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GLL vs PSQ

ProShares UltraShort Gold

GLLCNYSE Arca

ProShares Short QQQ

PSQBNYSE Arca

Overlap

0.0%by weight

Expense ratio

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

GLL0.95%PSQ0.95%

Avg volume · 30D

PSQ 5.1×the volume

GLL2.55MPSQ13M

10Y return · a year

PSQ +2.9pt

GLL−20.9%PSQ−18.0%

GLL vs PSQ Performance

Oct 29, 2021 – Oct 30, 2026

−78.7%GLL−42.7%PSQ

Oct 29, 2021 to Oct 30, 2026. GLL −78.7%. PSQ −42.7%. Use the arrow keys to read each point.−25%0%25%Oct 2021Apr 2024Oct 2026
Expense ratio
GLL 0.95%
PSQ 0.95%
Fund size
GLL $111M
PSQ $611M
1Y total return
GLL −5.6%, better
PSQ −7.0%
Yield (12M)
GLL No data
PSQ 3.90%
Holdings
GLL 1
PSQ 4
Avg volume (30D)
GLL 2.55M sh
PSQ 13M sh, better
NAV per share
GLL $28.57
PSQ $26.64
52W range

ETF.net Grade

GLL: Cost 50, Risk 31, Mission not scored, Tradability 56, Holdings not scored, Durability 67. PSQ: Cost 50, Risk 59, Mission 98, Tradability 98, Holdings 55, Durability 72.
Pillar letters and Scores for GLL, PSQ, with each pillar’s weight
PillarGLLPSQ
Cost30% weightC50C50
Mission25% weightNot scoredA98
Risk15% weightD31B59Higher
Tradability15% weightB56A98Higher
Holdings10% weightNot scoredB55
Durability5% weightB67A72Higher

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. GLL 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 GLL 24th 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 23CZSLProShares UltraShort SilverScore 50
  6. Rank 24CGLLProShares UltraShort GoldScore 48
  7. Rank 25CETHDProShares UltraShort Ether ETFScore 47

Our read on each fund

ETF.net Research

GLLCProShares UltraShort Gold

PSQBProShares Short QQQ

In short

GLL Short gold, with the volume knob turned to two. GLL aims for -2x the daily move of the Bloomberg Gold Subindex, it has been running since 2008, and it charges less than the typical leveraged-bear fund.

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

GLL GLL seeks daily results equal to -2 times the daily performance of the Bloomberg Gold Subindex, 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

  • GLL One job, stated plainly: -2 times the daily move of the Bloomberg Gold Subindex. No discretion, no stock picking, no wondering what is under the hood.
  • A 0.95% expense ratio undercuts the median leveraged-bear fund by a wide margin. Nothing is cheap in this aisle, but within the cohort the fee is a real edge.
  • Live since 2008, so it has traded through gold's booms and busts. Few inverse commodity funds have that much road behind them.
  • Actively traded in a corner of the market where plenty of products are thin, and one of the stronger implementations among leveraged-bear funds.
  • 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

  • GLL The leverage resets every day. Hold longer and choppy gold prices can leave results well away from -2x the index's move over that stretch.
  • It cuts both ways. A gold rally lands on this fund at roughly double force on a daily basis.
  • Structured as a commodity pool tracking a futures-based gold index, not a stock fund, and it has not been paying distributions. A trading tool, not an income holding.
  • 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 GLL profile⁠

Full PSQ profile⁠

GLL vs PSQ Holdings

How GLL and PSQ differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of GLL and 0.0% of PSQ.

Level by level

  • Asset classCommodities, Equity0.0%
  • Holdings0 in both0.0%

Sector

No Sector split for GLL.

Country, concentration and asset class

Country by domicile

No country split for GLL.

Concentration

Weight in the 10 largest Holdings

  • GLL100.0%
  • PSQ115.2%

Securities held

  • GLL0
  • PSQ4

Asset class

GLL
Commodities
PSQ
Equity

Holdings

  • Only in GLL0
  • In both0
  • Only in PSQ4

Only in GLL

0 securities, 0.0% of GLL by weight

Only in PSQ

4 securities, 100% of PSQ by weight

  • Proshares Genius Mny Mkt Etf74.06%
  • TREASURY BILL, 0%, due 2026-12-1017.97%
  • TREASURY BILL, 0%, due 2026-12-2917.93%

Weight gaps

GLL and PSQ share no securities.

All 5 GLL holdings⁠All 17 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.

GLL vs PSQ Cost

Same expense ratio

$17,869

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

  • GLL 0.95%

    $17,869

  • PSQ 0.95%

    $17,869

$10,000
30 years

Cost over time

  • GLL 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$20K051015202530GLL $17,869PSQ $17,869

Year by year

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

Expense ratio

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

GLL 6th cheapest of 53 funds

PSQ 6th cheapest of 53 funds

GLL vs PSQ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
GLL No data
PSQ 3.90%
Payout (12M)
GLL None
PSQ $1.04
Last payment
GLL No data
PSQ $0.26
Ex-dividend
GLL No data
PSQ Sep 23, 2026
Paid on
GLL No data
PSQ Sep 29, 2026
Frequency
GLL No data
PSQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GLLAll GLL payments⁠

No distribution history available.

PSQQuarterly · 26 paymentsAll PSQ payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.03; Mar 21, 2018 $0.20; Jun 20, 2018 $0.39; Sep 26, 2018 $0.51; Dec 26, 2018 $0.53; Mar 20, 2019 $0.51; Jun 25, 2019 $0.66; Sep 25, 2019 $0.57; Dec 24, 2019 $0.41; Mar 25, 2020 $0.22; Dec 22, 2022 $0.25; 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$12017202020232026YTD

GLL vs PSQ Risk

Fall from peak · 5 years

  • GLL
  • PSQ
Oct 29, 2021 to Oct 30, 2026. Worst fall: GLL −89.8% · Mar 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
GLL 38.2%PSQ 16.8%, better
Return per unit of riskSharpe ratio, 3 years
GLL −1.10, betterPSQ −1.33
Worst fallMax drawdown, 5 years
GLL −89.8%PSQ −61.5%, better
Market sensitivityBeta, 5 years
GLL −0.63PSQ −1.18

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