Thu. 22 Sep 2022, 4:05pm ET Benzinga Specialty ETFs, Movers, Trading Ideas, ETFs

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) surged Thursday while markets tumble. 

The SQQQ is a 3x leveraged inverse ETF that tracks the Nasdaq 100 Index. 

The top five companies in the index are Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN), Tesla Inc (NASDAQ:TSLA) and Alphabet Inc (NASDAQ:GOOG).

The fund seeks daily investment results, before fees and expenses, that correspond to three times the inverse of the return of the Nasdaq 100 for a single day. For periods longer than a single day, the fund will lose money if the index’s performance is flat. Furthermore, it's possible that the fund will lose money even if the level of the index falls.

Thursday's selloff was enough to send the inverse ETF higher, however several companies in the Nasdaq 100 are paring losses into the close.

See Also: Why FedEx Stock Is Popping Thursday Afternoon 

SQQQ Price Action: The SQQQ closed the day up 3.67% at $53.68 at time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.