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ETHD vs PSQ

ProShares UltraShort Ether ETF

ETHDCNYSE Arca

ProShares Short QQQ

PSQBNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

ETHD0.95%PSQ0.95%

Avg volume · 30D

PSQ 22.8×the volume

ETHD570KPSQ13M

ETHD vs PSQ Performance

Oct 31, 2025 – Oct 30, 2026

+1.5%ETHD−7.0%PSQ

Oct 31, 2025 to Oct 30, 2026. ETHD +1.5%. PSQ −7.0%. Use the arrow keys to read each point.50%100%150%Oct 2025Apr 2026Oct 2026
Expense ratio
ETHD 0.95%
PSQ 0.95%
Fund size
ETHD $64M
PSQ $611M
1Y total return
ETHD +1.5%, better
PSQ −7.0%
Yield (12M)
ETHD 18.27%, better
PSQ 3.90%
Holdings
ETHD 1
PSQ 4
Avg volume (30D)
ETHD 570K sh
PSQ 13M sh, better
NAV per share
ETHD $34.36
PSQ $26.64
52W range

ETF.net Grade

ETHD: Cost 50, Risk 31, Mission 0, Tradability 59, Holdings not scored, Durability 52. PSQ: Cost 50, Risk 59, Mission 98, Tradability 98, Holdings 55, Durability 72.
Pillar letters and Scores for ETHD, PSQ, with each pillar’s weight
PillarETHDPSQ
Cost30% weightC50C50
Mission25% weightF0A98Higher
Risk15% weightD31B59Higher
Tradability15% weightB59A98Higher
Holdings10% weightNot scoredB55
Durability5% weightC52A72Higher

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ETHD and PSQ are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds
See all 53 ›

PSQ ranks 3rd and ETHD 25th of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  3. Rank 3BPSQProShares Short QQQScore 64
  4. Rank 4BRWMProShares Short Russell2000Score 63
  5. Rank 24CGLLProShares UltraShort GoldScore 48
  6. Rank 25CETHDProShares UltraShort Ether ETFScore 47
  7. Rank 26CBTCZT-Rex 2X Inverse Bitcoin Daily Target ETFScore 46

Our read on each fund

ETF.net Research

ETHDCProShares UltraShort Ether ETF

PSQBProShares Short QQQ

In short

ETHD The only ETF aiming at -2x the daily move in ether, per ProShares. It gets there with swaps and futures rather than an actual short position, resets every day, and charges 0.95%.

PSQ The plain short on the Nasdaq-100: PSQ aims for -1x the index's daily move, with no leverage multiplier bolted on. It has been running since 2006, making it one of the original one-for-one bear tools.

Stated mandate

ETHD The fund seeks daily results equal to negative two times the daily performance of the Bloomberg Ethereum Index, before fees and expenses.

PSQ The fund is designed to provide -1x exposure to the Nasdaq-100 Index's daily price movement, seeking to benefit when that index declines.

Why people hold it

  • ETHD ProShares bills it as the only -2x ether ETF on the market, and it has been live since 2024, through real crypto swings in both directions.proshares.com
  • It handles the plumbing: futures and swaps inside the fund, rebalanced daily to the -2x target. No margin account, no borrow, and the fund never shorts ether itself.proshares.comsec.gov
  • Fee is 0.95%, no waiver propping it up, near what leveraged and inverse funds typically charge. Same-index sibling SETH (-1x) also sits at 0.95% net, but net of a waiver through September 30, 2027.
  • PSQ ProShares bills it as the only -1x ETF built to profit when the Nasdaq-100's daily price falls. Sibling QID doubles the dose at -2x; PSQ stays one-for-one.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (0.96% gross), near the category median and the same net fee as -2x QID, also waived through September 30, 2027.
  • Among the most actively traded funds in the bear category, and one of the closest to its stated daily target in a peer group of 50-plus funds.

Worth knowing

  • ETHD Daily reset. Hold longer than a day and compounding takes over: results can differ a lot from -2x the index move, especially in choppy markets.proshares.com
  • ProShares says these funds should be monitored daily. Two times the inverse of a crypto price is a fast-moving position, not a set-and-forget one.proshares.com
  • Exposure runs through derivatives and counterparties, including swaps that can reference spot ether ETFs, rather than a direct short in ether.proshares.com
  • PSQ The -1x goal resets daily. Over weeks or months, compounding means results can differ from -1x the index's move across that stretch, especially in choppy markets.sec.gov
  • Cheap for this corner of the market, pricey next to a broad index fund. The fee accrues every day you hold it, hedge or trade.
  • It cuts one way: when the Nasdaq-100 rises on the day, PSQ is designed to fall roughly in step.

Full ETHD profile⁠

Full PSQ profile⁠

ETHD vs PSQ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ETHD vs PSQ Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ETHD 0.95%

    $17,869

  • PSQ 0.95%

    $17,869

$10,000
30 years

Cost over time

  • ETHD 0.95%
  • PSQ 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530ETHD $17,869PSQ $17,869

Year by year

YearETHDPSQ
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%ETHD
  • 0.95%PSQ
  • Middle half of Leveraged Inverse (2x & Other) funds
  • Median 0.95%

ETHD 6th cheapest of 53 funds

PSQ 6th cheapest of 53 funds

ETHD vs PSQ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
ETHD 18.27%, better
PSQ 3.90%
Payout (12M)
ETHD $6.28
PSQ $1.04
Last payment
ETHD $0.19
PSQ $0.26
Ex-dividend
ETHD Oct 1, 2026
PSQ Sep 23, 2026
Paid on
ETHD Oct 7, 2026
PSQ Sep 29, 2026
Frequency
ETHD Monthly
PSQ Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

ETHDMonthly · 20 paymentsAll ETHD payments⁠
One bar per payment. 20 payments from 2023 to 2026 YTD. Jul 1, 2024 $1.56; Aug 1, 2024 $6.80; Sep 3, 2024 $20.05; Nov 1, 2024 $8.72; Dec 2, 2024 $3.70; Apr 1, 2025 $27.32; Jun 2, 2025 $2.88; Sep 2, 2025 $0.01; Oct 1, 2025 $0.04; Nov 3, 2025 $0.04; Dec 24, 2025 $0.0071; Feb 2, 2026 $0.15; Mar 2, 2026 $1.51; Apr 1, 2026 $0.0082; May 1, 2026 $0.02; Jun 1, 2026 $0.03; Jul 1, 2026 $1.71; Aug 3, 2026 $1.74; Sep 1, 2026 $0.86; Oct 1, 2026 $0.19. Use the arrow keys to read each point.$0$2520232026YTD
PSQQuarterly · 15 paymentsAll PSQ payments⁠
One bar per payment. 15 payments from 2023 to 2026 YTD. Mar 22, 2023 $0.46; Jun 21, 2023 $0.72; Sep 20, 2023 $0.72; Dec 20, 2023 $0.95; Mar 20, 2024 $0.54; Jun 26, 2024 $0.76; Sep 25, 2024 $0.68; Dec 23, 2024 $0.70; Mar 26, 2025 $0.34; Jun 25, 2025 $0.40; Sep 24, 2025 $0.36; Dec 24, 2025 $0.40; Mar 25, 2026 $0.15; Jun 24, 2026 $0.23; Sep 23, 2026 $0.26. Use the arrow keys to read each point.$0$2520232026YTD

ETHD vs PSQ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ETHD 130.0%since Jul 2024PSQ 16.8%
Return per unit of riskSharpe ratio, 3 years
ETHD −0.10since Jul 2024PSQ −1.33
Worst fallMax drawdown, 5 years
ETHD −96.5%since Jun 2024PSQ −61.5%
Market sensitivityBeta, 5 years
ETHD −3.93PSQ −1.18

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