PSQ vs SETH

PSQBProShares Short QQQ

SETHCProShares Short Ether ETF

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.

SETH The world's first short ether ETF, listed in November 2023. It targets -1x ether's daily move through cash-settled CME futures rather than an actual short position. 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.

SETH The fund seeks daily results, before fees and expenses, that correspond to the inverse (-1x) of the Bloomberg Ethereum 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.

• SETH ProShares got here first: SETH launched in November 2023 as the world's first short ether-linked ETF, and it still holds the -1x slot in the lineup.proshares.com
• No margin account, no coin borrow: one-day inverse ether exposure in an ordinary brokerage account, built on cash-settled ether futures traded on CME.proshares.comproshares.com 2
• Cost sits near the typical leveraged-and-inverse fund: 0.95% net of a waiver through September 30, 2027, against a 1.03% gross ratio.
• Single-speed by design. Stablemate ETHD targets twice the inverse daily move at the same 0.95% (no waiver attached), so SETH is the gentler dial.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.

• SETH Daily reset: over longer holds, compounding and ether's volatility can pull results away from -1x of the period's move.proshares.com
• Futures-based, not spot: the shape of the ether futures curve and the cost of rolling contracts feed into what you actually get.proshares.com
• A small fund that trades lightly, so spreads can run wider than on ProShares' heavily traded index shorts like PSQ or DOG.

Full PSQ profile⁠

Full SETH profile⁠