PSQ vs TSXD

PSQBProShares Short QQQ

TSXDDDirexion Daily Semiconductors Top 5 Bear 2X 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.

TSXD The inverse half of Direxion's Titans line: TSXD aims for -200% of the daily move in an equal-weight basket of the five biggest semiconductor names. Narrower than shorting the whole sector, broader than betting against one chip stock.

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.

TSXD The fund seeks daily investment results equal to -200% of the performance of the NYSE Semiconductor Top 5 Equal Weight Index, before fees and expenses. Its objective applies for a single day.

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.

• TSXD Targets -200% of the daily move in five chip giants, equal weighted and rebalanced quarterly: a narrower instrument than a 30-stock sector short.direxion.com
• 0.99% net of a waiver through September 1, 2027 sits near the category median, close to inverse staples like PSQ (0.95% net of a waiver through September 30, 2027).
• Equal weighting holds any one name to roughly a fifth of the basket at each quarterly reset, so a single chip stock's earnings night matters less than in a single-stock inverse fund.direxion.comdirexion.com 2

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.

• TSXD Daily reset: hold longer than a day and results compound, so they can diverge widely from -2x the index's move over that stretch, especially in choppy markets.direxion.com
• That 0.99% rests on a waiver through September 1, 2027. The gross expense ratio is 9.79%, so the contractual cost without the waiver is far higher.
• Launched October 2025 and still a small, moderately traded fund, which can mean wider bid/ask spreads than the long-running broad inverse ETFs.

Full PSQ profile⁠

Full TSXD profile⁠