Sun Sep 15 13:49:36 UTC 2024: ## Oppenheimer Cuts Stake in ProShares Short QQQ (PSQ)
**New York, NY – September 15, 2024** – Oppenheimer & Co. Inc. significantly reduced its holdings in ProShares Short QQQ (NYSEARCA:PSQ) during the second quarter, according to the company’s latest Form 13F filing. The firm sold 535,441 shares, leaving them with only 95,639 shares of the exchange-traded fund (ETF). This represents an 84.8% decrease in their stake, which was worth $3,873,000 at the end of the reporting period.
ProShares Short QQQ is designed to track the inverse performance of the NASDAQ-100 Index, meaning it benefits when the index falls.
Oppenheimer’s move follows a trend of other institutional investors adjusting their positions in PSQ. Udine Wealth Management Inc. increased its stake by 266.0% in the first quarter, while IMC Chicago LLC acquired a new position worth approximately $9,151,000. Advisory Services Network LLC and Gunderson Capital Management Inc. also boosted their holdings in the first quarter.
Despite Oppenheimer’s reduction, other investors appear optimistic about PSQ’s prospects. The ETF’s performance remains closely tied to the overall health of the tech sector, which is reflected in the NASDAQ-100 Index.
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