the same companies.

Own both and the diversification is thinner than it looks.

What it is made of

The fund holds 55 positions in total; this page lists the largest 24 and folds the rest into "Others".

Equities are 66.6% of the fund, the rest swaps and cash — index exposure built synthetically rather than by owning the shares, which adds counterparty risk.

The expense ratio is 1.6% a year, which is not cheap. Fees come out of returns every year you hold, so it is worth checking whether the same index is available for less.