At a glance
SQQQ charges 0.94% a year, below the 0.95% average of the 2 funds most like it. It has $1.94B in assets, the largest of that group; it paid 8.83% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −40.6% with distributions reinvested, the weakest of those 3 funds; over three years it returned −57.8% a year. At its worst it fell 28.4% in the 2020 crash (S&P 500: 33.7%) and 49.4% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 92.0% of the fund, out of 14 in all.
The short version
ProShares UltraPro Short QQQ (SQQQ) aims to return three times the opposite (-3x) of the Nasdaq-100 Index's move for a single day. It gets that exposure through swaps and futures, not by owning stocks. Traders may use it to bet on a short, sharp drop in large Nasdaq companies. It resets every day, so losses compound over time. From early 2010 to October 6, 2026, it lost nearly all of its value. Its expense ratio is 0.94%.
Price history
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SQQQ -40.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SQQQ official prospectus, to Dec 31, 2025 | — | -53.07% | — | -46.38% | -53.53% | — |
| SQQQ price data to Oct 27, 2026 | -44.0% | -40.6% | -57.8% | -45.1% | -55.0% | -52.6% |
- Over the year to Oct 27, 2026, SQQQ returned -40.6%, 3rd of 3 among similar funds.
- Its 5-year annualized return was -45.1% and its 10-year -55.0%.
- In the 2020 COVID crash, while stocks fell, it gained 84.4%.
- Its worst full calendar year was 2020 (-86.4%); its best was 2022 (+82.4%).
- The deepest fall in its price history was 100% (Feb 11, 2010 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -44.0% | — |
| 2025 | -54.6% | -53.07% |
| 2024 | -50.8% | -49.77% |
| 2023 | -73.7% | -73.63% |
| 2022 | +82.4% | +82.36% |
| 2021 | -60.9% | -60.90% |
| 2020 | -86.4% | -86.38% |
| 2019 | -65.9% | -65.94% |
| 2018 | -20.7% | -20.97% |
| 2017 | -58.7% | -58.75% |
| 2016 | -30.1% | -30.06% |
| 2015 | -37.5% | — |
| 2014 | -48.0% | — |
| 2013 | -64.6% | — |
| 2012 | -48.5% | — |
| 2011 | -36.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 84.4% over that stretch · deepest drop along the way 28.4%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 120.7% over that stretch · deepest drop along the way 49.4%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7500 | |
| 2025 | $2.4900 | -80.2% |
| 2024 | $12.5700 | -53.0% |
| 2023 | $26.7500 | +613.3% |
| 2022 | $3.7500 | -91.4% |
| 2020 | $43.7500 | -89.2% |
| 2019 | $406.2500 | -35.0% |
| 2018 | $625.0000 | +733.3% |
| 2017 | $75.0000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (70.85% of net assets), with its inverse exposure coming from 11 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| U.S. Treasury Bills Bonds and notes | 16.25% | |
| U.S. Treasury Bills Bonds and notes | 15.46% | |
| United States of America Bonds and notes | 15.40% | |
| United States of America Bonds and notes | 10.24% | |
| United States of America Bonds and notes | 8.50% | |
| U.S. Treasury Bills Bonds and notes | 7.75% | |
| U.S. Treasury Bills Bonds and notes | 7.21% | |
| Repurchase Agreement RA | 3.96% | |
| U.S. Treasury Bills Bonds and notes | 3.87% | |
| United States of America Bonds and notes | 3.33% | |
| Repurchase Agreement RA | 2.63% | |
| Repurchase Agreement RA | 1.58% | |
| Repurchase Agreement RA | 0.84% | |
| Repurchase Agreement RA | 0.53% |
By country
United States 97.56%By issuer
US Treasury 88.01%Companies 9.55%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $465.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.38%, +20.78%, -12.04%.
How it works
The fund tracks the Nasdaq-100 Index in reverse, times three. Nasdaq Inc. builds the index from the 100 largest non-financial companies listed on Nasdaq exchanges and weights them by market value. The list is reviewed each December, and the weights are adjusted in March, June and September. SQQQ owns none of these stocks. Instead it uses total return swaps and Nasdaq-100 E-mini futures. A swap is a contract with a large bank that pays the fund when the index falls and costs it when the index rises. A futures contract is a standardized agreement to trade an asset at a set price later.
Most of the fund's money sits in cash-like holdings that back these contracts. As of August 31, 2026, about 88% was in short-term U.S. Treasury bills and about 9.6% in repurchase agreements, which are very short loans backed by government securities. ProShare Advisors resets the fund's exposure every day. When the index rises, the fund shrinks and exposure is cut. When the index falls, exposure is increased.
Because of the daily reset, results over longer periods can drift far from -3x. The prospectus gives an example: if the index fell 20% over a year with 50% volatility, -3x suggests a 60% gain, yet the fund's estimated return was a 56.4% loss. An intraday index rise of about 33% could wipe out the whole investment.
What it really costs
- SQQQ charges 0.94% a year, versus an average of 0.95% for the similar funds below.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $96 in the first year and $1,155 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SQQQ | $96 | $300 | $520 | $1,155 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its daily reset and long record of steep losses make it a tool for trades lasting days, not years.
SQQQ can rise sharply during a sudden tech sell-off. During the 2020 COVID crash it gained 84.4%, from the market's peak on February 19 to its trough on March 23. Even so, it ended 2020 down 86.4%, its worst calendar year. In the 2022 bear market it rose 120.7% from January 3 to October 12. It finished 2022 up 82.4%, then lost 73.6% in 2023. The fund launched in 2010, so it has no 2008 record. From February 2010 to October 6, 2026, it lost nearly all of its value and never recovered. Anyone who had to sell shares or draw cash after a rebound would have locked in deep losses. Its trailing yield was 8.83% as of October 27, 2026, paid quarterly from Treasury interest, but price losses far outweighed it. Costs run 0.94% a year, or $96 in year one on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day bet against the Nasdaq-100 and can watch their position throughout the trading day.
- Experienced investors who want a brief hedge for a tech-heavy portfolio, held for days rather than months, and who accept 0.94% annual expenses.
- Traders who want heavy daily volume. With $1.94 billion in net assets as of August 31, 2026, it is larger than QID and PSQ.
Look elsewhere if
- Retirement savers holding for years: it lost an average of 53.5% a year over the 10 years ended December 31, 2025.
- Income seekers: its 8.83% trailing yield (as of October 27, 2026) comes from Treasury interest and is swamped by price losses.
- Anyone wanting milder inverse exposure: PSQ targets -1x daily and fell 10.9% over one year, against SQQQ's 40.6%, through October 27, 2026.
Close alternatives
Matched by leveraged/inverse funds on the same index (nasdaq-100), same direction.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Can you hold SQQQ long term?
It isn't built for that. SQQQ targets -3x the Nasdaq-100's return for one day only, and it resets every day. Over longer periods, compounding has eroded its value. As of December 31, 2025, its average annual return was -53.53% over 10 years and -46.38% over five years. It lost money in every calendar year from 2016 through 2025 except 2022, when it gained 82.36%.
Why does SQQQ lose money even when the Nasdaq goes down?
Because it resets its -3x exposure daily, gains and losses compound, and choppy markets wear the fund down. The prospectus gives an example: if the Nasdaq-100 fell 20% over a year with 50% volatility, the fund's estimated return was -56.4%, not the +60% that a simple -3x would suggest. Fees and the cost of financing its swaps and futures also cut into returns.
What does SQQQ actually hold?
Mostly Treasury bills, not stocks. As of August 31, 2026, about 88% of its assets were in short-term U.S. Treasury bills and about 9.6% in repurchase agreements. These cash-like holdings back its main tools: total return swaps with large banks and Nasdaq-100 E-mini futures contracts. Together, these produce the fund's inverse, leveraged exposure to the Nasdaq-100. The fund held $1.94 billion in net assets on that date.
What's the difference between SQQQ, QID and PSQ?
They differ in leverage. All three are ProShares funds that bet against the Nasdaq-100 each day. SQQQ targets -3x, QID targets -2x and PSQ targets -1x. More leverage brought bigger losses: over one year through October 27, 2026, SQQQ fell 40.6%, QID 26% and PSQ 10.9%. Costs are close. SQQQ's expense ratio is 0.94% and PSQ's is 0.95%. SQQQ is the largest of the three.
Does SQQQ pay dividends?
Yes. SQQQ pays distributions quarterly. It paid $3.26 per share over the 12 months to October 27, 2026, a trailing yield of 8.83%. The money comes mainly from interest on the Treasury bills it holds as collateral, not from stock dividends. That income has been small next to the fund's price swings. For example, the fund fell 44% over the same year through October 27, 2026.