PSQ seeks to deliver the opposite of the daily return of the Nasdaq-100 index: if the index falls 2 percent in a day, the fund aims to rise about 2 percent. The fund resets daily, so returns over periods longer than one day can differ from the inverse of the index return. In volatile or sideways markets, daily resetting can erode value even if the index ends roughly unchanged. In a steady decline the fund performs closer to what the inverse exposure would suggest. Because of this, PSQ is intended for short-term hedging or trading and not for long-term holding. For hedges lasting weeks or months, other instruments such as put options may track the intended exposure more closely.
