The ProShares UltraPro Short QQQ ETF (SQQQ) dropped 3.0% on heavy volume in midday trading Thursday, as the Invesco QQQ ETF (QQQ), which tracks the Nasdaq 100 , jumps 0.9%, with 85 of its 103 equity components gaining ground. Trading volume in the UltraPro Short QQQs, which aims to return triple the inverse of the technology-heavy Nasdaq 100's performance, ballooned to 164.9 million shares, which is already more than the full-day average of about 124.5 million shares, and enough to make the triple-short QQQs the most actively traded stock on major U.S. exchanges. With the tech sector selling off over the past couple weeks, the triple-short QQQs had run up 12.9% since closing at a record low of $5.89 on Nov. 19 through Wednesday's one-month closing high of $6.65. Over the same time, the QQQs had slumped 4.2% while the S&P 500 fell 3.9%.
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