QLD vs QQXL: Grades, Fees and Holdings Compared

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra QQQ Top 30

QQXLCNasdaq

Overlap

23.6%by weight

Expense ratio

QLD −0.07pt a year

QLD0.89%QQXL0.96%

Avg volume · 30D

QLD 2073.6×the volume

QLD4.54MQQXL2.19K

QLD vs QQXL Performance

Nov 7, 2025 – Nov 9, 2026

+13.1%QLD+8.5%QQXL

Expense ratio: QLD 0.89%, better; QQXL 0.96%
Fund size: QLD $11.5B; QQXL $4M
1Y total return: QLD +13.1%, better; QQXL +8.5%
Yield (12M): QLD 0.16%; QQXL 1.19%, better
Holdings: QLD 114; QQXL 32
Avg volume (30D): QLD 4.54M sh, better; QQXL 2.19K sh
NAV per share: QLD $74.16; QQXL $43.17
52W range

ETF.net Grade

Pillar letters and Scores for QLD, QQXL, with each pillar’s weight
Pillar	QLD	QQXL
Cost30% weight	A72Higher	C51
Mission25% weight	A96	Not scored
Risk15% weight	B61Higher	C52
Tradability15% weight	A100Higher	B58
Holdings10% weight	B65	Not scored
Durability5% weight	A81Higher	C52

Rank among Leveraged Long (2x & Other) funds

How we build Categories ›

Same Category. QLD and QQXL 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 QQXL 25th of 95 funds in the Leveraged Long (2x & Other) Category.

Rank 1AQLDProShares Ultra QQQScore 76
Rank 2AUYGProShares Ultra FinancialsScore 74
Rank 25CQQUPProShares Ultra QQQ MegaScore 52
Rank 25CQQXLProShares Ultra QQQ Top 30Score 52
Rank 27CUCCProShares Ultra Consumer DiscretionaryScore 51

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

QQXLCProShares Ultra QQQ Top 30

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.

QQXL The first ETF to aim 2x daily leverage at just the top 30 names of the Nasdaq-100 instead of all 100. Same mega-cap engine as the classic leveraged Nasdaq trade, with the back half of the index left on the cutting room floor.

Stated mandate

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

QQXL The fund seeks daily investment results, before fees and expenses, corresponding to twice the daily performance of the Nasdaq-100 Top 30 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.

QQXL The first and only ETF targeting 2x the daily move of the Nasdaq-100 Top 30 Index, so the leverage lands on 30 mega caps rather than the full 100.proshares.com
Charges 0.96% net of a waiver through September 30, 2027, near the typical 2x fund's fee. Sibling QLD runs 0.89% (also net of a waiver through that date) for the whole index.
Run by ProShares, which has managed leveraged Nasdaq-100 funds for years before this one arrived. Distributions are paid quarterly.proshares.com

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.

QQXL The leverage resets every day. Hold past a single session and compounding takes over, so multi-day results can drift well away from 2x the index, especially in choppy markets.proshares.com
That 0.96% is a waived rate. The gross expense ratio is 1.84%, and the waiver is contracted through September 30, 2027.
Thirty names, heavy on mega-cap tech, and it only launched in August 2025: a concentrated book, a short record, and lighter trading than the 2x Nasdaq-100 veterans.

Full QLD profile⁠

Full QQXL profile⁠

QLD vs QQXL Holdings

How QLD and QQXL differ

Overlap by weight

23.6%

Shared holdings make up 56.4% of QLD and 23.6% of QQXL.

About this figure: QLD gets much of its exposure from swaps and futures, which aren’t counted.

QQXL gets much of its exposure from swaps and futures, which aren’t counted.

Level by level

Holdings31 in both23.6%
Countryby domicile97.3%
Asset classStocks100%

Sector

No Sector split for QQXL.

Country, concentration and asset class

Country by domicile

Country weights in QLD and QQXL, widest gap first
Country	Gap	QLD	QQXL
United States	QQXL +2.7 points	97.3%	100.0%
Canada	QLD +1.0 points	1.0%	0.0%
Netherlands	QLD +0.9 points	0.8%	0.0%
Other countries (3)	QLD +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

QLD51.0%
QQXL90.0%

Securities held

QLD113
QQXL31

Asset class

QLD: Stocks
QQXL: Stocks

Holdings

Only in QLD82
In both31
Only in QQXL0

Only in QLD

82 securities, 35.3% of QLD by weight

Proshares Genius Mny Mkt Etf11.96%
TREASURY BILL, 0%, due 2026-12-291.52%
TREASURY BILL, 0%, due 2027-01-190.78%
Gilead Sciences Inc0.73%
Shopify Inc - Class A0.63%
Analog Devices Inc0.62%
Qualcomm Inc0.61%
Intuitive Surgical Inc0.56%
Vertex Pharmaceuticals Inc0.49%
Asml Holding Nv-Ny Reg Shs0.47%
TREASURY BILL, 0%, due 2026-12-010.43%
TREASURY BILL, 0%, due 2026-12-240.43%
TREASURY BILL, 0%, due 2027-01-260.43%
TREASURY BILL, 0%, due 2027-02-110.43%
TREASURY BILL, 0%, due 2027-02-160.43%
Booking Holdings Inc0.43%
Automatic Data Processing0.42%
Starbucks Corp0.42%
Applovin Corp-Class A0.42%
Marriott International -Cl A0.38%
Moderna Inc0.36%
Adobe Inc0.34%
Western Digital Corp0.34%
Intuit Inc0.33%
Regeneron Pharmaceuticals0.32%
Csx Corp0.32%
Monster Beverage Corp0.32%
Cintas Corp0.31%
Constellation Energy0.31%
Cadence Design Sys Inc0.31%
Fortinet Inc0.31%
Comcast Corp-Class A0.30%
Synopsys Inc0.30%
Mondelez International Inc-A0.30%
Airbnb Inc-Class A0.28%
TREASURY BILL, 0%, due 2026-12-170.28%
Mercadolibre Inc0.27%
Arm Holdings Plc-Adr0.27%
Ross Stores Inc0.26%
Doordash Inc - A0.26%
O'reilly Automotive Inc0.26%
Honeywell International Inc0.25%
American Electric Power0.24%
Nxp Semiconductors NV0.22%
Fastenal Co0.21%
Datadog Inc - Class A0.21%
Monolithic Power Systems Inc0.21%
Pdd Holdings Inc0.20%
Autodesk Inc0.19%
Paccar Inc0.19%

Only in QQXL

0 securities, 0.0% of QQXL by weight

Weight gaps

All 31 Holdings in both funds, largest gap first.

Holding weights in QLD and QQXL, widest gap first
Holding	Gap	QLD	QQXL
Apple IncAAPL	QLD +3.71 points	6.38%	2.67%
NVIDIA CorpNVDA	QLD +3.34 points	5.75%	2.41%
Microsoft CorpMSFT	QLD +2.92 points	5.03%	2.11%
Amazon.com IncAMZN	QLD +2.40 points	3.57%	1.17%
Micron Technology IncMU	QLD +1.60 points	2.75%	1.15%
Advanced Micro DevicesAMD	QLD +1.48 points	2.59%	1.11%
Tesla IncTSLA	QLD +1.37 points	2.40%	1.03%
Meta Platforms Inc-Class AMETA	QLD +1.33 points	2.32%	0.99%
Alphabet Inc-Cl AGOOGL	QLD +1.24 points	2.14%	0.90%
Walmart IncWMT	QLD +1.23 points	2.15%	0.92%
Alphabet Inc-Cl CGOOG	QLD +1.16 points	2.00%	0.84%
Space Exploration Techn-Cl ASPCX	QLD +1.16 points	2.03%	0.87%
Broadcom IncAVGO	QLD +1.02 points	1.79%	0.77%
Costco Wholesale CorpCOST	QLD +0.94 points	1.65%	0.71%
Palantir Technologies Inc-APLTR	QLD +0.74 points	1.30%	0.56%
Cisco Systems IncCSCO	QLD +0.74 points	1.30%	0.56%
Intel CorpINTC	QLD +0.59 points	1.04%	0.45%
Netflix IncNFLX	QLD +0.53 points	0.93%	0.40%
Applied Materials IncAMAT	QLD +0.53 points	0.93%	0.40%
Palo Alto Networks IncPANW	QLD +0.51 points	0.90%	0.39%
Texas Instruments IncTXN	QLD +0.50 points	0.89%	0.39%
Amgen IncAMGN	QLD +0.51 points	0.88%	0.37%
Lam Research CorpLRCX	QLD +0.50 points	0.88%	0.38%
Linde PLCLIN	QLD +0.48 points	0.84%	0.36%
Crowdstrike Holdings Inc - ACRWD	QLD +0.44 points	0.78%	0.34%
Pepsico IncPEP	QLD +0.39 points	0.68%	0.29%
Kla CorpKLAC	QLD +0.37 points	0.64%	0.27%
T-Mobile Us IncTMUS	QLD +0.35 points	0.61%	0.26%
Marvell Technology IncMRVL	QLD +0.25 points	0.44%	0.19%
Sandisk CorpSNDK	QLD +0.24 points	0.43%	0.19%
Seagate Technology HoldingsSTX	QLD +0.21 points	0.37%	0.16%

All 121 QLD holdings⁠All QQXL 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 QQXL Cost

Overpaying QQXL vs QLD

$1,162

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

QLD 0.89%
$16,872
QQXL 0.96%
$18,034

Amount$10,000

Years30 years

Cost over time

QLD 0.89%
QQXL 0.96%
Overpaying

Year by year

Year	QLD	QQXL	Overpaying
10	$1,576	$1,695	$119
20	$5,953	$6,383	$430
30	$16,872	$18,034	$1,162

Expense ratio

0.89%QLD, cheaper
0.96%QQXL

QLD0.89%QQXL0.96%

0.20%2.19%

Middle half of Leveraged Long (2x & Other) funds
Median 0.95%

QLD 28th cheapest of 95 funds

QQXL 66th cheapest of 95 funds

QLD vs QQXL Dividends

Last 12 months to Nov 9, 2026

Yield (12M): QLD 0.16%; QQXL 1.19%, better
Payout (12M): QLD $0.12; QQXL $0.55
Last payment: QLD $0.03; QQXL $0.12
Ex-dividend: QLD Sep 23, 2026; QQXL Sep 23, 2026
Paid on: QLD Sep 29, 2026; QQXL Sep 29, 2026
Frequency: QLD Quarterly; QQXL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QLDQuarterly · 21 paymentsAll QLD payments⁠

QQXLQuarterly · 5 paymentsAll QQXL payments⁠

QLD vs QQXL 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%QQXL 51.0%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: QLD 1.04QQXL 0.58since Sep 2025
Worst fallMax drawdown, 5 years: QLD −63.7%QQXL −33.4%since Aug 2025
Market sensitivityBeta, 5 years: QLD 2.48QQXL 3.56; Market = 1

QLD and QQXL in the news

All news⁠

ETF Filings
Simplify files six Smart Leverage ETFs that target 2x without a daily reset
Sep 11, 2026QLD

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QLD vs QQXL

In short

Stated mandate

Why people hold it

Worth knowing

How QLD and QQXL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QLD

Only in QQXL

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Simplify files six Smart Leverage ETFs that target 2x without a daily reset

How QLD and QQXL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QLD

Only in QQXL

Weight gaps