The problem you address is most likely the "bleed" factor. Since this is not Closed-end fund, really not as much a supply/demand issue.
Problem is this is really only play for the short side in an IRA/401 type account. I cannot short the acctual index or specific group of stocks in my account; which would ultimately probably be the "cleanest" way to play a strategy of a declining market/equities.
I am willing to deal with the "bleed" as I think ultimately this ETF will go up more. That is my play, anyway. Personally, I am using multiple short strategies from multiple counter-parties at this point. Recently sold all of my Stocks(first time in probably 30 years). FXP is only a small piece.
If I were younger, would invest only in myself and/or family and skip Wallstreet. Start a new business, payoff all debt, etc. first. Good luck all.