{
 "ticker": "SQQQ",
 "name": "ProShares UltraPro Short QQQ",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/sqqq",
 "html": "https://etfiq.com/funds/sqqq",
 "markdown": "https://etfiq.com/funds/sqqq.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SQQQ returned \u22127.9% where its own daily promise gave \u221211.3%, 3.4 points over.",
 "key_facts": [
  {
   "key": "what_qqq_did",
   "label": "What QQQ did",
   "value": "+2.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SQQQ, what QQQ did: +2.1%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221211.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SQQQ, what \u22123 times a day gives: \u221211.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22127.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SQQQ, what the fund returned: \u22127.9%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+3.4 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SQQQ, the fund itself added: +3.4 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2.1bn",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SQQQ, net assets: $2.1bn (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.94%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "SQQQ, expense ratio: 0.94% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of QQQ, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "QQQ moved +2.1% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "QQQ",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, US large cap",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2.1bn",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.94%",
   "source": "485BPOS XBRL, Sep 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Feb 11, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "19% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22129.4%",
   "QQQ": "+3.3%",
   "-3x the move": "\u22129.9%",
   "Difference": "+0.5 pts",
   "QQQ moved about": "16%"
  },
  {
   "window": "3 months",
   "Fund": "\u22127.9%",
   "QQQ": "+2.1%",
   "-3x the move": "\u22126.4%",
   "Difference": "\u22121.5 pts",
   "QQQ moved about": "19%"
  },
  {
   "window": "6 months",
   "Fund": "\u221254.3%",
   "QQQ": "+26.9%",
   "-3x the move": "\u221280.6%",
   "Difference": "+26.4 pts",
   "QQQ moved about": "22%"
  },
  {
   "window": "1 year",
   "Fund": "\u221252.0%",
   "QQQ": "+23.8%",
   "-3x the move": "\u221271.4%",
   "Difference": "+19.4 pts",
   "QQQ moved about": "20%"
  },
  {
   "window": "3 years",
   "Fund": "\u221291.7%",
   "QQQ": "+110.0%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "QQQ moved about": "20%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "QQQ": "+1853.3%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "QQQ moved about": "21%"
  }
 ],
 "questions": [
  {
   "q": "Did SQQQ return -3 times QQQ?",
   "a": "Over the window to Sep 30, 2026, QQQ moved +2.1% and SQQQ returned \u22127.9%. \u22123 times that move is \u22126.4%, so the fund came out 1.5 points short of it."
  },
  {
   "q": "Why does SQQQ not return -3 times over a year?",
   "a": "Because it resets daily. SQQQ aims at -3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}