FXP provides daily (-2x) inverse leveraged exposure to the popular FTSE China 50 Index the same index used by one of the most popular China ETFs, iShares' FXI. FXP's underlying index is heavily exposed to financials, energy and telecom companies, making the fund somewhat of a bet against these sectors that are dominated by state-owned enterprises, and somewhat less against a bet against the Chinese market overall. FXP rebalances its exposure on a daily basis, so the fund is meant for short-term trading over longer holding periods compounding effects could significantly impact the fund's targeted returns.
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