DUSL vs TQQQ: Grades, Fees and Holdings Compared

Direxion Daily Industrials Bull 3X ETF

DUSLCNYSE Arca

ProShares UltraPro QQQ

TQQQANasdaq

Overlap

1.5%by weight

Expense ratio

TQQQ −0.19pt a year

DUSL0.97%TQQQ0.78%

Avg volume · 30D

TQQQ 4309.9×the volume

DUSL13.3KTQQQ57.2M

5Y return · a year

DUSL +6.1pt

DUSL+14.6%TQQQ+8.5%

DUSL vs TQQQ Performance

Nov 4, 2021 – Nov 4, 2026

+97.9%DUSL+50.5%TQQQ

Expense ratio: DUSL 0.97%; TQQQ 0.78%, better
Fund size: DUSL $40M; TQQQ $33.2B
1Y total return: DUSL +17.0%, better; TQQQ +12.9%
Yield (12M): DUSL 9.88%, better; TQQQ 0.78%
Holdings: DUSL 91; TQQQ 115
Avg volume (30D): DUSL 13.3K sh; TQQQ 57.2M sh, better
NAV per share: DUSL $73.60; TQQQ $62.19
52W range

ETF.net Grade

Pillar letters and Scores for DUSL, TQQQ, with each pillar’s weight
Pillar	DUSL	TQQQ
Cost30% weight	D38	A97Higher
Mission25% weight	Not scored	A84
Risk15% weight	A73Higher	B59
Tradability15% weight	C41	A97Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	D33	A79Higher

Rank among 3x Leveraged Long funds

How we build Categories ›

Same Category. DUSL and TQQQ are both graded against the same 30 3x Leveraged Long funds, so their Grades compare head to head.

3x Leveraged Long⁠

Category · 30 funds

See all 30 ›

TQQQ ranks 1st and DUSL 15th of 30 funds in the 3x Leveraged Long Category.

Rank 1ATQQQProShares UltraPro QQQScore 86
Rank 2AFASDirexion Daily Financial Bull 3X ETFScore 80
Rank 14CWEBLDirexion Daily Dow Jones Internet Bull 3X SharesScore 48
Rank 15CDUSLDirexion Daily Industrials Bull 3X ETFScore 46
Rank 16CDRNDirexion Daily Real Estate Bull 3X ETFScore 45

Our read on each fund

ETF.net Research

DUSLCDirexion Daily Industrials Bull 3X ETF

TQQQAProShares UltraPro QQQ

In short

DUSL Triple-leveraged exposure to the least glamorous corner of the market. DUSL aims to deliver 3x the daily move of the Industrials Select Sector Index, and it resets that target every day. Running since 2017.

TQQQ The original 3x Nasdaq-100 trade, live since 2010. Leverage resets every day, chasing three times the index's one-day move, and it is one of the most heavily traded names in its corner of the market.

Stated mandate

DUSL The fund seeks daily investment results, before fees and expenses, equal to 300% of the performance of the Industrials Select Sector Index.

TQQQ The fund seeks daily investment results, before fees and expenses, equal to three times the daily performance of the Nasdaq-100 Index.

Why people hold it

DUSL One job: 300% of the Industrials Select Sector Index's daily return, before fees and expenses. Direxion has run it since 2017, so the mechanics are well seasoned.direxion.com
Leverage spread across roughly 80 industrial companies, so no single name runs the day, though the whole basket moves at 3x.
At 0.97% net of a waiver through September 1, 2027 (0.98% gross), the fee sits near the category median for 3x funds.

TQQQ Costs 0.78% net of a waiver through September 30, 2027 (0.94% gross), below the median fee for 3x bull funds and below stablemate UDOW at 0.94% with no waiver.
A multi-billion-dollar fund and one of the busiest tickers in the leveraged space, which matters when a daily-reset position needs to be entered or exited quickly.
Delivers its stated 3x daily target with close day-to-day fidelity, one of the stronger implementations among 3x bull funds.proshares.com
Straightforward plumbing: it rebalances exposure to the Nasdaq-100 each day, raising it as the index rises and cutting it as the index falls.sec.gov

Worth knowing

DUSL The 3x target resets daily. Hold longer and compounding takes over: choppy stretches can leave you short of 3x the index's move over that span.
One of the smaller, less-traded funds in the 3x lineup, which can mean wider bid-ask spreads than the headline leveraged names.
Cheaper 3x options exist here: SOXL at 0.75% and TQQQ at 0.78%, each net of waivers (SOXL through September 1, 2027; TQQQ through September 30, 2027).

TQQQ The prospectus is blunt: this seeks results for a single day only. Hold longer and compounding takes over, so multi-day results can land far from 3x the index move, especially in choppy tape.sec.gov
Triple exposure cuts both ways. A rough day for the Nasdaq-100 hits roughly three times as hard here, which is why this scores as one of the riskier structures on our books.
The fee break is contractual, not permanent. Should the waiver lapse after September 30, 2027, the cost reverts toward the 0.94% gross rate.

Full DUSL profile⁠

Full TQQQ profile⁠

DUSL vs TQQQ Holdings

How DUSL and TQQQ differ

Overlap by weight

1.5%

Shared holdings make up 2.6% of DUSL and 1.5% of TQQQ.

Level by level

Holdings11 in both1.5%
Sector10 Sectors11.7%
Countryby domicile97.3%
Asset classEquity100%

Sector

Sector weights in DUSL and TQQQ, widest gap first
Sector	Gap	DUSL	TQQQ
Industrials	DUSL +88.3 points	93.4%	5.1%
Technology	TQQQ +54.2 points	6.1%	60.3%
Communication	TQQQ +12.6 points	0.0%	12.6%
Consumer Discretionary	TQQQ +9.9 points	0.2%	10.1%
Consumer Staples	TQQQ +5.6 points	0.0%	5.6%
Health Care	TQQQ +3.8 points	0.0%	3.8%
Utilities	TQQQ +1.0 points	0.0%	1.0%
Materials	TQQQ +0.6 points	0.3%	0.9%
Energy	TQQQ +0.5 points	0.0%	0.5%
Financials	TQQQ +0.2 points	0.0%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in DUSL and TQQQ, widest gap first
Country	Gap	DUSL	TQQQ
United States	DUSL +2.7 points	100.0%	97.3%
Canada	TQQQ +1.1 points	0.0%	1.1%
Netherlands	TQQQ +0.9 points	0.0%	0.9%
Other countries (3)	TQQQ +0.8 points	0.0%	0.8%

Concentration

Weight in the 10 largest Holdings

DUSL81.4%
TQQQ56.3%

Securities held

DUSL85
TQQQ114

Asset class

DUSL: Equity
TQQQ: Equity

Holdings

Only in DUSL74
In both11
Only in TQQQ103

Only in DUSL

74 securities, 22.7% of DUSL by weight

Goldman Finl Sq Trsry Inst 5063.20%
General Electric1.30%
Caterpillar Inc1.12%
Rtx Corp1.07%
Ge Vernova Inc0.95%
Goldman Sachs Fin Gov 465 Institut0.83%
Union Pacific Corp0.70%
Deere & Co0.65%
Eaton Corp PLC0.59%
Boeing Co/The0.53%
Uber Technologies Inc0.53%
Lockheed Martin Corp0.51%
Parker Hannifin Corp0.47%
Quanta Services Inc0.39%
General Dynamics Corp0.37%
Emerson Electric Co0.36%
Trane Technologies PLC0.36%
3M Co0.36%
Vertiv Holdings Co-A0.35%
Johnson Controls Internation0.35%
Howmet Aerospace Inc0.35%
Waste Management Inc0.34%
United Parcel Service-Cl B0.32%
Norfolk Southern Corp0.30%
Illinois Tool Works0.29%
Northrop Grumman Corp0.29%
United Rentals Inc0.29%
Fedex Corp0.27%
Cummins Inc0.27%
Transdigm Group Inc0.26%
Bloom Energy Corp- A0.25%
Ww Grainger Inc0.24%
Ametek Inc0.22%
L3HARRIS Technologies Inc0.20%
Delta Air Lines Inc0.19%
Rockwell Automation Inc0.19%
Wabtec Corp0.19%
Republic Services Inc0.19%
Ferguson Enterprises Inc0.18%
Carrier Global Corp0.18%
Comfort Systems Usa Inc0.18%
United Airlines Holdings Inc0.14%
Emcor Group Inc0.12%
Otis Worldwide Corp0.11%
Ingersoll-Rand Inc0.11%
Dover Corp0.11%
Veralto Corp0.11%
Expeditors Intl Wash Inc0.10%
Verisk Analytics Inc0.10%
Hubbell Inc0.09%

Only in TQQQ

103 securities, 81.6% of TQQQ by weight

Proshares Genius Mny Mkt Etf16.15%
Apple Inc4.00%
NVIDIA Corp3.78%
TREASURY BILL, 0%, due 2027-01-263.25%
Microsoft Corp3.24%
TREASURY BILL, 0%, due 2026-12-012.38%
Amazon.com Inc2.25%
TREASURY BILL, 0%, due 2026-11-102.24%
TREASURY BILL, 0%, due 2026-12-292.08%
TREASURY BILL, 0%, due 2027-01-191.98%
Micron Technology Inc1.94%
TREASURY BILL, 0%, due 2027-01-121.92%
Advanced Micro Devices1.73%
TREASURY BILL, 0%, due 2026-12-241.71%
Tesla Inc1.59%
TREASURY BILL, 0%, due 2027-02-111.47%
Meta Platforms Inc-Class A1.47%
Walmart Inc1.36%
Alphabet Inc-Cl A1.33%
Space Exploration Techn-Cl A1.26%
Alphabet Inc-Cl C1.25%
Broadcom Inc1.21%
Costco Wholesale Corp1.01%
Cisco Systems Inc0.88%
Palantir Technologies Inc-A0.86%
Intel Corp0.66%
Applied Materials Inc0.63%
Texas Instruments Inc0.62%
Palo Alto Networks Inc0.61%
TREASURY BILL, 0%, due 2026-12-030.60%
Lam Research Corp0.60%
Netflix Inc0.60%
Amgen Inc0.56%
Crowdstrike Holdings Inc - A0.53%
Linde PLC0.52%
Gilead Sciences Inc0.47%
TREASURY BILL, 0%, due 2027-02-180.44%
Analog Devices Inc0.43%
Kla Corp0.42%
Pepsico Inc0.42%
Shopify Inc - Class A0.40%
Qualcomm Inc0.39%
T-Mobile Us Inc0.37%
Intuitive Surgical Inc0.37%
Sandisk Corp0.33%
Asml Holding Nv-Ny Reg Shs0.30%
Marvell Technology Inc0.30%
Vertex Pharmaceuticals Inc0.30%
TREASURY BILL, 0%, due 2026-12-170.30%
TREASURY BILL, 0%, due 2027-02-090.29%

Weight gaps

All 11 Holdings in both funds, largest gap first.

Holding weights in DUSL and TQQQ, widest gap first
Holding	Gap	DUSL	TQQQ
Automatic Data ProcessingADP	DUSL +0.20 points	0.46%	0.26%
Csx CorpCSX	DUSL +0.16 points	0.37%	0.21%
Honeywell International IncHON	DUSL +0.12 points	0.28%	0.16%
Fastenal CoFAST	DUSL +0.10 points	0.23%	0.13%
Cintas CorpCTAS	DUSL +0.10 points	0.30%	0.20%
Paccar IncPCAR	DUSL +0.09 points	0.21%	0.12%
Honeywell Aerospace IncHONA	DUSL +0.08 points	0.19%	0.11%
Axon Enterprise IncAXON	DUSL +0.06 points	0.13%	0.07%
Paychex IncPAYX	DUSL +0.05 points	0.14%	0.09%
Old Dominion Freight LineODFL	DUSL +0.05 points	0.13%	0.08%
Copart IncCPRT	DUSL +0.03 points	0.10%	0.07%

All 85 DUSL holdings⁠All 123 TQQQ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DUSL vs TQQQ Cost

Overpaying DUSL vs TQQQ

$3,196

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

DUSL 0.97%
$18,198
TQQQ 0.78%
$15,002

Amount$10,000

Years30 years

Cost over time

DUSL 0.97%
TQQQ 0.78%
Overpaying

Year by year

Year	DUSL	TQQQ	Overpaying
10	$1,712	$1,388	$324
20	$6,443	$5,268	$1,175
30	$18,198	$15,002	$3,196

Expense ratio

0.97%DUSL
0.78%TQQQ, cheaper

TQQQ0.78%DUSL0.97%

0.75%1.34%

Middle half of 3x Leveraged Long funds
Median 0.96%

TQQQ 2nd cheapest of 30 funds

DUSL 16th cheapest of 30 funds

DUSL vs TQQQ Dividends

Last 12 months to Nov 4, 2026

Yield (12M): DUSL 9.88%, better; TQQQ 0.78%
Payout (12M): DUSL $7.51; TQQQ $0.48
Last payment: DUSL $0.0083; TQQQ $0.16
Ex-dividend: DUSL Sep 22, 2026; TQQQ Sep 23, 2026
Paid on: DUSL Sep 29, 2026; TQQQ Sep 29, 2026
Frequency: DUSL Quarterly; TQQQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DUSLQuarterly · 36 paymentsAll DUSL payments⁠

TQQQQuarterly · 14 paymentsAll TQQQ payments⁠

DUSL vs TQQQ Risk

Fall from peak · 5 years

DUSL
TQQQ

Risk facts

VolatilityStd dev, 3 years: DUSL 48.6%, betterTQQQ 56.9%
Return per unit of riskSharpe ratio, 3 years: DUSL 0.93TQQQ 0.98, better
Worst fallMax drawdown, 5 years: DUSL −58.4%, betterTQQQ −81.7%
Market sensitivityBeta, 5 years: DUSL 2.77TQQQ 3.74; Market = 1

Popular comparisons

DUSLCvsFASA
Direxion Daily Industrials Bull 3X ETF · Direxion Daily Financial Bull 3X ETF
Expense ratio
0.97% · 0.88%
Category
TQQQAvsTECLA
ProShares UltraPro QQQ · Direxion Daily Technology Bull 3X ETF
Expense ratio
0.78% · 0.87%
Category
DUSLCvsUDOWA
Direxion Daily Industrials Bull 3X ETF · ProShares UltraPro Dow30
Expense ratio
0.97% · 0.94%
Category
TQQQAvsSOXLA
ProShares UltraPro QQQ · Direxion Daily Semiconductor Bull 3X ETF
Expense ratio
0.78% · 0.75%
Category
DUSLCvsSOXLA
Direxion Daily Industrials Bull 3X ETF · Direxion Daily Semiconductor Bull 3X ETF
Expense ratio
0.97% · 0.75%
Category
TQQQAvsFASA
ProShares UltraPro QQQ · Direxion Daily Financial Bull 3X ETF
Expense ratio
0.78% · 0.88%
Category