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PSQ vs ZSL

ProShares Short QQQ

PSQBNYSE Arca

ProShares UltraShort Silver

ZSLCNYSE Arca

Overlap

0.0%by weight

Expense ratio

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

PSQ0.95%ZSL0.95%

Avg volume · 30D

PSQ 4.2×the volume

PSQ13MZSL3.09M

10Y return · a year

PSQ +4.3pt

PSQ−18.0%ZSL−22.3%

PSQ vs ZSL Performance

Nov 2, 2021 – Nov 2, 2026

−41.5%PSQ−64.5%ZSL

Nov 2, 2021 to Nov 2, 2026. PSQ −41.5%. ZSL −64.5%. Use the arrow keys to read each point.−100%−25%0%25%Nov 2021May 2024Nov 2026
Expense ratio
PSQ 0.95%
ZSL 0.95%
Fund size
PSQ $611M
ZSL $66M
1Y total return
PSQ −5.7%
ZSL +182.9%, better
Yield (12M)
PSQ 3.85%
ZSL No data
Holdings
PSQ 4
ZSL 1
Avg volume (30D)
PSQ 13M sh, better
ZSL 3.09M sh
NAV per share
PSQ $26.64
ZSL $37.78
52W range

ETF.net Grade

PSQ: Cost 50, Risk 60, Mission 98, Tradability 98, Holdings 55, Durability 72. ZSL: Cost 50, Risk 40, Mission not scored, Tradability 58, Holdings not scored, Durability 65.
Pillar letters and Scores for PSQ, ZSL, with each pillar’s weight
PillarPSQZSL
Cost30% weightC50C50
Mission25% weightA98Not scored
Risk15% weightB60HigherC40
Tradability15% weightA98HigherB58
Holdings10% weightB55Not scored
Durability5% weightA72HigherB65

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 ZSL 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 ZSL 23rd of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BPSQProShares Short QQQScore 65
  3. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  4. Rank 21CQQQDDirexion Daily Magnificent 7 Bear 1X ETFScore 51
  5. Rank 23CZSLProShares UltraShort SilverScore 50
  6. Rank 24CGLLProShares UltraShort GoldScore 48

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

ZSLCProShares UltraShort Silver

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.

ZSL Silver runs hot, and ZSL leans the other way. Live since 2008, it aims to deliver twice the inverse of the Bloomberg Silver Subindex's daily move, reset every day: a short-term trading tool in a corner with almost no rivals.

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.

ZSL The fund seeks daily results, before fees and expenses, equal to two times the inverse of the Bloomberg Silver Subindex’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.
  • ZSL Fee runs 0.95% a year, under the median for leveraged and inverse bear funds, and it stands among the stronger builds in that group.
  • ProShares calls it the only US ETF designed to gain when daily silver futures prices fall. Inverse silver exposure via one ticker, no futures account or margin short.proshares.com
  • Actively traded for such a specialized corner, which helps keep the spread you pay on the way in and out contained.
  • Trading since December 2008, so it has run through multiple silver booms and busts under the same daily -2x mandate.

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.
  • ZSL The -2x target resets daily. Held longer, compounding can push results far from twice the inverse of the index's move over the period.sec.gov
  • The benchmark tracks rolling COMEX silver futures, not spot silver, and futures can behave very differently from the metal's spot price.sec.gov
  • It is a commodity pool taxed as a partnership, so holders get a Schedule K-1 at tax time rather than a 1099.proshares.com

Full PSQ profile⁠

Full ZSL profile⁠

PSQ vs ZSL Holdings

How PSQ and ZSL differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of PSQ and 0.0% of ZSL.

Level by level

  • Asset classEquity, Commodities0.0%
  • Holdings0 in both0.0%

Sector

No Sector split for ZSL.

Country, concentration and asset class

Country by domicile

No country split for ZSL.

Concentration

Weight in the 10 largest Holdings

  • PSQ115.2%
  • ZSL100.0%

Securities held

  • PSQ4
  • ZSL0

Asset class

PSQ
Equity
ZSL
Commodities

Holdings

  • Only in PSQ4
  • In both0
  • Only in ZSL0

Only in PSQ

4 securities, 100% of PSQ by weight

  • Proshares Genius Mny Mkt Etf74.06%
  • TREASURY BILL, 0%, due 2026-12-1017.97%
  • TREASURY BILL, 0%, due 2026-12-2917.93%

Only in ZSL

0 securities, 0.0% of ZSL by weight

Weight gaps

PSQ and ZSL share no securities.

All 17 PSQ holdings⁠All 6 ZSL 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 ZSL 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

  • ZSL 0.95%

    $17,869

$10,000
30 years

Cost over time

  • PSQ 0.95%
  • ZSL 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 $17,869ZSL $17,869

Year by year

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

Expense ratio

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

PSQ 6th cheapest of 53 funds

ZSL 6th cheapest of 53 funds

PSQ vs ZSL Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
PSQ 3.85%
ZSL No data
Payout (12M)
PSQ $1.04
ZSL None
Last payment
PSQ $0.26
ZSL No data
Ex-dividend
PSQ Sep 23, 2026
ZSL No data
Paid on
PSQ Sep 29, 2026
ZSL No data
Frequency
PSQ Quarterly
ZSL 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
ZSLAll ZSL payments⁠

No distribution history available.

PSQ vs ZSL Risk

Fall from peak · 5 years

  • PSQ
  • ZSL
Nov 2, 2021 to Nov 2, 2026. Worst fall: ZSL −98.9% · Jan 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
PSQ 16.8%, betterZSL 212.6%
Return per unit of riskSharpe ratio, 3 years
PSQ −1.33ZSL 0.30, better
Worst fallMax drawdown, 5 years
PSQ −61.5%, betterZSL −98.9%
Market sensitivityBeta, 5 years
PSQ −1.18ZSL −1.90

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