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) sits at 1325 — moderate. The top 10 names carry 27.8% of equity weight, so the fund is spread out but its largest holdings still steer it.

That is the usual shape of a cap-weighted index fund: broad, yet tilted toward the biggest companies.

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

Sector weights run Unclassified(33%) · Energy(15%) · Materials(15%). At 33%, the leading sector is a clear tilt.

Expect it to ride that industry's cycle — ahead of the index in good stretches, behind in bad ones.

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

How much it overlaps others

It shares 53% of its holdings with LQDH (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 575 positions in total; this page lists the largest 19 and folds the rest into "Others".

Equities are 40.1% 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 1.35% 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.