QQQS - Inverse daily NASDAQ-100

Hello folks,

I have been checking QQQS more and more recently, with Nasdaq breaking records each week.

However I found something interesting, maybe someone has better knowledge to explain.

Now the official page claims:

WisdomTree NASDAQ 100® 3x Daily Short is a fully collateralised, UCITS eligible Exchange-Traded Product. The ETP tracks the NASDAQ-100® 3x Inverse Total Return index, providing three times the inverse daily performance of the NASDAQ-100 TR index, adjusted to reflect fees as well as the costs and revenues inherent to shorting stocks.

https://www.wisdomtree.eu/en-gb/etps/equities/wisdomtree-nasdaq-100-3x-daily-short#

Now if I understood correctly I should check Nasdaq 100 Total return index and x3 to get the result for the QQQS - inverse daily 3x.

So I went SA to check TR index.

It shows negative returns, so one should expect inverse to have positive, however surprising.

Inverse is also negative and almost 3%…

So what am I missing here? :thinking: I understand that QQQS is LSE listed, so it is open on UK market time, so how does QQQS track movement of NASDAQ-100 TR then?

I think it may be that as the USD has appreciated alot today, the Nasdaq returs in EUR or GBP today is positive, hence the inverse is negative.

The USD is up 0.78% against the GBP and 0.82% against the EUR.

@Vedran Don’t look at it exactly 1:1. One trades at 08:00 <-> 16:30 UK time, the other 14:30 <-> 21:00.

Today, when the QQQS opens, it’ll account for the price movement that happened after it closed yesterday -> 16:30 <-> 21:00.

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