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PSQ +1.28% today · Analysis updated Nov 13, 2026, 6:30 PM ET
Why is ProShares Short QQQ (PSQ) stock up today?
No news items or SEC filings fall in the 14-day or 45-day windows, so this view rests only on the 30-day price and volume data. PSQ rose from $25.36 on Oct 28 to $28.28 on Nov 5 on 33.9M shares, the highest close in the period, which fits a Nasdaq-100 selloff. Since then the fund has retraced to $26.53 on Nov 11 and closed at $26.96 on Nov 13. Highs have been lower since Nov 6 (28.04, 27.70, 27.46, 26.80, 26.93), and the Nov 13 close sits just below the 27.02 VWAP after touching 27.27 intraday. Volume on Nov 13 was 21.5M, close to the recent norm and well below the Nov 2 (38.7M) and Nov 5 (33.9M) spikes, so urgency has faded. Because PSQ is a daily-reset inverse product, its path can diverge from a simple inverse of QQQ over longer periods, which weakens any multi-month call. Taken together, the price action is mixed and the evidence is thin, so conviction stays low.
About ProShares Short QQQ
ProShares Short QQQ is an ETF launched in 2006 that tries to deliver the opposite (-1x) of the Nasdaq-100 Index's daily return, so it generally rises when big Nasdaq tech stocks fall. ProShares calls it the only -1x ETF on the Nasdaq-100. It manages roughly $600–700 million and is often used to hedge against, or bet on, a tech-heavy market decline.
How the fund works
Instead of short-selling the index stocks, the fund uses derivatives such as swaps and futures to get inverse exposure. It resets that exposure every day and keeps most of its assets in cash and Treasury bills. Because it targets daily returns, results over weeks or months can differ from -1x the index, especially when markets are volatile. Over long rising-market stretches it has lost a lot of value, averaging roughly -16% a year since it launched. It charges a net expense ratio of about 0.95%, and it pays quarterly distributions that mostly come from interest on its cash holdings. Risks include counterparty risk on the swaps and the fact that losses grow whenever the Nasdaq-100 rises.
What usually moves PSQ
- Daily moves in the Nasdaq-100 (inverse)
- Mega-cap tech and AI stock sentiment
- Interest rates and Fed policy
- Market volatility and compounding effects
- Risk-off flows and hedging demand