SQQQ on Solana: Leveraged Short ETF on the Nasdaq-100 Now Tradable in Tokenized Form

What Happened

Raydium reported on September 25 that SQQQ can now be traded there. The ticker stands for ProShares UltraPro Short QQQ, an ETF listed on U.S. exchanges. According to Raydium, it is tradable around the clock on Solana via Sunrise and Backpack Securities. It is another listing in Backpack Securities’ series of tokenized securities, most recently with the copper miners ETF COPX.

How the Product Works

• Inverse and leveraged: per Raydium, the ETF is designed to deliver three times the opposite of the Nasdaq-100’s daily performance. If the index falls 1 percent on a given day, the ETF targets a 3 percent gain, and vice versa.
• Daily target: the target applies to a single trading day. Over several days, performance can therefore deviate significantly from three times the inverse of the index’s performance, especially when prices swing.

Two Tokens with the Same Name

The tokens.xyz page, run by the Solana Foundation, lists two different SQQQ tokens. The Backpack Securities version has the mint address SQQQAa3gUxgnqcEsdjPA4RQNQBgB97TnG2hJhk2WaGE. The page also lists a separate tokenized version from Ondo Finance with a different address. The same name does not mean the same issuer. How tokenized stocks and ETFs on Solana work in general is covered in Tokenized stocks on Solana explained.

Leveraged and inverse ETFs are complex products with elevated risk of loss. Tokenized securities may be subject to securities rules depending on jurisdiction and are not tradable everywhere.

What to Watch

• Which other leveraged or inverse ETFs follow in tokenized form on Solana
• How wallets label different versions of the same security

Sources

• Raydium — Post on X
• Tokens on Solana — SQQQ token page
• SOLANA·HUB knowledge: Tokenized stocks on Solana explained
• SOLANA·HUB news: Backpack Securities launches · COPX tokenized