PSQ vs SKF: Grades, Fees and Holdings Compared

ProShares Short QQQ

PSQBNYSE Arca

ProShares UltraShort Financials

SKFCNYSE Arca

Overlap

72.5%by weight

Expense ratio

PSQ0.95%SKF0.95%

Avg volume · 30D

PSQ 513.2×the volume

PSQ14MSKF27.4K

10Y return · a year

PSQ +8.9pt

PSQ−17.8%SKF−26.7%

PSQ vs SKF Performance

Nov 9, 2021 – Nov 9, 2026

−40.5%PSQ−60.9%SKF

Expense ratio: PSQ 0.95%; SKF 0.95%
Fund size: PSQ $688M; SKF $11M
1Y total return: PSQ −8.7%, better; SKF −17.1%
Yield (12M): PSQ 3.85%; SKF 4.10%, better
Holdings: PSQ 4; SKF 2
Avg volume (30D): PSQ 14M sh, better; SKF 27.4K sh
NAV per share: PSQ $27.93; SKF $22.87
52W range

ETF.net Grade

Pillar letters and Scores for PSQ, SKF, with each pillar’s weight
Pillar	PSQ	SKF
Cost30% weight	C50	C50
Mission25% weight	A91	Not scored
Risk15% weight	B64Higher	C45
Tradability15% weight	A98Higher	B61
Holdings10% weight	C42	C44Higher
Durability5% weight	A72Higher	C54

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. PSQ and SKF 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 SKF 20th 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 20CQQQDDirexion Daily Magnificent 7 Bear 1X ETFScore 51
Rank 20CSKFProShares UltraShort FinancialsScore 51
Rank 23CZSLProShares UltraShort SilverScore 50

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

SKFCProShares UltraShort 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.

SKF The only -2x bear fund on the financials sector, live since January 2007, just ahead of the sector's defining crash. It aims to deliver twice the inverse of the S&P Financial Select Sector Index's daily move. 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.

SKF The fund seeks daily results, before fees and expenses, equal to -2x the daily performance of the S&P Financial Select Sector Index. It is designed to provide inverse exposure when the financials sector declines.

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.

SKF ProShares calls it the only -2x inverse ETF on the financials sector; sibling SEF rides the same index at -1x (0.95% net of a waiver through September 30, 2027).proshares.com
0.95% net of a waiver through September 30, 2027 (1.54% gross), near the median fee for leveraged-bear funds.
Trading since January 30, 2007, through the financial crisis and everything after: a long public record of how daily-reset leverage behaves.proshares.com
The reference index measures financial companies inside the S&P 500, so the short is aimed at large-cap banks, insurers and capital-markets firms.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.

SKF Leverage resets daily. Hold longer and compounding pushes results away from -2x, with choppy markets grinding hardest.proshares.com
Small assets and light trading by ETF standards, so bid/ask spreads matter more going in and out.
The 0.95% leans on a contractual waiver; gross runs 1.54% if it is not extended past September 30, 2027.

Full PSQ profile⁠

Full SKF profile⁠

PSQ vs SKF Holdings

How PSQ and SKF differ

Overlap by weight

72.5%

Shared holdings make up 82.1% of SKF and 72.5% of PSQ.

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

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

Level by level

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

Sector

No Sector split for SKF.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

PSQ112.8%
SKF100.0%

Securities held

PSQ4
SKF1

Asset class

PSQ: Stocks
SKF: Stocks

Holdings

Only in PSQ3
In both1
Only in SKF0

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 SKF

0 securities, 0.0% of SKF by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in PSQ and SKF, widest gap first
Holding	More in PSQMore in SKF	Gap	PSQ	SKF
Proshares Genius Mny Mkt EtfIQMM		SKF +9.62 points	72.52%	82.14%

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

Amount$10,000

Years30 years

Cost over time

PSQ 0.95%
SKF 0.95%

Year by year

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

Expense ratio

0.95%PSQ
0.95%SKF

PSQ0.95%SKF0.95%

0.50%1.47%

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

PSQ 6th cheapest of 53 funds

SKF 6th cheapest of 53 funds

PSQ vs SKF Dividends

Last 12 months to Nov 9, 2026

Yield (12M): PSQ 3.85%; SKF 4.10%, better
Payout (12M): PSQ $1.04; SKF $0.91
Last payment: PSQ $0.26; SKF $0.19
Ex-dividend: PSQ Sep 23, 2026; SKF Sep 23, 2026
Paid on: PSQ Sep 29, 2026; SKF Sep 29, 2026
Frequency: PSQ Quarterly; SKF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PSQQuarterly · 26 paymentsAll PSQ payments⁠

SKFQuarterly · 22 paymentsAll SKF payments⁠

PSQ vs SKF Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PSQ 16.8%, betterSKF 28.5%
Return per unit of riskSharpe ratio, 3 years: PSQ −1.33SKF −1.26, better
Worst fallMax drawdown, 5 years: PSQ −61.5%, betterSKF −74.8%
Market sensitivityBeta, 5 years: PSQ −1.19SKF −1.45; Market = 1

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