Stocks slid in early trading, giving back some of the gains from yesterday’s rally. Snap Inc. shares plunged, weighing heavily on tech stocks after lowering second-quarter guidance and warned of a hiring slowdown.
“Stocks are getting hit hard this morning, and the main culprit is the Snap warning from Monday evening,” wrote Adam Crisafulli, President, and Founder of Vital Knowledge. “Some are a bit incredulous that a relatively small and perennially unprofitable ephemeral social media firm can take down the whole tape, but given how sensitive this tape is, SNAP is able to punch above its weight.” He continued, “tech still dominates the market, both numerically (it remains the biggest weighting) and psychologically, and despite aggressive liquidation in the last couple of months, people still own a lot of it.”
Bearish investors may want to go near-term short on the Nasdaq- 100 Index, given the volatile backdrop for high-priced tech stocks. Today we’ll highlight the method that many of the pros on Wall Street use for doing just that. However, you don’t need to be a professional to employ this tactic.
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The ProShares Short QQQ (PSQ) fund offers inverse exposure to an index comprised of the 100 largest nonfinancial securities on the NASDAQ, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy.
It’s important to note that PSQ is designed to deliver inverse results over a single trading session, with exposure resetting every month. Investors considering this ETF should understand how that nuance impacts the risk/return profile and realize the potential for “return erosion” in volatile markets. PSQ should not be found in a long-term, buy-and-hold portfolio but may be a valuable tool for more active investors looking to hedge existing exposure or bet on a decline in the top nonfinancial NASDAQ securities.
ProShares Short QQQ (PSQ) Data Summary
- Net Assets $1.17B
- Expense Ratio 0.95%
- Average Daily Volume $60.72M
- YTD Daily Total Return 31.05%
Where to invest $1,000 right now...
Before you consider buying PSQ, you'll want to see this.
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