QLD vs UGL

QLDAProShares Ultra QQQ

UGLCProShares Ultra Gold

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.

UGL A 2x gold trade in ETF clothing: UGL targets twice the daily move of the Bloomberg Gold Subindex using futures and swaps, no bullion in a vault. It has run this playbook since 2008, a long life for a leveraged commodity fund.

Stated mandate

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

UGL UGL seeks to deliver approximately twice the daily performance of the Bloomberg Gold Subindex before fees and expenses. It obtains this exposure through futures and swaps rather than direct ownership of gold.

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.

• UGL Charges 0.95% a year, below the typical leveraged fund's fee, so the cost drag on a levered gold position is a little lighter.
• Trading since December 2008, it has been through full gold cycles, boom and bust. That is an unusually long run for a leveraged commodity product.
• Actively traded rather than a forgotten ticker, which matters when your holding period is measured in days.
• Stands among the stronger implementations in a crowded leveraged-bull field that includes names like UDOW and QLD.

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.

• UGL The 2x target resets every day. Over longer holds, results can differ from twice the index's move for the period, and choppy gold tape works against you.proshares.com
• Exposure comes from futures and swaps, not gold sitting in a vault, so contract roll costs and swap counterparties are part of the package.proshares.com
• Organized as a commodity pool rather than a conventional stock fund, so its structure and tax paperwork differ from an equity ETF's. It is not built to pay income.

Full QLD profile⁠

Full UGL profile⁠