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Launched

ProShares UltraShort QQQ Mega

QQDNNasdaqProSharesCThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$22.23+0.44 (+2.02%)

At close: Nov 2, 2026, 4:00 PM ET

C40/ 100

Rank 32 of 54 in Leveraged Inverse (2x & Other)

C40/100Rank 32 of 54inLeveraged Inverse (2x & Other)
Intraday session: up, 79 prints from 21.79 to 22.23. Range 21.13 to 22.23. Use the arrow keys to read each point.21.2021.4021.6022.0010 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$1M
1Y total return
−6.0%
Yield · Last 12 months
5.39%
Holdings
1
Avg volume · 30D
1.85K sh
52W range
low $18.74high $35.03
Launched

*After a fee waiver that ends Sep 30, 2027. Without it: 3.06%.

The ETF.net QQDN Grade

Based on 4 of 6 pillars

C

Score 40 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
32 of 54
Six-pillar profile for QQDN. Scores out of 100: Cost 50, Risk 49, Mission not scored, Tradability 27, Holdings not scored, Durability 22. Strongest: Cost (50). Weakest: Durability (22). Based on 4 of 6 pillars.

Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
42
This cap took
−2
Published Score
40 Grade C

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C50 out of 100
    Rank 1 of 54

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C49 out of 100
    Rank 24 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D27 out of 100
    Rank 45 of 54

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F22 out of 100
    Rank 51 of 54

Our read on QQDN

ETF.net Research

In short

CThe only ETF aiming at -2x the daily move of the Nasdaq-100 Mega Index, the top slice of the Nasdaq-100 by weight. A short on today's mega-cap leaders, not a fixed Mag 7 list. 0.95% net of a waiver through September 30, 2027.

Stated mandate

QQDN seeks daily results equal to two times the inverse of the Nasdaq-100 Mega Index's daily performance, before fees and expenses.

Why people hold it

  • Targets -2x the daily move of an index built from the top 45% cumulative weight of the Nasdaq-100, so the bearish bet rides on the handful of names driving the index.nasdaq.com
  • Membership is dynamic: the index rebuilds around whichever Nasdaq-100 giants carry the weight, rather than locking in a fixed Mag 7 or FAANG roster.nasdaq.comproshares.com
  • 0.95% net of a waiver through September 30, 2027, near the category median and level with ProShares' long-running shorts PSQ and DOG (also 0.95% net, waivers to the same date).
  • Swaps do the work, so short exposure arrives in a regular brokerage account: no margin agreement, no borrowing shares, no buy-in risk.proshares.com

Worth knowing

  • The -2x target applies to a single day. Hold longer and results depend on the path the index takes; choppy markets can pull returns well away from -2x the period move.proshares.com
  • The 0.95% is net of a waiver through September 30, 2027. Gross expenses run 3.06%, so the headline fee depends on ProShares keeping that waiver in place.
  • A small fund that trades thinly, which can mean wider bid-ask spreads than ProShares' long-established short ETFs and more cost in getting in and out.

QQDN Performance

Launched Jun 10, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
QQDN$9,402
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. QQDN $9,402. SPY $11,199. Use the arrow keys to read each point.$10,000$12,500$15,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for QQDN. Periods over one year show the average yearly return.
PeriodQQDN
Year to date−12.7%
1 month+9.1%
3 months+0.6%
1 year−6.0%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for QQDN
YearReturn barQQDN
2026 YTD−12.7%
2025−34.1%

History from Jun 12, 2025

QQDN in the news

QQDN Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
5.39%Last 12 months
Payout per share
$1.18Last 12 months
Last payment
$0.18 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2025–2026

One bar per payment. 5 payments from 2025 to 2026 YTD. Sep 24, 2025 $0.25; Dec 24, 2025 $0.63; Mar 25, 2026 $0.16; Jun 24, 2026 $0.21; Sep 23, 2026 $0.18. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.18
Jun 24, 2026Jun 30, 2026$0.21
Mar 25, 2026Mar 31, 2026$0.16
Dec 24, 2025Dec 31, 2025$0.63
Sep 24, 2025Sep 30, 2025$0.25

$10,000 in QQDN 1 year ago paid $484 in dividends.

QQDN Risk

Risk pillarC49 out of 100Rank 24 of 53 in Leveraged Inverse (2x & Other)

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
41.1%
Annualised · 16 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.72
vs 3-month T-bills · 16 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−51.8%
16 months · trough Oct 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−2.78
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

QQDN Cost

Compare QQDN and QQQD

Overpaying vs QQQD, cheapest in Leveraged Inverse (2x & Other)

$7,890

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • QQDN 0.95%

    $17,869

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • QQDN 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530QQDN $17,869QQQD $9,979

Year by year

YearQQDNQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890
How the 0.95% is worked out

Full fee 3.06%− waiver 2.11%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 3.06% unless ProShares renews it. Source: prospectus, Sep 2026.

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