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PSQ vs YCS

ProShares Short QQQ

PSQBNYSE Arca

ProShares UltraShort Yen

YCSBNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

PSQ0.95%YCS0.95%

Avg volume · 30D

PSQ 558.4×the volume

PSQ13MYCS23.3K

10Y return · a year

YCS +30.8pt

PSQ−18.0%YCS+12.8%

PSQ vs YCS Performance

Oct 29, 2021 – Oct 30, 2026

−42.7%PSQ+166.0%YCS

Oct 29, 2021 to Oct 30, 2026. PSQ −42.7%. YCS +166.0%. Use the arrow keys to read each point.0%50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
PSQ 0.95%
YCS 0.95%
Fund size
PSQ $611M
YCS $27M
1Y total return
PSQ −7.0%
YCS +11.7%, better
Yield (12M)
PSQ 3.90%
YCS No data
Holdings
PSQ 4
YCS 1
Avg volume (30D)
PSQ 13M sh, better
YCS 23.3K sh
NAV per share
PSQ $26.64
YCS $54.33
52W range

ETF.net Grade

PSQ: Cost 50, Risk 59, Mission 98, Tradability 98, Holdings 55, Durability 72. YCS: Cost 50, Risk 88, Mission not scored, Tradability 62, Holdings not scored, Durability 59.
Pillar letters and Scores for PSQ, YCS, with each pillar’s weight
PillarPSQYCS
Cost30% weightC50C50
Mission25% weightA98Not scored
Risk15% weightB59A88Higher
Tradability15% weightA98HigherB62
Holdings10% weightB55Not scored
Durability5% weightA72HigherB59

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PSQ and YCS 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 3rd and YCS 5th of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  3. Rank 3BPSQProShares Short QQQScore 64
  4. Rank 4BRWMProShares Short Russell2000Score 63
  5. Rank 5BSJBProShares Short High YieldScore 62
  6. Rank 5BYCSProShares UltraShort YenScore 62
  7. Rank 7BEUOProShares UltraShort EuroScore 61

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

YCSBProShares UltraShort Yen

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.

YCS A 2008-vintage ProShares fund built for one job: expressing a bearish yen view at twice the daily move, in a brokerage account, without an FX platform or margin desk. Currency trading, ticker-sized.

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.

YCS YCS seeks daily results corresponding to -2 times the daily performance of the Japanese yen relative to the U.S. dollar, before fees and expenses.

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.
  • YCS One of the few listed ways to short the yen with leverage: YCS targets -2x the daily move of the Japanese yen against the U.S. dollar, before fees, using currency forwards.proshares.com
  • It has been running since 2008, through multiple yen regimes. Longevity is rare in leveraged and inverse land, where products get closed when the theme goes quiet.investing.com
  • The 0.95% expense ratio sits below the typical leveraged or inverse fund, and ETF.net rates the overall build among the strongest in that peer group.

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.
  • YCS The -2x target resets daily. Hold longer than a day and compounding takes over, so results can differ from -2x the yen's move over that stretch, especially in choppy currency markets.proshares.com
  • It is a commodity pool, not a 1940 Act fund. That means Schedule K-1 tax paperwork instead of a 1099, and none of the Investment Company Act protections.proshares.comproshares.com 2
  • Small and thinly traded, so bid-ask spreads carry more weight than in a mega-cap ETF. Limit orders are the standard tool here. ProShares also does not expect these funds to pay distributions.proshares.com

Full PSQ profile⁠

Full YCS profile⁠

PSQ vs YCS 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 YCS 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

  • YCS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • PSQ 0.95%
  • YCS 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PSQ $17,869YCS $17,869

Year by year

YearPSQYCS
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

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

PSQ 6th cheapest of 53 funds

YCS 6th cheapest of 53 funds

PSQ vs YCS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PSQ 3.90%
YCS No data
Payout (12M)
PSQ $1.04
YCS None
Last payment
PSQ $0.26
YCS No data
Ex-dividend
PSQ Sep 23, 2026
YCS No data
Paid on
PSQ Sep 29, 2026
YCS No data
Frequency
PSQ Quarterly
YCS No data

Distribution history

Per share, 2017 to 2026, same scale for both

PSQQuarterly · 26 paymentsAll PSQ payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.03; Mar 21, 2018 $0.20; Jun 20, 2018 $0.39; Sep 26, 2018 $0.51; Dec 26, 2018 $0.53; Mar 20, 2019 $0.51; Jun 25, 2019 $0.66; Sep 25, 2019 $0.57; Dec 24, 2019 $0.41; Mar 25, 2020 $0.22; Dec 22, 2022 $0.25; Mar 22, 2023 $0.46; Jun 21, 2023 $0.72; Sep 20, 2023 $0.72; Dec 20, 2023 $0.95; Mar 20, 2024 $0.54; Jun 26, 2024 $0.76; Sep 25, 2024 $0.68; Dec 23, 2024 $0.70; Mar 26, 2025 $0.34; Jun 25, 2025 $0.40; Sep 24, 2025 $0.36; Dec 24, 2025 $0.40; Mar 25, 2026 $0.15; Jun 24, 2026 $0.23; Sep 23, 2026 $0.26. Use the arrow keys to read each point.$0$12017202020232026YTD
YCSAll YCS payments⁠

No distribution history available.

PSQ vs YCS Risk

Fall from peak · 5 years

  • PSQ
  • YCS
Oct 29, 2021 to Oct 30, 2026. Worst fall: PSQ −61.5% · Oct 2026. Use the arrow keys to read each point.−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PSQ 16.8%, betterYCS 20.1%
Return per unit of riskSharpe ratio, 3 years
PSQ −1.33YCS 0.42, better
Worst fallMax drawdown, 5 years
PSQ −61.5%YCS −27.3%, better
Market sensitivityBeta, 5 years
PSQ −1.18YCS −0.39

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