ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading Down 4.5% - Here's What Happened

Key Points

• ProShares UltraPro Short QQQ (SQQQ) fell about 4.5% mid-day to $62.63 (previous close $65.57) with ~26.68 million shares traded, roughly 52% below its average daily volume.
• The fund paid a quarterly dividend of $0.6384 on March 31 (record date March 25), equal to an annualized $2.55 and a 4.1% yield.
• SQQQ seeks daily results equal to three times the inverse of the NASDAQ‑100 using derivatives and short‑term cash instruments, making it a leveraged inverse ETF intended primarily for short‑term hedging.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s share price were down 4.5% during mid-day trading on Tuesday . The company traded as low as $62.83 and last traded at $62.6280. Approximately 26,682,056 shares were traded during trading, a decline of 52% from the average daily volume of 55,117,902 shares. The stock had previously closed at $65.57.

ProShares UltraPro Short QQQ Trading Down 5.0%

The stock's 50-day simple moving average is $73.43 and its 200-day simple moving average is $71.00.

ProShares UltraPro Short QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Wednesday, March 25th were issued a dividend of $0.6384 per share. This represents a $2.55 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Wednesday, March 25th.

Institutional Trading of ProShares UltraPro Short QQQ

A number of hedge funds have recently modified their holdings of SQQQ. Larson Financial Group LLC bought a new stake in shares of ProShares UltraPro Short QQQ during the 4th quarter valued at $29,000. Parallel Advisors LLC boosted its holdings in shares of ProShares UltraPro Short QQQ by 105.4% during the 3rd quarter. Parallel Advisors LLC now owns 1,992 shares of the company's stock valued at $30,000 after buying an additional 1,022 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in shares of ProShares UltraPro Short QQQ by 47.2% during the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company's stock valued at $42,000 after buying an additional 696 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of ProShares UltraPro Short QQQ during the 3rd quarter valued at $63,000. Finally, Sunbelt Securities Inc. bought a new stake in shares of ProShares UltraPro Short QQQ during the 4th quarter valued at $137,000.

About ProShares UltraPro Short QQQ

ProShares UltraPro Short QQQ (the Fund) seeks daily investment results, which corresponds to three times the inverse of the daily performance of the NASDAQ-100 Index (the Index). The Index includes 100 of the non-financial domestic and international issues listed on National Association of Securities Dealers Automated Quotation (NASDAQ) Stock Market. The Fund invests in derivatives. It also invests in short-term cash instruments, which have a remaining maturity of 397 days or less and exhibit high quality credit profiles.

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