At a glance
PSQ charges 0.95% a year. It has $635.6M in assets, the 2nd largest of that group; it paid 4.08% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −10.9% with distributions reinvested (S&P 500: +11.5%), the best of those 3 funds; over three years it returned −19.3% a year. At its worst it fell 9.4% in the 2020 crash (S&P 500: 33.7%) and 19.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 2 months after the lows.
The short version
ProShares Short QQQ (PSQ) aims to deliver the opposite (-1x) of the Nasdaq-100 Index's return for a single day. It does this with swaps and futures rather than by owning stocks. Its siblings QID and SQQQ target -2x and -3x, while PSQ adds no extra leverage. Even so, its daily reset and 0.95% expense ratio make it a tool for short-term hedging or trading, not a long-term holding.
Price history
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PSQ -10.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PSQ official prospectus, to Dec 31, 2025 | — | -15.53% | — | -13.07% | -17.80% | — |
| PSQ price data to Oct 27, 2026 | -13.4% | -10.9% | -19.3% | -11.6% | -18.3% | -16.4% |
- Over the year to Oct 27, 2026, PSQ returned -10.9%, 1st of 3 among similar funds.
- Its 5-year annualized return was -11.6% and its 10-year -18.3%.
- In the 2020 COVID crash, while stocks fell, it gained 30.5%.
- Its worst full calendar year was 2020 (-41.2%); its best was 2008 (+46.5%).
- The deepest fall in its price history was 98.3% (Nov 20, 2008 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -13.4% | — |
| 2025 | -15.5% | -15.53% |
| 2024 | -15.6% | -15.61% |
| 2023 | -32.1% | -32.06% |
| 2022 | +36.4% | +36.24% |
| 2021 | -24.8% | -24.76% |
| 2020 | -41.2% | -41.22% |
| 2019 | -27.5% | -27.61% |
| 2018 | -2.3% | -2.21% |
| 2017 | -24.8% | -24.82% |
| 2016 | -9.4% | -9.33% |
| 2015 | -12.2% | — |
| 2014 | -18.5% | — |
| 2013 | -28.6% | — |
| 2012 | -18.3% | — |
| 2011 | -9.8% | — |
| 2010 | -20.6% | — |
| 2009 | -40.2% | — |
| 2008 | +46.5% | — |
| 2007 | -11.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 72.5% over that stretch · deepest drop along the way 22.4%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 30.5% over that stretch · deepest drop along the way 9.4%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 41.2% over that stretch · deepest drop along the way 19.3%, back to its old high 1.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6400 | |
| 2025 | $1.5000 | -44.2% |
| 2024 | $2.6900 | -3.9% |
| 2023 | $2.8000 | +1020.0% |
| 2022 | $0.2500 | +25.0% |
| 2020 | $0.2000 | -90.5% |
| 2019 | $2.1000 | +27.3% |
| 2018 | $1.6500 | +3200.0% |
| 2017 | $0.0500 | -99.9% |
| 2008 | $97.4000 | +88.0% |
| 2007 | $51.8000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (68.52% of net assets), with its inverse exposure coming from 11 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| U.S. Treasury Bills Bonds and notes | 26.62% | |
| U.S. Treasury Bills Bonds and notes | 15.72% | |
| Repurchase Agreement RA | 6.69% | |
| United States of America Bonds and notes | 5.46% | |
| Repurchase Agreement RA | 4.45% | |
| United States of America Bonds and notes | 3.92% | |
| Repurchase Agreement RA | 2.67% | |
| U.S. Treasury Bills Bonds and notes | 1.57% | |
| Repurchase Agreement RA | 1.42% | |
| Repurchase Agreement RA | 0.89% |
By country
United States 69.43%By issuer
US Treasury 53.3%Companies 16.13%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $8.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.15%, +7.19%, -3.80%.
How it works
PSQ is built around the Nasdaq-100 Index. Nasdaq Inc. builds the index from the 100 largest non-financial companies listed on Nasdaq exchanges, and weights them by market value (market capitalization), so the biggest companies count the most. The index is rebuilt each December, and its weights are adjusted in March, June and September. PSQ aims to move the other way: if the index falls 1% in a day, the fund aims to rise about 1%, before fees.
The fund does not short individual stocks. Its manager, ProShare Advisors, uses a mathematical model to choose derivatives, mainly total return swaps with large financial institutions and Nasdaq-100 E-mini futures. A swap is a contract in which two parties trade the returns on an asset. As of August 31, 2026, about 53% of the fund's $636 million in net assets was in short-term US Treasury bills. Another 16% was in repurchase agreements, which are short-term loans backed by government securities. Together these held the cash behind its derivatives.
The key mechanic is the daily reset. The fund rebalances every day to keep its exposure at -1x. It cuts exposure after the index rises and adds exposure after it falls. Over any period longer than a day, compounding can pull returns well away from -1x the index, usually for the worse in choppy markets. Swaps also bring counterparty risk: the bank on the other side might fail to pay.
What it really costs
- PSQ charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,177 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PSQ | $97 | $305 | $530 | $1,177 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
PSQ resets its -1x exposure daily and lost about 87% over the 10 years through October 27, 2026, so it is built for short-term hedges rather than long holding periods.
PSQ has delivered in sharp market drops. From the October 2007 market peak to the March 2009 low, it gained 72.5%. It rose 30.5% in the 2020 COVID crash and 41.2% in the 2022 bear market. But it loses whenever the Nasdaq-100 climbs, and over the long run the index has mostly climbed. In 2020 the rebound wiped out the fund's crash gains, and that became its worst calendar year, down 41.2%. From November 20, 2008, to October 6, 2026, it fell 98.3% and has not recovered. Anyone relying on it for spending money through a long rally could have lost almost everything. The trailing yield was 4.08% as of October 27, 2026, paid quarterly, but that income was small next to the price losses. The expense ratio is 0.95%. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want one-day, -1x exposure against the Nasdaq-100 and can monitor the position every day.
- Investors looking for a brief hedge against a drop in large Nasdaq companies without shorting shares or using a margin account.
- Traders who want inverse Nasdaq-100 exposure without the extra -2x or -3x daily leverage of QID or SQQQ.
Look elsewhere if
- Long-term holders: the fund fell 98.3% from November 2008 to October 2026 and had not recovered.
- Income seekers: the 4.08% trailing yield (as of October 27, 2026) was dwarfed by price losses, including -15.53% in 2025.
- Cost-conscious investors: the 0.95% expense ratio adds up to about $97 in the first year on $10,000 in the SEC's standard example.
Close alternatives
Matched by leveraged/inverse funds on the same index (nasdaq-100), same direction.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is PSQ a good long-term investment?
PSQ is designed for one-day results, not long holding periods. Its official average annual return was -17.8% over the 10 years ending December 31, 2025, and -13.07% over five years. It gained 36.24% in 2022, when markets fell sharply. But it lost money in nine of the ten calendar years from 2016 through 2025, because the Nasdaq-100 mostly rose and the daily reset adds drag in choppy markets.
What's the difference between PSQ and SQQQ?
Both are ProShares funds that bet against the Nasdaq-100. SQQQ targets -3x the index's daily return, while PSQ targets -1x. The extra leverage cuts both ways: over the year to October 27, 2026, PSQ returned -10.9% and SQQQ returned -40.6%. SQQQ is larger, at about $2.5 billion in net assets, versus PSQ's $636 million as of August 31, 2026. Both reset daily and are meant for short-term use.
Does PSQ pay dividends?
Yes, PSQ pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $1.04 per share, a trailing yield of 4.08%. The fund owns no stocks, so these payouts don't come from company dividends. They likely reflect interest on the Treasury bills and repurchase agreements it holds as cash. That income has not made up for the fund's price declines when the Nasdaq-100 rises.
Why doesn't PSQ return the opposite of the Nasdaq-100 over a year?
Because it resets every day. PSQ aims for -1x the index's return each day, and those daily results compound over time. In a choppy market where the index swings up and down, the fund can lose ground even if the index ends roughly flat. Fees and financing costs also reduce returns. The prospectus warns that results over periods longer than a single day will likely differ from -1x, and that the difference may be significant.
How much does PSQ cost?
PSQ's expense ratio is 0.95%, according to its prospectus filed September 25, 2026, and that includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested, a 5% yearly return, and shares redeemed at the end of each period. On that basis, costs come to about $97 after one year, $305 after three years, $530 after five and $1,177 after ten. Because the fund is meant for short holding periods, trading costs such as bid-ask spreads also matter.