ETF: US Equity Inverse Funds

 **Investable US Equity inverse funds       Market Price  % Pri Chg  Net Assets      Leveraged / Inverse     NER   United States  Asset Class  Price Perf  Price Perf  Price Perf  Price Perf**
**ID  Symbol  ETP Name sorted by YTD as of 2022-06-13  Market Price    Today    Net Assets                                    United States  Asset Class   (5 Days)   (4 Weeks)   (13 Weeks)  (This Yr)**
1   SQQQ    PROSHARES ULTRAPRO SHORT QQQ                   $62.99     11.45%  $2.5B         -3x, Inverse, Leveraged  0.95%        100.00%  Equity           17.85%       7.78%      16.44%   **90.30%**
2   SOGU    THE SHORT DE-SPAC ETF                          $61.25      9.06%  $19.4M        -1x, Inverse             0.95%         84.72%  Equity           22.45%      16.64%      30.94%   **85.16%**
3   QID     PROSHARES ULTRASHORT QQQ                       $27.23      7.67%  $357.5M       -2x, Inverse, Leveraged  0.95%        100.00%  Equity           11.75%       6.17%      14.18%   **61.70%**
4   SPXU    PROSHARES ULTRAPRO SHORT S&P500                $20.87      9.44%  $679.2M       -3x, Inverse, Leveraged  0.90%        100.00%  Equity           15.72%       5.89%      12.31%   **53.17%**
5   SRTY    PROSHARES ULTRAPRO SHORT RUSSELL2000           $72.43     12.68%  $150.4M       -3x, Inverse, Leveraged  0.95%        100.00%  Equity           13.05%      -5.43%      15.24%   **52.87%**
6   SDOW    PROSHARES ULTRAPRO SHORT DOW30                 $37.97      6.73%  $346.9M       -3x, Inverse, Leveraged  0.95%        100.00%  Equity           14.23%       4.68%       6.78%   **36.76%**
7   SDS     PROSHARES ULTRASHORT S&P500                    $51.21      6.29%  $800.4M       -2x, Inverse, Leveraged  0.90%        100.00%  Equity           10.45%       4.35%       9.77%   **36.49%**
8   PSQ     PROSHARES SHORT QQQ                            $14.65      3.83%  $1.1B         -1x, Inverse             0.95%        100.00%  Equity            5.69%       3.52%       8.46%   **30.29%**
9   RWM     PROSHARES SHORT RUSSELL2000                    $25.92      4.20%  $452.1M       -1x, Inverse             0.95%        100.00%  Equity            4.32%      -1.19%       7.06%   **19.17%**
10  SH      PROSHARES SHORT S&P500                         $16.59      3.11%  $2.4B         -1x, Inverse             0.88%        100.00%  Equity            5.16%       2.42%       5.65%   **18.14%**
11  DOG     PROSHARES SHORT DOW30                          $36.43      2.22%  $255.7M       -1x, Inverse             0.95%        100.00%  Equity            4.67%       1.92%       3.24%   **12.54%**
                                                                                                                                                                                            
            **ETP Type**                                                                                                                                        
            ETFs                                                                                                                                                                            
                                               2826                                                                                                                                         
            **Leveraged / Inverse**                                                                                                                                        
            Inverse                                                                                                                                                                         
                                                 96                                                                                                                                         
            **Net Expense Ratio**                                                                                                                                        
            1.04% and Below                                                                                                                                                                 
                                                 89                                                                                                                                         
            **Country Exposure**                                                                                                                                        
            inc. United States                                                                                                                                                              
                                                 31                                                                                                                                         
            **Asset Class**                                                                                                                                        
            Equity                                                                                                                                                                          
                                                 16                                                                                                                                         

GD_

4 Likes

Aren’t these types of ETFs dangerous on the basis of being not all that liquid and having a rather wide spread between bid and asked prices? You can get caught wanting/needing to unload but not being able to get rid of them.

I’ve done some Profunds Ultra type funds before but not any ETFs. Long ago so maybe none of this is any longer applicable.

Could be exceptions but in my experience net assets > 100m generally have spreads in the “Acceptable” range for ETF’s. SOGU is a new etf and is unknown.
Included the “Median Bid/Ask Spread (30 Day)” as follows if that helps.

   **Median**
  **Bid/Ask**
**ID  Symbol  ETP Name                                Net Assets    Price Perf  Price Perf  Price Perf  Price Perf**   **Spread**
                                                                  **(5 Days)    (4 Weeks)   (13 Weeks)  (This Yr)     (30 Day)**
                                                                  
1   SQQQ    PROSHARES ULTRAPRO SHORT QQQ                 $2.5B        17.85%       7.78%      16.44%      90.30%       0.04%
2   SOGU    THE SHORT DE-SPAC ETF                       $19.4M        22.45%      16.64%      30.94%      85.16%    --
3   QID     PROSHARES ULTRASHORT QQQ                   $357.5M        11.75%       6.17%      14.18%      61.70%       0.10%
4   SPXU    PROSHARES ULTRAPRO SHORT S&P500            $679.2M        15.72%       5.89%      12.31%      53.17%       0.11%
5   SRTY    PROSHARES ULTRAPRO SHORT RUSSELL2000       $150.4M        13.05%      -5.43%      15.24%      52.87%       0.12%
6   SDOW    PROSHARES ULTRAPRO SHORT DOW30             $346.9M        14.23%       4.68%       6.78%      36.76%       0.06%
7   SDS     PROSHARES ULTRASHORT S&P500                $800.4M        10.45%       4.35%       9.77%      36.49%       0.06%
8   PSQ     PROSHARES SHORT QQQ                          $1.1B         5.69%       3.52%       8.46%      30.29%       0.06%
9   RWM     PROSHARES SHORT RUSSELL2000                $452.1M         4.32%      -1.19%       7.06%      19.17%       0.03%
10  SH      PROSHARES SHORT S&P500                       $2.4B         5.16%       2.42%       5.65%      18.14%       0.05%
11  DOG     PROSHARES SHORT DOW30                      $255.7M         4.67%       1.92%       3.24%      12.54%       0.02%

GD_

3 Likes

Aren’t these types of ETFs dangerous on the basis of being not all that liquid and having a rather wide spread between bid and asked prices?

For all ETF’s the range of trading charcterististics are as Follows on Fidelity(Reference to Rersearch/screener/ETF)

AS OF 06/24/2022        AS OF 06/24/2022           AS OF 06/24/2022         AS OF 06/24/2022
 
**Median**   **Net Assets                 Volume**   **Market Price**
**Bid/Ask**                              **(90 Day Average)** 
**Spread** 
**(30 Day)** 
 
**Very High               Very High                  Very High                Very High**
(1.21% and above)       ($941.54M and above)       (285.45K and above)      ($51.69 and above)
25out of 29             575out of 592              486out of 564            530out of 559
 
**High                    High                       High                     High**
(0.80% — 1.21%)         ($198.72M — $941.54M)      (53.80K — 285.45K)       ($35.19 — $51.69)
42out of 46             530out of 574              512out of 553            533out of 565
 
**Medium                  Medium                     Medium                   Medium**
(0.51% — 0.80%)         ($57.64M — $198.72M)       (15.45K — 53.80K)        ($25.51 — $35.19)
124out of 137           532out of 576              505out of 552            532out of 586
 
**Low                     Low                        Low                      Low**
(0.24% — 0.51%)         ($16.02M — $57.64M)        (4.04K — 15.45K)         ($20.58 — $25.51)
461out of 501           504out of 575              516out of 550            596out of 628
 
**Very Low                Very Low                   Very Low                 Very Low**
(0 — 0.24%)             (0 — $16.02M)              (0 — 4.04K)              (0 — $20.58)
1246out of 1375         498out of 560              502out of 536            462out of 556
**Market Median: 0.16%    Market Median: $111.18M    Market Median: 28.51K    Market Median: $29.25**

GD_

4 Likes

Aren’t these types of ETFs dangerous on the basis of being not all that liquid and having a rather wide spread between bid and asked prices?
For all ETF’s the range of trading charcterististics are as Follows on Fidelity(Reference to Rersearch/screener/ETF)…

That’s a really interesting table.
One of the main arguments in favour of the utility of ETFs is that they can have good bid/ask even in the absence of volume because of the arbitrage opportunities.
It’s not a large fraction of the total, but some of those bid/ask gaps are downright painful.
It’s probably cheaper to trade options with no outstanding interest.

Jim

5 Likes

ETFs are just mutual funds for gamblers. When you buy a mutual fund (Vanguard index fund or whatever), you get the closing price in every issue – it’s impossible to replicate that kind of execution anywhere.

1 Like

ETFs are just mutual funds for gamblers. When you buy a mutual fund (Vanguard index fund or whatever),
you get the closing price in every issue – it’s impossible to replicate that kind of execution anywhere.

Well, you can’t arbitrage mutual funds, but you could certainly get those closing prices if you want to.
Market-on-close orders guarantee it.
No bid/ask spread to pay, either. For a long time I did all my MI trades with MOC orders.

Not recommended for very low volume stocks though.

Jim

3 Likes