PSQ vs SEF: Grades, Fees and Holdings Compared

ProShares Short QQQ

PSQBNYSE Arca

ProShares Short Financials

SEFBNYSE Arca

Overlap

72.5%by weight

Expense ratio

PSQ0.95%SEF0.95%

Avg volume · 30D

PSQ 970.0×the volume

PSQ14MSEF14.5K

10Y return · a year

SEF +5.9pt

PSQ−17.8%SEF−11.9%

PSQ vs SEF Performance

Nov 9, 2021 – Nov 9, 2026

−40.5%PSQ−27.4%SEF

Expense ratio: PSQ 0.95%; SEF 0.95%
Fund size: PSQ $688M; SEF $13M
1Y total return: PSQ −8.7%; SEF −6.5%, better
Yield (12M): PSQ 3.85%, better; SEF 3.11%
Holdings: PSQ 4; SEF 2
Avg volume (30D): PSQ 14M sh, better; SEF 14.5K sh
NAV per share: PSQ $27.93; SEF $29.58
52W range

ETF.net Grade

Pillar letters and Scores for PSQ, SEF, with each pillar’s weight
Pillar	PSQ	SEF
Cost30% weight	C50	C50
Mission25% weight	A91	Not scored
Risk15% weight	B64	B65Higher
Tradability15% weight	A98Higher	B68
Holdings10% weight	C42	C44Higher
Durability5% weight	A72Higher	B56

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. PSQ and SEF 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 SEF 9th 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 9BEUMProShares Short MSCI Emerging MarketsScore 58
Rank 9BSEFProShares Short FinancialsScore 58
Rank 11BQIDProShares UltraShort QQQScore 57

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

SEFBProShares Short Financials

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.

SEF Launched in June 2008, in the thick of the financial crisis, SEF is the plain-vanilla short on US financials: one index, one times inverse, reset every day. No leverage stacked on top.

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.

SEF The fund seeks inverse daily results, before fees and expenses, relative to the S&P Financial 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.

SEF Same index as ProShares' SKF, but no leverage on top: SEF's mandate is the inverse of the S&P Financial Select Sector Index's daily move, before fees and expenses.
0.95% net of a waiver through September 30, 2027 (1.58% gross), near the category median and level with ProShares' DOG, PSQ, SJB and RWM, all waived to that same date.
Listed since June 2008 and still running, and it rates as one of the stronger builds in a crowded field of inverse funds.

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.

SEF The one times inverse target resets daily. Over longer holds, compounding can push results away from the index's simple inverse, especially in choppy markets.
Small and thinly traded next to the headline inverse names, so the bid-ask spread is a real part of the cost of getting in and out.
That 0.95% rides on a fee waiver; the gross expense ratio is 1.58% if it is not renewed past September 30, 2027.

Full PSQ profile⁠

Full SEF profile⁠

PSQ vs SEF Holdings

How PSQ and SEF differ

Overlap by weight

72.5%

Shared holdings make up 92.3% of SEF and 72.5% of PSQ.

About this figure: PSQ gets much of its exposure from swaps and futures, which aren’t counted.

SEF gets much of its exposure from swaps and futures, which aren’t counted.

Level by level

Holdings1 in both72.5%
Asset classStocks100%
Countryby domicile100%
Sector1 Sector100%

Sector

Sector weights in PSQ and SEF, widest gap first
Sector	More in PSQMore in SEF	Gap	PSQ	SEF
Government		Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

PSQ112.8%
SEF100.0%

Securities held

PSQ4
SEF1

Asset class

PSQ: Stocks
SEF: Stocks

Holdings

Only in PSQ3
In both1
Only in SEF0

Only in PSQ

3 securities, 40.3% of PSQ by weight

TREASURY BILL, 0%, due 2026-12-1017.61%
TREASURY BILL, 0%, due 2026-12-2917.57%
TREASURY BILL, 0%, due 2026-11-175.15%

Only in SEF

0 securities, 0.0% of SEF by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in PSQ and SEF, widest gap first
Holding	More in PSQMore in SEF	Gap	PSQ	SEF
Proshares Genius Mny Mkt EtfIQMM		SEF +19.79 points	72.52%	92.31%

All 17 PSQ holdings⁠All 11 SEF 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 SEF 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
SEF 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

PSQ 0.95%
SEF 0.95%

Year by year

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

Expense ratio

0.95%PSQ
0.95%SEF

PSQ0.95%SEF0.95%

0.50%1.47%

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

PSQ 6th cheapest of 53 funds

SEF 6th cheapest of 53 funds

PSQ vs SEF Dividends

Last 12 months to Nov 9, 2026

Yield (12M): PSQ 3.85%, better; SEF 3.11%
Payout (12M): PSQ $1.04; SEF $0.91
Last payment: PSQ $0.26; SEF $0.22
Ex-dividend: PSQ Sep 23, 2026; SEF Sep 23, 2026
Paid on: PSQ Sep 29, 2026; SEF Sep 29, 2026
Frequency: PSQ Quarterly; SEF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PSQQuarterly · 26 paymentsAll PSQ payments⁠

SEFQuarterly · 23 paymentsAll SEF payments⁠

PSQ vs SEF Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PSQ 16.8%SEF 14.5%, better
Return per unit of riskSharpe ratio, 3 years: PSQ −1.33SEF −1.27, better
Worst fallMax drawdown, 5 years: PSQ −61.5%SEF −43.1%, better
Market sensitivityBeta, 5 years: PSQ −1.19SEF −0.74; Market = 1

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