SQQQ // ProShares UltraPro Short QQQ (3x Bear)

DES <GO> NASDAQ RQD COCKPIT →

ETF / Index • 3x Inverse Nasdaq-100 Hedge • SIC 6726

$41.83 ▲ +1.55 (+4.10%)

MKT CAP: $3.10B • VOL: 66.53M

52W L $31 52W H $91

ROARABLE / RQD

D+ • 56/100

SQQQ // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 56/100 [D+] (+0 PT) • UNCHANGED AS OF 2026-11-02

ROARABLE D+

RQD CONFIDENCE

56 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim (ETF Composite Methodology)

01 200D/50D REGIME TAPE

ETF Trend & Breadth

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02 CONSOLIDATED ETF TAPE

ETF Liquidity & Flow

13 / 20

SOLID

AUM ~$3.1B • DAILY VOL $2783M • 1D +4.10%

03 14D RSI & 50D SLOPE

Momentum & RSI Regime

19 / 20

STRONG

RSI-14 64.7 • VS 50D +13% • 1D +4.10%

04 FRED 90D r-MATRIX

Macro Regime Fit

16 / 20

STRONG

TAILWIND • r(10Y)=-0.00 (+23bp) • r(OAS)=+0.62

05 52W DRAWDOWN & BETA

Drawdown Containment

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ALERT

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SQQQ // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -17.18%⚡ TESTING RESISTANCE

2026-11-02O $40.28H $41.83L $40.28C $41.83VOL 66.53M

RES: $43.05SUP: $28.96SMA50: $37.03SMA200: $49.86

SQQQ // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 52/100

BEAR 0

100 BULL

ProShares UltraPro Short QQQ (3x Bear) (SQQQ) exhibits 45.0% gross margins and 14.0% return on invested capital within ETF / Index (3x Inverse Nasdaq-100 Hedge), balanced against a 24.0x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into — operating margin and 14.0% ROIC, outpacing sector cost of capital.

ROIC: 14.0% // GM: 45.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of — paired with 2.80% free cash flow yield supports self-funded R&D and capital return.

REV YOY: — // FCF YLD: 2.80%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.80 and Piotroski F-Score of 7/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.80 // F-SCORE: 7/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (— Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $41.83 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in 3x Inverse Nasdaq-100 Hedge require continuous execution to defend — net margins.

NET MARGIN: — // D/E: 0.45x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs — forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E —

EV / EBITDA —

FCF YIELD —

GROSS MARGIN —

OPERATING MARGIN —

NET MARGIN —

ROIC % —

REV GROWTH YOY —

DILUTED EPS TTM —

DEBT / EQUITY —

DIVIDEND YIELD 1.30%

RSI-14 MOMENTUM 64.7

5Y EQUITY BETA —

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // SQQQPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $38.28

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for SQQQ & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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