PSQ vs SSG: Grades, Fees and Holdings Compared

ProShares Short QQQ

PSQBNYSE Arca

ProShares UltraShort Semiconductors

SSGCNYSE Arca

Overlap

72.5%by weight

Expense ratio

PSQ0.95%SSG0.95%

Avg volume · 30D

PSQ 17.3×the volume

PSQ14MSSG813K

10Y return · a year

PSQ +41.8pt

PSQ−17.8%SSG−59.6%

PSQ vs SSG Performance

Nov 9, 2021 – Nov 9, 2026

−40.5%PSQ−99.1%SSG

Expense ratio: PSQ 0.95%; SSG 0.95%
Fund size: PSQ $688M; SSG $50M
1Y total return: PSQ −8.7%, better; SSG −49.6%
Yield (12M): PSQ 3.85%; SSG 5.65%, better
Holdings: PSQ 4; SSG 2
Avg volume (30D): PSQ 14M sh, better; SSG 813K sh
NAV per share: PSQ $27.93; SSG $16.56
52W range

ETF.net Grade

Pillar letters and Scores for PSQ, SSG, with each pillar’s weight
Pillar	PSQ	SSG
Cost30% weight	C50	C50
Mission25% weight	A91	Not scored
Risk15% weight	B64Higher	F17
Tradability15% weight	A98Higher	B62
Holdings10% weight	C42	C44Higher
Durability5% weight	A72Higher	B63

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. PSQ and SSG 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 SSG 27th 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 25CETHDProShares UltraShort Ether ETFScore 47
Rank 27CSSGProShares UltraShort SemiconductorsScore 46
Rank 28CEPVProShares UltraShort FTSE EuropeScore 43

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

SSGCProShares UltraShort Semiconductors

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.

SSG Chip stocks cut both ways. SSG is ProShares' -2x daily short on the Dow Jones U.S. Semiconductors Index, built one trading day at a time and live since 2007. Fee: 0.95% net of a waiver through September 30, 2027 (1.33% gross).

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.

SSG The fund targets daily, pre-fee and pre-expense returns that are twice the opposite of the Dow Jones U.S. Semiconductors SM Index's daily performance.

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.

SSG Targets twice the inverse of the Dow Jones U.S. Semiconductors Index each day, before fees: a defined, mechanical way to express a bearish chip view in a regular brokerage account.proshares.com
Listed in January 2007, so it has traded through multiple full semiconductor cycles, long before the AI-chip era. ProShares bills it as its only -2x fund on the chip industry.proshares.com
0.95% net of a waiver through September 30, 2027 (1.33% gross) sits near the category median and level with ProShares' DOG and PSQ at 0.95% net, each waived to the same date.

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.

SSG The leverage resets daily. Hold longer and results follow the compounded path, not -2x the period move; in choppy or rising chip tape that gap widens.proshares.com
Double leverage on a single, famously volatile industry means outsized moves in both directions. ProShares' own materials frame these funds as positions to monitor daily.proshares.com
It is a small fund that pays quarterly, and the 1.33% gross fee is what applies if the waiver is not extended past September 30, 2027.

Full PSQ profile⁠

Full SSG profile⁠

PSQ vs SSG Holdings

How PSQ and SSG differ

Overlap by weight

72.5%

Shared holdings make up 84.3% of SSG and 72.5% of PSQ.

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

SSG 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 SSG, widest gap first
Sector	More in PSQMore in SSG	Gap	PSQ	SSG
Government		Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

PSQ112.8%
SSG100.0%

Securities held

PSQ4
SSG1

Asset class

PSQ: Stocks
SSG: Stocks

Holdings

Only in PSQ3
In both1
Only in SSG0

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 SSG

0 securities, 0.0% of SSG by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in PSQ and SSG, widest gap first
Holding	More in PSQMore in SSG	Gap	PSQ	SSG
Proshares Genius Mny Mkt EtfIQMM		SSG +11.81 points	72.52%	84.33%

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

Amount$10,000

Years30 years

Cost over time

PSQ 0.95%
SSG 0.95%

Year by year

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

Expense ratio

0.95%PSQ
0.95%SSG

PSQ0.95%SSG0.95%

0.50%1.47%

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

PSQ 6th cheapest of 53 funds

SSG 6th cheapest of 53 funds

PSQ vs SSG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): PSQ 3.85%; SSG 5.65%, better
Payout (12M): PSQ $1.04; SSG $0.89
Last payment: PSQ $0.26; SSG $0.14
Ex-dividend: PSQ Sep 23, 2026; SSG Sep 23, 2026
Paid on: PSQ Sep 29, 2026; SSG Sep 29, 2026
Frequency: PSQ Quarterly; SSG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PSQQuarterly · 26 paymentsAll PSQ payments⁠

SSGQuarterly · 24 paymentsAll SSG payments⁠

PSQ vs SSG Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PSQ 16.8%, betterSSG 56.0%
Return per unit of riskSharpe ratio, 3 years: PSQ −1.33, betterSSG −2.03
Worst fallMax drawdown, 5 years: PSQ −61.5%, betterSSG −99.7%
Market sensitivityBeta, 5 years: PSQ −1.19SSG −3.47; Market = 1

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