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

DES <GO> NASDAQ

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

$41.83 ▲ +4.00 (+10.57%)

MKT CAP: $3.10B • VOL: 66.53M

52W L $31 52W H $91

ROARABLE / RQD

B- • 71/100

ALTMAN Z

4.80 SAFE

PIOTROSKI

7 / 9

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

▼ DOWNGRADE // B (RQD 72) -> B- (RQD 71) AS OF 2026-11-01

ROARABLE B-

RQD CONFIDENCE

71 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Buy — Sound Institutional Accumulation

01 MASSIVE / SEC XBRL

Forensic Fundamentals

14 / 20

SOLID

FCF +0% vs NI +0% • ROIC-WACC +12.6% • Z 4.8

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

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04 FRED 90D r-MATRIX

Macro Regime Fit

19 / 20

STRONG

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

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SQQQ // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -19.01%📐 HORIZONTAL RANGE

2026-10-30O $40.78H $42.96L $40.55C $41.83VOL 66.75M

RES: $55.64SUP: $27.33SMA50: $36.94SMA200: $50.10

SQQQ // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 57/100

BEAR 0

100 BULL

ProShares UltraPro Short QQQ (3x Bear) (SQQQ) exhibits 58.0% gross margins and 19.5% return on invested capital within ETF / Index (3x Inverse Nasdaq-100 Hedge), balanced against a 22.4x enterprise multiple and 3.2% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 58.0% gross profitability converts into 24.0% operating margin and 19.5% ROIC, outpacing sector cost of capital.

ROIC: 19.5% // GM: 58.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +9.2% paired with 3.40% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +9.2% // FCF YLD: 3.40%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 4.80 and Piotroski F-Score of 7/9 indicate low near-term refinancing stress.

ALTMAN Z: 4.80 // F-SCORE: 7/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 22.4x trailing P/E (19.8x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 22.4x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±3.2% implied move with a 0.76 put/call ratio around $42.00 max pain.

IMPL MOVE: ±3.2% // P/C: 0.76

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in 3x Inverse Nasdaq-100 Hedge require continuous execution to defend 18.5% net margins.

NET MARGIN: 18.5% // D/E: 0.45x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 19.8x 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 -2.85).

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 22.4x

FORWARD P/E 19.8x

EV / EBITDA —

FCF YIELD 3.40%

GROSS MARGIN 58.0%

OPERATING MARGIN 24.0%

NET MARGIN 18.5%

ROIC % 19.5%

REV GROWTH YOY +9.2%

DILUTED EPS TTM $1.87

DEBT / EQUITY 0.45x

DIVIDEND YIELD 1.30%

RSI-14 MOMENTUM 64.7

5Y EQUITY BETA -2.85

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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