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Asset Summary

Daily Performance Report for QID ETF: Nov 6, 2024

Summary: The day started with QID ETF opening at $35.74 and closing at $33.84. The ETF showed weakness throughout the day, with the highest price observed at $35.81 and the lowest at $33.65. The underlying asset had a trading range of $2.16 Overall, it was a negative trading day for QID ETF, reflecting investor pessimism and market activity.

Change in Closing Price: There was a net decrease of $-1.90 or -5.32% in the closing price from the opening to the closing price over the day.

Volume Analysis: Trading volume for QID ETF was 7,364,277 units during Nov 6, 2024, indicating active market participation and investor interest.

Opening Price: The day started at $35.74.

Highest Price: The highest price observed during the day was $35.81.

Lowest Price: The lowest price observed during the day was $33.65.

Closing Price: The day ended at $33.84.

Asset Performance Metrics and Risk Characteristics:

Understanding asset performance is crucial for evaluating investment quality and making informed decisions. Metrics like trailing return and drawdown provide insights into how an asset has performed over time, its volatility, and the efficiency of its returns relative to risk. Performance indicators help assess the stability, risk, and reward of an investment, allowing investors and portfolio managers to make comparisons and strategize accordingly.

Asset Technical Analysis

Technical analysis involves evaluating an asset's price and volume data to forecast future movements and make informed trading decisions. By using various technical indicators and chart patterns, investors can gain insights into market trends, price momentum, and potential turning points. This section delves into essential technical metrics, including moving averages, pivot points, and other indicators that provide a snapshot of an asset's current technical stance. Analyzing these indicators helps investors identify entry and exit points, assess market sentiment, and refine their trading strategies. Explore the following technical analysis data to understand the asset's performance dynamics and make better-informed decisions.

Moving Averages

Moving Averages are commonly used to smooth out price data and identify trends over a specific period. Here’s a summary of the latest moving averages for various periods:

  • SMA (Simple Moving Average): Reflects the average price over a specific number of periods.
  • EMA (Exponential Moving Average): Gives more weight to recent prices, making it more responsive to new information.
  • WMA (Weighted Moving Average): Assigns a weight to each price, emphasizing more recent prices.
  • WEMA (Weighted Exponential Moving Average): Combines elements of both WMA and EMA for a more responsive moving average.

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Frequently Asked Questions

QID carries several risks including leverage risk, volatility risk, and tracking error. Leverage can amplify gains but also magnify losses. The ETF’s performance can be highly volatile and may deviate significantly from -2x the performance of the NASDAQ-100 Index over longer periods due to the effects of daily rebalancing and compounding.

QID is managed by ProShares. The fund uses financial derivatives, such as futures contracts and swaps, to achieve its objective of providing -2x the daily return of the NASDAQ-100 Index. Management involves rebalancing these derivatives daily to maintain the leverage ratio and ensure it meets its performance target.

Investors can purchase shares of QID through a brokerage account, just like other stocks and ETFs. It is traded on the NASDAQ stock exchange under the ticker symbol "QID."

Key performance metrics for QID include its net asset value (NAV), expense ratio, total return, and tracking error. NAV represents the per-share value of the ETF, the expense ratio indicates the cost of managing the fund, total return measures overall performance including dividends, and tracking error shows how closely QID follows its inverse leverage goal relative to the NASDAQ-100 Index.

Factors that can affect the performance of QID include market volatility, changes in the NASDAQ-100 Index, the effectiveness of leverage implementation, and the costs associated with maintaining leverage. Additionally, overall market conditions and macroeconomic factors can influence the ETF’s performance.

QID is an inverse leveraged ETF that seeks to provide -2x the daily return of the NASDAQ-100 Index, meaning it benefits from declines in the index. In contrast, leveraged ETFs like QLD aim to provide positive leverage, specifically 2x the daily return of the index. While QLD seeks to amplify gains in a rising market, QID aims to amplify gains in a declining market.

QID distributes dividends on a quarterly basis. These dividends are paid from the income generated by the underlying securities and derivative contracts in the ETF’s portfolio.

QID rebalances its portfolio daily to maintain its leverage ratio of -2x the daily return of the NASDAQ-100 Index. This daily rebalancing involves adjusting its derivative positions to ensure it meets its performance objective.

Similar ETFs to QID include ProShares UltraPro Short QQQ (SQQQ), which seeks to provide -3x the daily return of the NASDAQ-100 Index, and ProShares Short QQQ (PSQ), which aims for -1x the daily return of the index. These ETFs offer different levels of inverse exposure to the NASDAQ-100 Index.

As of the latest update, QID has an expense ratio of approximately 0.95%. This fee is deducted from the fund’s assets and covers the cost of managing the ETF and maintaining leverage.

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