Share-split context: A reverse split was recorded on Apr 10, 2024 with coefficient 0.2. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The ProShares Short QQQ -1x Shares (PSQ) is an "inverse" ETF. Most ETFs try to make money when the stocks they hold go up. An inverse ETF is different; it is designed to move in the opposite direction of its target. In this case, it aims to provide a return that is the opposite of the QQQ (which tracks a group of large tech companies).

What the numbers show

The current price of PSQ is $24.25 as of October 7, 2026. Because this ETF has a history of share splits, we look at split-adjusted returns to see how it has performed.

• Year-to-Date (YTD): The price return is -19.70%, and the total return is -17.76%.

• One Year: The price return is -21.44%, and the total return is -18.46%.

• Three Year: The price return is -54.76%, and the total return is -47.14%.

Price return only measures the change in the share price. Total return is a different measure that includes distributions.

Income and distribution explanation

PSQ pays out cash to investors. It usually does this quarterly, with 4 payouts in the last 12 months. The distribution yield is approximately 4.28%.

It is important for beginners to know that a high distribution yield can be misleading. While these payments provide cash income, they do not guarantee that the original money you invested (the principal) is safe. An ETF can pay a yield even while its share price is falling.

NAV erosion explanation

This ETF has a history of "reverse splits." In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the price per share. This does not restore lost investment value.

StockValueFinder uses an "erosion-risk score" to measure the risk of NAV erosion. NAV erosion happens when the value of the fund's assets declines over time. PSQ has an erosion score of 55, which is labeled as "Moderate price erosion."

Pros

• Provides a way to bet against the QQQ index.

• Offers regular cash distributions to investors.

Cons

• Has seen significant price declines over the last one and three years.

• Has a history of reverse splits.

• Has a "Moderate" erosion-risk rating.

Beginner takeaway

PSQ is an inverse tool, not a traditional "buy and hold" investment. It has experienced a steady share-price decline over several years. While it pays a distribution yield, the total returns have remained negative over the short and long term. Investors should remember that income from distributions does not automatically make up for a falling share price.