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QLD vs UBT

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra 20+ Year Treasury

UBTBNYSE Arca

Overlap

Expense ratio

QLD −0.06pt a year

QLD0.89%UBT0.95%

Avg volume · 30D

QLD 50.6×the volume

QLD4.15MUBT81.9K

10Y return · a year

QLD +40.6pt

QLD+31.9%UBT−8.7%

QLD vs UBT Performance

Oct 29, 2021 – Oct 30, 2026

+97.9%QLD−69.1%UBT

Oct 29, 2021 to Oct 30, 2026. QLD +97.9%. UBT −69.1%. Use the arrow keys to read each point.0%50%150%Oct 2021Apr 2024Oct 2026
Expense ratio
QLD 0.89%, better
UBT 0.95%
Fund size
QLD $13.3B
UBT $68M
1Y total return
QLD +10.7%, better
UBT −14.5%
Yield (12M)
QLD 0.15%
UBT 3.27%, better
Holdings
QLD 113
UBT 3
Avg volume (30D)
QLD 4.15M sh, better
UBT 81.9K sh
NAV per share
QLD $82.56
UBT $14.69
52W range

ETF.net Grade

QLD: Cost 72, Risk 66, Mission 95, Tradability 100, Holdings 72, Durability 81. UBT: Cost 51, Risk 55, Mission not scored, Tradability 71, Holdings 38, Durability 73.
Pillar letters and Scores for QLD, UBT, with each pillar’s weight
PillarQLDUBT
Cost30% weightA72HigherC51
Mission25% weightA95Not scored
Risk15% weightB66HigherB55
Tradability15% weightA100HigherA71
Holdings10% weightA72HigherD38
Durability5% weightA81HigherA73

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 UBT 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 UBT 13th of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 12BUGEProShares Ultra Consumer StaplesScore 60
  4. Rank 13BUBTProShares Ultra 20+ Year TreasuryScore 58
  5. Rank 13BUSTProShares Ultra 7-10 Year TreasuryScore 58

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

UBTBProShares Ultra 20+ Year Treasury

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.

UBT The leveraged bull aisle is wall-to-wall stock funds. UBT is the duration trade: 2x the daily move of the ICE U.S. Treasury 20+ Year Bond Index, and ProShares calls it the only ETF targeting that exact 2x.

Stated mandate

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

UBT The Fund seeks daily investment results, before fees and expenses, that correspond to two times the daily performance of the ICE U.S. Treasury 20+ Year Bond 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.
  • UBT A one-off by its issuer's account: ProShares states UBT is the only ETF targeting 2x the daily return of the ICE U.S. Treasury 20+ Year Bond Index.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (0.98% gross), near the category median and level with stablemate DDM at 0.95%.
  • Trading since January 2010, through zero-rate years and the rate spike that followed. Among the more solid builds in a crowded leveraged-long field.
  • 2x is the gentler dial on long-Treasury leverage; the same index is also tracked at 3x daily by a competing fund, where compounding bites harder.direxion.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.
  • UBT The 2x target resets every day, so results over weeks or months depend on the path the index took, not just where it ended. Choppy stretches work against you.proshares.com
  • Bonds maturing in 20+ years are the most rate-sensitive corner of the Treasury curve. Doubling that daily move magnifies both directions.
  • Moderately traded next to the leveraged equity heavyweights, so spreads and order type matter more here than in the category's busiest names.

Full QLD profile⁠

Full UBT profile⁠

QLD vs UBT 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 UBT Cost

Overpaying UBT vs QLD

$997

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

  • QLD 0.89%

    $16,872

  • UBT 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QLD 0.89%
  • UBT 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$20K051015202530UBT $17,869QLD $16,872

Year by year

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

QLD 28th cheapest of 95 funds

UBT 32nd cheapest of 95 funds

QLD vs UBT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLD 0.15%
UBT 3.27%, better
Payout (12M)
QLD $0.12
UBT $0.48
Last payment
QLD $0.03
UBT $0.11
Ex-dividend
QLD Sep 23, 2026
UBT Sep 23, 2026
Paid on
QLD Sep 29, 2026
UBT Sep 29, 2026
Frequency
QLD Quarterly
UBT 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$0.252017202020232026YTD
UBTQuarterly · 29 paymentsAll UBT payments⁠
One bar per payment. 29 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.17; Jun 21, 2017 $0.12; Sep 27, 2017 $0.13; Dec 26, 2017 $0.15; Mar 21, 2018 $0.11; Jun 20, 2018 $0.18; Sep 26, 2018 $0.14; Dec 26, 2018 $0.17; Mar 20, 2019 $0.13; Jun 25, 2019 $0.24; Sep 25, 2019 $0.12; Dec 24, 2019 $0.23; Mar 25, 2020 $0.16; Dec 22, 2022 $0.07; Mar 22, 2023 $0.14; Jun 21, 2023 $0.24; Sep 20, 2023 $0.20; Dec 20, 2023 $0.22; Mar 20, 2024 $0.15; Jun 26, 2024 $0.21; Sep 25, 2024 $0.19; Dec 23, 2024 $0.21; Mar 26, 2025 $0.14; Jun 25, 2025 $0.20; Sep 24, 2025 $0.19; Dec 24, 2025 $0.17; Mar 25, 2026 $0.07; Jun 24, 2026 $0.12; Sep 23, 2026 $0.11. Use the arrow keys to read each point.$0$0.252017202020232026YTD

QLD vs UBT Risk

Fall from peak · 5 years

  • QLD
  • UBT
Oct 29, 2021 to Oct 30, 2026. Worst fall: UBT −74.8% · Oct 2026. Use the arrow keys to read each point.−80%−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
QLD 36.7%UBT 26.7%, better
Return per unit of riskSharpe ratio, 3 years
QLD 1.04, betterUBT −0.02
Worst fallMax drawdown, 5 years
QLD −63.7%, betterUBT −74.8%
Market sensitivityBeta, 5 years
QLD 2.46UBT 4.79

QLD and UBT in the news

All news⁠

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