PSQ vs REK: Grades, Fees and Holdings Compared

ProShares Short QQQ

PSQBNYSE Arca

ProShares Short Real Estate

REKBNYSE Arca

Overlap

74.1%by weight

Expense ratio

PSQ0.95%REK0.95%

Avg volume · 30D

PSQ 606.1×the volume

PSQ13MREK21.4K

10Y return · a year

REK +11.5pt

PSQ−18.0%REK−6.5%

PSQ vs REK Performance

Nov 2, 2021 – Nov 2, 2026

−41.5%PSQ+9.1%REK

Expense ratio: PSQ 0.95%; REK 0.95%
Fund size: PSQ $611M; REK $10M
1Y total return: PSQ −5.7%; REK −5.1%, better
Yield (12M): PSQ 3.85%, better; REK 2.89%
Holdings: PSQ 4; REK 2
Avg volume (30D): PSQ 13M sh, better; REK 21.4K sh
NAV per share: PSQ $26.64; REK $15.98
52W range

ETF.net Grade

Pillar letters and Scores for PSQ, REK, with each pillar’s weight
Pillar	PSQ	REK
Cost30% weight	C50	C50
Mission25% weight	A98	Not scored
Risk15% weight	B60	A81Higher
Tradability15% weight	A98Higher	B62
Holdings10% weight	B55Higher	C47
Durability5% weight	A72Higher	C54

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. PSQ and REK 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 1st and REK 8th of 53 funds in the Leveraged Inverse (2x & Other) Category.

Rank 1BDOGProShares Short Dow30Score 65
Rank 1BPSQProShares Short QQQScore 65
Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
Rank 7BEUOProShares UltraShort EuroScore 61
Rank 8BREKProShares Short Real EstateScore 60
Rank 9BEUMProShares Short MSCI Emerging MarketsScore 59

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

REKBProShares Short Real Estate

In short

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.

REK The calm way to lean against real estate: REK aims to deliver -1x the daily move of the S&P Real Estate Select Sector Index, with no extra leverage stacked on top. Fee is 0.95% net of a waiver through September 30, 2027.

Stated mandate

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.

REK The fund seeks daily investment results, before fees and expenses, that correspond to the inverse of the daily performance of the S&P Real Estate Select Sector Index.

Why people hold it

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.

REK ProShares bills it as the only -1x ETF on the real estate sector, so the bearish tilt arrives without -2x or -3x daily math on top.proshares.com
0.95% net of a waiver through September 30, 2027, matching ProShares stablemates DOG and PSQ (both 0.95% net of waivers through the same date) and near the category median.
Listed in March 2010, it has been a live, tradable short-real-estate ticker through more than a decade of rate shocks and office-market stress.
Scores in the upper tier of a crowded inverse and leveraged peer group, one of the steadier builds in a corner known for rough edges.

Worth knowing

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.

REK The -1x target resets every day. Hold it for weeks and compounding can pull your result away from -1x the index's path, most visibly in choppy markets.proshares.com
Small fund, light tape. Thin volume can widen the spread you pay getting in and out.
Gross expenses are 1.57%. That is the sticker price if the waiver is not renewed past September 30, 2027.

Full PSQ profile⁠

Full REK profile⁠

PSQ vs REK Holdings

How PSQ and REK differ

Overlap by weight

74.1%

Shared holdings make up 83.7% of REK and 74.1% of PSQ.

Level by level

Holdings1 in both74.1%
Asset classEquity100%
Countryby domicile100%
Sector1 Sector100%

Sector

Sector weights in PSQ and REK, widest gap first
Sector	More in PSQMore in REK	PSQ	REK
Financials	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in PSQ and REK, widest gap first
Country	More in PSQMore in REK	PSQ	REK
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

PSQ115.2%
REK100.0%

Securities held

PSQ4
REK1

Asset class

PSQ: Equity
REK: Equity

Holdings

Only in PSQ3
In both1
Only in REK0

Only in PSQ

3 securities, 41.1% of PSQ by weight

TREASURY BILL, 0%, due 2026-12-1017.97%
TREASURY BILL, 0%, due 2026-12-2917.93%
TREASURY BILL, 0%, due 2026-11-175.25%

Only in REK

0 securities, 0.0% of REK by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in PSQ and REK, widest gap first
Holding	More in PSQMore in REK	PSQ	REK
Proshares Genius Mny Mkt EtfIQMM	REK +9.66 points	74.06%	83.72%

All 17 PSQ holdings⁠All 8 REK 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.

PSQ vs REK Cost

Same expense ratio

$17,869

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

PSQ 0.95%
$17,869
REK 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

PSQ 0.95%
REK 0.95%

Year by year

Year	PSQ	REK
10	$1,678	$1,678
20	$6,322	$6,322
30	$17,869	$17,869

Expense ratio

0.95%PSQ
0.95%REK

PSQ0.95%REK0.95%

0.50%1.47%

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

PSQ 6th cheapest of 53 funds

REK 6th cheapest of 53 funds

PSQ vs REK Dividends

Last 12 months to Nov 2, 2026

Yield (12M): PSQ 3.85%, better; REK 2.89%
Payout (12M): PSQ $1.04; REK $0.46
Last payment: PSQ $0.26; REK $0.11
Ex-dividend: PSQ Sep 23, 2026; REK Sep 23, 2026
Paid on: PSQ Sep 29, 2026; REK Sep 29, 2026
Frequency: PSQ Quarterly; REK Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PSQQuarterly · 26 paymentsAll PSQ payments⁠

REKQuarterly · 23 paymentsAll REK payments⁠

PSQ vs REK Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PSQ 16.8%REK 16.5%, better
Return per unit of riskSharpe ratio, 3 years: PSQ −1.33REK −0.62, better
Worst fallMax drawdown, 5 years: PSQ −61.5%REK −26.9%, better
Market sensitivityBeta, 5 years: PSQ −1.18REK −0.85; Market = 1

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