Tokenized ProShares UltraPro Short QQQ ($SQQQ) Now Available on Solana

Backpack expands its tokenized securities lineup on Solana with the ProShares UltraPro Short QQQ ($SQQQ). Each $SQQQ token is tradable 24/7 and redeemable 1:1 for a traditional share of the ProShares UltraPro Short QQQ (Nasdaq: SQQQ) through Backpack Securities.

Token details

About the ProShares UltraPro Short QQQ

ProShares UltraPro Short QQQ (Nasdaq: SQQQ) is a leveraged inverse exchange-traded fund managed by ProShares. It seeks daily results, before fees and expenses, equal to three times the inverse of the daily move in the Nasdaq-100 Index, so if it meets that objective it gains roughly three times what the index loses on a down day and loses roughly three times what the index gains on an up day. The fund does not pursue that target beyond a single day, and ProShares notes that longer holding periods can produce returns well short of it, particularly when index moves are small and volatility is high.

Moving between $SQQQ and traditional SQQQ shares

$SQQQ and traditional ProShares UltraPro Short QQQ (Nasdaq: SQQQ) shares are convertible 1:1 through Backpack Exchange. The flow works the same way as depositing or withdrawing a stablecoin.

Withdraw a share of the ProShares UltraPro Short QQQ from Backpack Exchange to tokenize it into $SQQQ on Solana.

Deposit $SQQQ from a Solana wallet to Backpack Exchange to convert it back into the underlying SQQQ share held in Backpack Securities.

How to trade $SQQQ

You can trade Backpack-issued $SQQQ on Solana using Backpack Wallet.

$SQQQ is also accessible across the Solana ecosystem, including decentralized exchanges, aggregators, wallets, and apps such as Backpack, fomo, Titan, Jupiter, Phantom, Solflare, Raydium, Kamino, and others.

Unlike most tokenized stocks that only track a price, tokenized securities issued by Backpack, including $SQQQ, are:

• Redeemable 1:1 for real underlying shares
• Transferable to traditional brokerages