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PSQ vs REW

ProShares Short QQQ

PSQBNYSE Arca

ProShares UltraShort Technology

REWCNYSE Arca

Overlap

Expense ratio

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

PSQ0.95%REW0.95%

Avg volume · 30D

PSQ 314.3×the volume

PSQ13MREW41.3K

10Y return · a year

PSQ +25.1pt

PSQ−18.0%REW−43.1%

PSQ vs REW Performance

Nov 2, 2021 – Nov 2, 2026

−41.5%PSQ−87.0%REW

Nov 2, 2021 to Nov 2, 2026. PSQ −41.5%. REW −87.0%. Use the arrow keys to read each point.0%25%50%75%Nov 2021May 2024Nov 2026
Expense ratio
PSQ 0.95%
REW 0.95%
Fund size
PSQ $611M
REW $4M
1Y total return
PSQ −5.7%, better
REW −35.1%
Yield (12M)
PSQ 3.85%
REW 5.98%, better
Holdings
PSQ 4
REW 1
Avg volume (30D)
PSQ 13M sh, better
REW 41.3K sh
NAV per share
PSQ $26.64
REW $12.13
52W range

ETF.net Grade

PSQ: Cost 50, Risk 60, Mission 98, Tradability 98, Holdings 55, Durability 72. REW: Cost 50, Risk 22, Mission not scored, Tradability 58, Holdings not scored, Durability 49.
Pillar letters and Scores for PSQ, REW, with each pillar’s weight
PillarPSQREW
Cost30% weightC50C50
Mission25% weightA98Not scored
Risk15% weightB60HigherF22
Tradability15% weightA98HigherB58
Holdings10% weightB55Not scored
Durability5% weightA72HigherC49

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. PSQ and REW 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 REW 32nd of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BPSQProShares Short QQQScore 65
  3. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  4. Rank 32CQQDNProShares UltraShort QQQ MegaScore 40
  5. Rank 32CREWProShares UltraShort TechnologyScore 40
  6. Rank 32CRXDProShares UltraShort Health CareScore 40

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

REWCProShares UltraShort Technology

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.

REW The only -2x way to lean against US tech. REW targets twice the inverse of the S&P Technology Select Sector Index, reset every single day, at 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.

REW The Fund seeks daily investment results corresponding to -2x the daily performance of the S&P Technology 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.
  • REW ProShares bills it as the only -2x ETF built to rise when the tech sector falls on the day: a middle gear between single-short and triple-short products.proshares.com
  • 0.95% net of a waiver through September 30, 2027, matching stablemates PSQ and DOG (each 0.95% net of waivers through that same date) and sitting near the category median.
  • Listed in 2007, which makes it one of the longer-running geared tech funds on the tape.
  • The reference is the S&P Technology Select Sector Index, the mainstream large-cap tech gauge, not a custom or narrowed basket.proshares.com

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.
  • REW The -2x target applies to one day. Hold past that and compounding takes over, so results can drift away from -2x the index move, especially in choppy markets.proshares.com
  • Gross expenses run 2.84%. The 0.95% you actually pay rests on a waiver running through September 30, 2027, and waivers get renewed rather than locked in.
  • A small fund that trades lightly next to the big index shorts, so spreads and order size carry more weight here.

Full PSQ profile⁠

Full REW profile⁠

PSQ vs REW 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 REW 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

  • REW 0.95%

    $17,869

$10,000
30 years

Cost over time

  • PSQ 0.95%
  • REW 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PSQ $17,869REW $17,869

Year by year

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

Expense ratio

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

PSQ 6th cheapest of 53 funds

REW 6th cheapest of 53 funds

PSQ vs REW Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
PSQ 3.85%
REW 5.98%, better
Payout (12M)
PSQ $1.04
REW $0.77
Last payment
PSQ $0.26
REW $0.07
Ex-dividend
PSQ Sep 23, 2026
REW Sep 23, 2026
Paid on
PSQ Sep 29, 2026
REW Sep 29, 2026
Frequency
PSQ Quarterly
REW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

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$52017202020232026YTD
REWQuarterly · 25 paymentsAll REW payments⁠
One bar per payment. 25 payments from 2017 to 2026 YTD. Jun 20, 2018 $1.60; Sep 26, 2018 $4.13; Dec 26, 2018 $3.82; Mar 20, 2019 $4.48; Jun 25, 2019 $4.26; Sep 25, 2019 $3.91; Dec 24, 2019 $1.82; Mar 25, 2020 $0.62; Sep 21, 2022 $0.75; Dec 22, 2022 $0.38; Mar 22, 2023 $0.75; Jun 21, 2023 $1.08; Sep 20, 2023 $0.99; Dec 20, 2023 $1.05; Mar 20, 2024 $0.37; Jun 26, 2024 $0.60; Sep 25, 2024 $0.68; Dec 23, 2024 $0.66; Mar 26, 2025 $0.38; Jun 25, 2025 $0.37; Sep 24, 2025 $0.38; Dec 24, 2025 $0.34; Mar 25, 2026 $0.16; Jun 24, 2026 $0.20; Sep 23, 2026 $0.07. Use the arrow keys to read each point.$0$52017202020232026YTD

PSQ vs REW Risk

Fall from peak · 5 years

  • PSQ
  • REW
Nov 2, 2021 to Nov 2, 2026. Worst fall: REW −94.3% · Oct 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
PSQ 16.8%, betterREW 41.3%
Return per unit of riskSharpe ratio, 3 years
PSQ −1.33, betterREW −1.35
Worst fallMax drawdown, 5 years
PSQ −61.5%, betterREW −94.3%
Market sensitivityBeta, 5 years
PSQ −1.18REW −2.52

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