QID is a more aggressive version of its sibling fund PSQ. Both funds track the Nasdaq 100an index of 100 non-financial firms listed on the tech-heavy Nasdaqbut QID provides -2x exposure compared to PSQ's -1x. To do so, QID uses a combination of futures and swaps on QQQ and the Nasdaq-100 Index swaps. As with most inverse and leveraged products, QID is designed to provide its stated inverse exposure on a daily basis, not as a long-term inverse bet against the index. Anyone holding the fund for longer than a day will be exposed to the effects of compounding on returns, and willespecially in volatile marketsbe unlikely to realize the stated exposure over extended periods of time. The underlying index is rebalanced quarterly and reconstituted semi-annually.
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