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QLD vs QQUP

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra QQQ Mega

QQUPCNasdaq

Overlap

Expense ratio

QLD −0.06pt a year

QLD0.89%QQUP0.95%

Avg volume · 30D

QLD 1428.6×the volume

QLD4.15MQQUP2.9K

QLD vs QQUP Performance

Oct 31, 2025 – Oct 30, 2026

+10.7%QLD−7.0%QQUP

Oct 31, 2025 to Oct 30, 2026. QLD +10.7%. QQUP −7.0%. Use the arrow keys to read each point.−30%−20%20%30%Oct 2025Apr 2026Oct 2026
Expense ratio
QLD 0.89%, better
QQUP 0.95%
Fund size
QLD $13.3B
QQUP $23M
1Y total return
QLD +10.7%, better
QQUP −7.0%
Yield (12M)
QLD 0.15%
QQUP 0.66%, better
Holdings
QLD 113
QQUP 9
Avg volume (30D)
QLD 4.15M sh, better
QQUP 2.9K sh
NAV per share
QLD $82.56
QQUP $58.28
52W range

ETF.net Grade

QLD: Cost 72, Risk 66, Mission 95, Tradability 100, Holdings 72, Durability 81. QQUP: Cost 51, Risk 47, Mission not scored, Tradability 58, Holdings not scored, Durability 59.
Pillar letters and Scores for QLD, QQUP, with each pillar’s weight
PillarQLDQQUP
Cost30% weightA72HigherC51
Mission25% weightA95Not scored
Risk15% weightB66HigherC47
Tradability15% weightA100HigherB58
Holdings10% weightA72Not scored
Durability5% weightA81HigherB59

Rank among Leveraged Long (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. QLD and QQUP are both graded against the same 95 Leveraged Long (2x & Other) funds, so their Grades compare head to head.

Leveraged Long (2x & Other)⁠

Category · 95 funds
See all 95 ›

QLD ranks 1st and QQUP 25th of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 24CQQXLProShares Ultra QQQ Top 30Score 53
  4. Rank 25CQQUPProShares Ultra QQQ MegaScore 52
  5. Rank 25CUGLProShares Ultra GoldScore 52

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

QQUPCProShares Ultra QQQ Mega

In short

QLD The 2x dial on the Nasdaq-100. QLD aims for twice the index's daily move, half the dose of the 3x crowd, and it has been running that playbook since 2006. The multiple resets every session.

QQUP Most 2x Nasdaq funds own all 100 names. QQUP targets twice the daily move of only the mega-cap top slice, with membership set by index rules rather than a frozen Mag 7 list.

Stated mandate

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

QQUP The fund targets two times the daily returns of the Nasdaq-100 Mega Index.

Why people hold it

  • QLD Costs 0.89% net of a waiver through September 30, 2027 (0.96% gross), below the leveraged-bull category median and under Ultra stablemates ROM (0.93%) and DDM (0.95%).
  • Hits its stated daily 2x mark with very little drift, one of the tighter implementations among the roughly 100 leveraged bull funds in its group.
  • A multi-billion-dollar, actively traded fund, so entering and exiting rarely means hunting for the other side of the trade.
  • Trading since June 2006, which makes it one of the longest-running leveraged equity funds on the US shelf rather than a recent product-shelf experiment.
  • QQUP ProShares calls it the first and only ETF targeting 2x the daily move of the Nasdaq-100 Mega Index, a basket covering roughly the top 45% of the Nasdaq-100.proshares.com
  • Membership is rules-based: annual December reconstitution plus rank checks in March, June and September, so the mega-cap leaderboard rotates as it changes.nasdaq.com
  • Fee is 0.95% net of a waiver through September 30, 2027 (1.22% gross), near the median for leveraged bull funds.

Worth knowing

  • QLD The 2x objective covers one day only. Hold longer and daily resets plus compounding can push results away from twice the index's move over that stretch, in either direction.proshares.com
  • Magnification runs both ways: a down day in the Nasdaq-100 lands on shareholders at roughly double size, same as an up day.
  • Cheap for geared exposure, still well above a plain unleveraged Nasdaq-100 tracker. The waiver is set to lapse September 30, 2027, after which the 0.96% gross rate applies unless renewed.
  • QQUP The 2x target applies to a single day. Over longer holds, daily compounding can push returns meaningfully above or below 2x the index, as the prospectus spells out.proshares.com
  • A narrow mega-cap basket, doubled. One name's bad week lands harder here than in a 2x fund spread across all 100 Nasdaq-100 members.proshares.comnasdaq.com
  • Launched in 2025, it stays small and lightly traded next to veterans like QLD, which runs 0.89% net of a waiver through September 30, 2027.

Full QLD profile⁠

Full QQUP profile⁠

QLD vs QQUP 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.

QLD vs QQUP Cost

Overpaying QQUP vs QLD

$997

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

  • QLD 0.89%

    $16,872

  • QQUP 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QLD 0.89%
  • QQUP 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530QQUP $17,869QLD $16,872

Year by year

YearQLDQQUPOverpaying
10$1,576$1,678$102
20$5,953$6,322$369
30$16,872$17,869$997

Expense ratio

  • 0.89%QLD, cheaper
  • 0.95%QQUP
  • Middle half of Leveraged Long (2x & Other) funds
  • Median 0.95%

QLD 28th cheapest of 95 funds

QQUP 32nd cheapest of 95 funds

QLD vs QQUP Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLD 0.15%
QQUP 0.66%, better
Payout (12M)
QLD $0.12
QQUP $0.39
Last payment
QLD $0.03
QQUP $0.08
Ex-dividend
QLD Sep 23, 2026
QQUP Sep 23, 2026
Paid on
QLD Sep 29, 2026
QQUP Sep 29, 2026
Frequency
QLD Quarterly
QQUP Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QLDQuarterly · 21 paymentsAll QLD payments⁠
One bar per payment. 21 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.0012; Jun 21, 2017 $0.00044; Dec 26, 2018 $0.005; Mar 20, 2019 $0.0078; Jun 25, 2019 $0.0052; Dec 24, 2019 $0.0062; Mar 25, 2020 $0.0011; Dec 22, 2022 $0.05; Sep 20, 2023 $0.09; Dec 20, 2023 $0.04; Mar 20, 2024 $0.03; Jun 26, 2024 $0.05; Sep 25, 2024 $0.03; Dec 23, 2024 $0.03; Mar 26, 2025 $0.01; Jun 25, 2025 $0.06; Sep 24, 2025 $0.02; Dec 24, 2025 $0.02; Mar 25, 2026 $0.01; Jun 24, 2026 $0.06; Sep 23, 2026 $0.03. Use the arrow keys to read each point.$0$0.102017202020232026YTD
QQUPQuarterly · 5 paymentsAll QQUP payments⁠
One bar per payment. 5 payments from 2017 to 2026 YTD. Sep 24, 2025 $0.07; Dec 24, 2025 $0.09; Mar 25, 2026 $0.11; Jun 24, 2026 $0.10; Sep 23, 2026 $0.08. Use the arrow keys to read each point.$0$0.102017202020232026YTD

QLD vs QQUP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
QLD 36.7%QQUP 46.7%since Jul 2025
Return per unit of riskSharpe ratio, 3 years
QLD 1.04QQUP 0.60since Jul 2025
Worst fallMax drawdown, 5 years
QLD −63.7%QQUP −37.7%since Jun 2025
Market sensitivityBeta, 5 years
QLD 2.46QQUP 3.46

QLD and QQUP in the news

All news⁠

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