PSQ vs ZVOL

PSQBProShares Short QQQ

ZVOLBVolatility Shares Volatility Premium Plus 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.

ZVOL Short volatility, but further out the curve. ZVOL takes daily inverse exposure to mid-term VIX futures instead of the front month, aiming to monetize the roll premium in those contracts, and it pays out monthly.

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.

ZVOL The Fund seeks daily results, before fees and expenses, corresponding to the S&P 500 VIX Mid-Term Futures Inverse Daily Index.

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.

• ZVOL Most short-vol trades crowd the front month. ZVOL works the mid-term end of the VIX curve, the fourth through seventh contracts, which move less violently than the nearest ones.sec.gov
• Income is the point, not a byproduct: continuously rolling short VIX futures is expected to produce a volatility premium or roll yield, which the fund declares as a monthly dividend.sec.govvolatilityshares.com
• A registered 1940 Act fund, with futures exposure held through a wholly owned Cayman subsidiary rather than a bare commodity pool.sec.gov
• Sits in the upper half of the inverse and leveraged funds we grade, with a risk profile calmer than most of that crowd, thanks to the mid-term contracts and single inverse exposure.

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.

• ZVOL The mandate resets daily. Hold past one day and returns compound, so results can drift well away from the inverse of the index, and a volatility spike cuts against the position.volatilityshares.com
• Fees run above the neighborhood: 1.42% versus a 1.21% median for bear and leveraged funds. SVXY does short-vol at 0.95%, though from the short-term end of the curve.
• It is a small, thinly traded fund, so limit orders earn their keep. The issuer also expects part or all of each distribution to be return of capital rather than new profit.volatilityshares.com

Full PSQ profile⁠

Full ZVOL profile⁠