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QLD vs UPLT

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra Platinum K-1 Free ETF

UPLTDNYSE Arca

Overlap

Expense ratio

QLD −0.06pt a year

QLD0.89%UPLT0.95%

Avg volume · 30D

QLD 2385.4×the volume

QLD4.15MUPLT1.74K

QLD vs UPLT Performance

Jul 31, 2026 – Oct 30, 2026

−1.3%QLD−30.8%UPLT

Jul 31, 2026 to Oct 30, 2026. QLD −1.3%. UPLT −30.8%. Use the arrow keys to read each point.−20%−10%10%20%30%Jul 2026Sep 2026Oct 2026
Expense ratio
QLD 0.89%, better
UPLT 0.95%
Fund size
QLD $13.3B
UPLT $0
1Y total return
QLD +10.7%
UPLT No data
Yield (12M)
QLD 0.15%
UPLT No data
Holdings
QLD 113
UPLT 1
Avg volume (30D)
QLD 4.15M sh, better
UPLT 1.74K sh
NAV per share
QLD $82.56
UPLT $15.51
52W range

ETF.net Grade

QLD: Cost 72, Risk 66, Mission 95, Tradability 100, Holdings 72, Durability 81. UPLT: Cost 51, Risk 16, Mission 81, Tradability 37, Holdings not scored, Durability 33.
Pillar letters and Scores for QLD, UPLT, with each pillar’s weight
PillarQLDUPLT
Cost30% weightA72HigherC51
Mission25% weightA95HigherA81
Risk15% weightB66HigherF16
Tradability15% weightA100HigherD37
Holdings10% weightA72Not scored
Durability5% weightA81HigherD33

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 UPLT 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 UPLT 71st of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 71DTEXUDirexion Daily Energy Top 5 Bull 2X ETFScore 38
  4. Rank 71DUPLTProShares Ultra Platinum K-1 Free ETFScore 38
  5. Rank 74DJNUGDirexion Daily Junior Gold Miners Index Bull 2X ETFScore 36

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

UPLTDProShares Ultra Platinum K-1 Free ETF

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.

UPLT Platinum, with the volume turned up. UPLT is the first and only ETF built to track twice platinum's daily move, and it lives inside a 1940 Act fund, so holders get a 1099 instead of a K-1.

Stated mandate

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

UPLT The Fund seeks daily investment results, before fees and expenses, that correspond to two times the daily performance of platinum's price.

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.
  • UPLT The first and only ETF targeting 2x the daily return of platinum, a corner of the metals market geared funds had skipped until 2026.proshares.com
  • Built as a registered fund rather than a commodity partnership, so tax season brings a 1099, not a K-1.proshares.com
  • 0.95% net of a waiver through September 30, 2027, near the typical fee among leveraged bull funds and level with ProShares' own Ultra Dow30 (DDM, 0.95%).
  • Hits its daily 2x target through swaps benchmarked to the abrdn Physical Platinum Shares ETF (PPLT), so there's no physical metal or futures account on your end.sec.gov

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.
  • UPLT The 2x target resets every day. Hold longer and compounding plus platinum's swings can push results away from 2x the period's move, in either direction.sec.gov
  • That 0.95% is a waived number good through September 30, 2027. The gross ratio is 5.30%, so the cost can step up if the waiver isn't extended.
  • Launched in 2026 and still a small, thinly traded fund, so spreads can run wider than on the big geared index ETFs.

Full QLD profile⁠

Full UPLT profile⁠

QLD vs UPLT 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 UPLT Cost

Overpaying UPLT vs QLD

$997

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

  • QLD 0.89%

    $16,872

  • UPLT 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QLD 0.89%
  • UPLT 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$20K051015202530UPLT $17,869QLD $16,872

Year by year

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

QLD 28th cheapest of 95 funds

UPLT 32nd cheapest of 95 funds

QLD vs UPLT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLD 0.15%
UPLT No data
Payout (12M)
QLD $0.12
UPLT No data
Last payment
QLD $0.03
UPLT $0.17
Ex-dividend
QLD Sep 23, 2026
UPLT Sep 23, 2026
Paid on
QLD Sep 29, 2026
UPLT Sep 29, 2026
Frequency
QLD Quarterly
UPLT 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
UPLTQuarterly · 2 paymentsAll UPLT payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Jun 24, 2026 $0.06; Sep 23, 2026 $0.17. Use the arrow keys to read each point.$0$0.102017202020232026YTD

QLD vs UPLT 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%UPLT No data
Return per unit of riskSharpe ratio, 3 years
QLD 1.04UPLT No data
Worst fallMax drawdown, 5 years
QLD −63.7%UPLT No data
Market sensitivityBeta, 5 years
QLD 2.46UPLT 1.91

QLD and UPLT in the news

All news⁠

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