QLD vs URSP: Grades, Fees and Holdings Compared

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra S&P 500 Equal Weight

URSPBNYSE Arca

Overlap

22.3%by weight

Expense ratio

QLD −0.06pt a year

QLD0.89%URSP0.95%

Avg volume · 30D

QLD 75.3×the volume

QLD4.15MURSP55K

QLD vs URSP Performance

Oct 31, 2025 – Oct 30, 2026

+10.7%QLD+29.3%URSP

Expense ratio: QLD 0.89%, better; URSP 0.95%
Fund size: QLD $13.3B; URSP $41M
1Y total return: QLD +10.7%; URSP +29.3%, better
Yield (12M): QLD 0.15%; URSP 1.23%, better
Holdings: QLD 113; URSP 503
Avg volume (30D): QLD 4.15M sh, better; URSP 55K sh
NAV per share: QLD $82.56; URSP $50.63
52W range

ETF.net Grade

Pillar letters and Scores for QLD, URSP, with each pillar’s weight
Pillar	QLD	URSP
Cost30% weight	A72Higher	C51
Mission25% weight	A95	Not scored
Risk15% weight	B66	A90Higher
Tradability15% weight	A100Higher	A83
Holdings10% weight	A72	Not scored
Durability5% weight	A81Higher	B62

Rank among Leveraged Long (2x & Other) funds

How we build Categories ›

Same Category. QLD and URSP 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 URSP 6th of 95 funds in the Leveraged Long (2x & Other) Category.

Rank 1AQLDProShares Ultra QQQScore 77
Rank 2AUYGProShares Ultra FinancialsScore 74
Rank 5BUSDProShares Ultra SemiconductorsScore 68
Rank 6BURSPProShares Ultra S&P 500 Equal WeightScore 67
Rank 7BUJBProShares Ultra High YieldScore 65

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

URSPBProShares Ultra S&P 500 Equal Weight

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.

URSP Leverage without the mega-cap pileup. Launched in 2025, URSP aims for 2x the daily move of the S&P 500 Equal Weight Index, where every member gets the same slot. Fee: 0.95% net of a waiver through September 30, 2027.

Stated mandate

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

URSP URSP seeks daily investment results, before fees and expenses, corresponding to two times the daily performance of the S&P 500 Equal Weight 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.

URSP The only ETF built to target 2x the daily move of the equal-weight S&P 500, so the amplified bet rides 500 roughly equal slices instead of a few giants.proshares.com yahoo.com
Equal weight hands every company a uniform 0.2% at each quarterly rebalance, so the leveraged exposure keeps resetting away from whatever got crowded.yahoo.com
At 0.95% net of a waiver through September 30, 2027, it sits near the leveraged-bull median and matches DDM, while QLD runs 0.89% net of a waiver to the same date.
One of the stronger implementations in a crowded leveraged-bull field, with competitive cost, a contained risk profile and smooth day-to-day trading.

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.

URSP Daily reset: the 2x target applies to one day only. Over longer holds, compounding can land results above or below 2x the index move, especially in choppy markets.proshares.com
That 0.95% rests on a waiver through September 30, 2027; the gross fee is 1.34%.
It launched in 2025, so the live track record is short and the asset base is still modest.

Full QLD profile⁠

Full URSP profile⁠

QLD vs URSP Holdings

How QLD and URSP differ

Overlap by weight

22.3%

Shared holdings make up 79.8% of QLD and 52.6% of URSP.

Level by level

Holdings86 in both22.3%
Countryby domicile97.3%
Asset classEquity100%

Sector

No Sector split for URSP.

Country, concentration and asset class

Country by domicile

Country weights in QLD and URSP, widest gap first
Country	More in QLDMore in URSP	QLD	URSP
United States	URSP +2.5 points	97.3%	99.8%
Canada	QLD +1.1 points	1.1%	0.0%
Netherlands	QLD +0.9 points	0.9%	0.0%
Other countries (6)	QLD +0.6 points	0.8%	0.2%

Concentration

Weight in the 10 largest Holdings

QLD53.3%
URSP44.5%

Securities held

QLD112
URSP502

Asset class

QLD: Equity
URSP: Equity

Holdings

Only in QLD26
In both86
Only in URSP416

Only in QLD

26 securities, 20.2% of QLD by weight

Proshares Genius Mny Mkt Etf10.87%
Space Exploration Techn-Cl A1.86%
TREASURY BILL, 0%, due 2026-12-291.31%
TREASURY BILL, 0%, due 2027-01-190.67%
Shopify Inc - Class A0.61%
TREASURY BILL, 0%, due 2026-11-030.49%
Asml Holding Nv-Ny Reg Shs0.47%
TREASURY BILL, 0%, due 2026-12-010.37%
TREASURY BILL, 0%, due 2026-12-240.37%
TREASURY BILL, 0%, due 2027-01-260.37%
TREASURY BILL, 0%, due 2027-02-110.37%
TREASURY BILL, 0%, due 2026-11-050.30%
Arm Holdings Plc-Adr0.29%
Mercadolibre Inc0.26%
TREASURY BILL, 0%, due 2026-12-170.24%
Pdd Holdings Inc0.17%
Coca-Cola Europacific Partne0.16%
Strategy Inc0.15%
Astera Labs Inc0.14%
Thomson Reuters Corp0.14%
Ferrovial NV0.13%
Nebius Group NV0.12%
Rocket Lab Corp0.11%
Coreweave Inc-Cl A0.08%
Alnylam Pharmaceuticals Inc0.07%
TREASURY BILL, 0%, due 2027-01-120.07%

Only in URSP

416 securities, 47.4% of URSP by weight

Kimberly-Clark Corp0.22%
Ptc Inc0.17%
Accenture Plc-Cl A0.16%
Mettler-Toledo International0.16%
Eli Lilly & Co0.15%
Gartner Inc0.15%
Hasbro Inc0.15%
Everpure Inc-A0.15%
Charles River Laboratories0.14%
Carnival Corp Ltd0.14%
Revvity Inc0.14%
Godaddy Inc - Class A0.14%
West Pharmaceutical Services0.14%
Allegion PLC0.14%
United Rentals Inc0.14%
Agilent Technologies Inc0.14%
Biogen Inc0.14%
Lockheed Martin Corp0.14%
Veeva Systems Inc-Class A0.13%
Ralph Lauren Corp0.13%
Crown Castle Inc0.13%
Norwegian Cruise Line Holdin0.13%
Kroger Co0.13%
Veralto Corp0.13%
Dow Inc0.13%
Royal Caribbean Cruises Ltd0.13%
Apa Corp0.13%
AbbVie Inc0.13%
Ulta Beauty Inc0.13%
Ebay Inc0.13%
Factset Research Systems Inc0.13%
Tyler Technologies Inc0.13%
Fortive Corp0.13%
Masco Corp0.13%
Illumina Inc0.13%
Intercontinental Exchange In0.13%
Pentair PLC0.13%
Altria Group Inc0.13%
Viatris Inc0.13%
BlackRock Inc0.13%
Waters Corp0.13%
Host Hotels & Resorts Inc0.13%
Skyworks Solutions Inc0.13%
Visa Inc-Class A Shares0.13%
Danaher Corp0.13%
Procter & Gamble Co/The0.13%
Exxonmobil Holdings Corp0.13%
Everest Group Ltd0.13%
Eog Resources Inc0.13%
Packaging Corp of America0.13%

Weight gaps

All 86 Holdings in both funds, largest gap first.

Holding weights in QLD and URSP, widest gap first
Holding	More in QLDMore in URSP	QLD	URSP
Apple IncAAPL	QLD +5.76 points	5.88%	0.12%
NVIDIA CorpNVDA	QLD +5.66 points	5.76%	0.10%
Microsoft CorpMSFT	QLD +4.41 points	4.53%	0.12%
Micron Technology IncMU	QLD +3.12 points	3.22%	0.10%
Amazon.com IncAMZN	QLD +2.92 points	3.03%	0.11%
Advanced Micro DevicesAMD	QLD +2.55 points	2.66%	0.11%
Tesla IncTSLA	QLD +2.33 points	2.45%	0.12%
Meta Platforms Inc-Class AMETA	QLD +2.04 points	2.14%	0.10%
Alphabet Inc-Cl AGOOGL	QLD +1.87 points	1.92%	0.05%
Walmart IncWMT	QLD +1.81 points	1.94%	0.13%
Alphabet Inc-Cl CGOOG	QLD +1.76 points	1.80%	0.04%
Broadcom IncAVGO	QLD +1.71 points	1.81%	0.10%
Costco Wholesale CorpCOST	QLD +1.33 points	1.45%	0.12%
Palantir Technologies Inc-APLTR	QLD +1.25 points	1.37%	0.12%
Cisco Systems IncCSCO	QLD +1.22 points	1.33%	0.11%
Intel CorpINTC	QLD +1.04 points	1.11%	0.07%
Applied Materials IncAMAT	QLD +0.91 points	1.00%	0.09%
Lam Research CorpLRCX	QLD +0.88 points	0.96%	0.08%
Palo Alto Networks IncPANW	QLD +0.84 points	0.96%	0.12%
Texas Instruments IncTXN	QLD +0.76 points	0.89%	0.13%
Netflix IncNFLX	QLD +0.74 points	0.83%	0.09%
Crowdstrike Holdings Inc - ACRWD	QLD +0.69 points	0.83%	0.14%
Amgen IncAMGN	QLD +0.67 points	0.81%	0.14%
Linde PLCLIN	QLD +0.64 points	0.76%	0.12%
Kla CorpKLAC	QLD +0.57 points	0.67%	0.10%
Gilead Sciences IncGILD	QLD +0.55 points	0.68%	0.13%
Analog Devices IncADI	QLD +0.52 points	0.65%	0.13%
Pepsico IncPEP	QLD +0.49 points	0.60%	0.11%
Sandisk CorpSNDK	QLD +0.46 points	0.54%	0.08%
Marvell Technology IncMRVL	QLD +0.47 points	0.56%	0.09%
Qualcomm IncQCOM	QLD +0.46 points	0.56%	0.10%
T-Mobile Us IncTMUS	QLD +0.44 points	0.54%	0.10%
Seagate Technology HoldingsSTX	QLD +0.39 points	0.47%	0.08%
Intuitive Surgical IncISRG	QLD +0.35 points	0.49%	0.14%
Western Digital CorpWDC	QLD +0.35 points	0.43%	0.08%
Vertex Pharmaceuticals IncVRTX	QLD +0.34 points	0.46%	0.12%
Starbucks CorpSBUX	QLD +0.26 points	0.38%	0.12%
Booking Holdings IncBKNG	QLD +0.26 points	0.36%	0.10%
Automatic Data ProcessingADP	QLD +0.26 points	0.38%	0.12%
Fortinet IncFTNT	QLD +0.22 points	0.32%	0.10%
Adobe IncADBE	QLD +0.21 points	0.32%	0.11%
Constellation EnergyCEG	QLD +0.20 points	0.30%	0.10%
Marriott International -Cl AMAR	QLD +0.20 points	0.34%	0.14%
Csx CorpCSX	QLD +0.19 points	0.31%	0.12%
Intuit IncINTU	QLD +0.18 points	0.30%	0.12%
Regeneron PharmaceuticalsREGN	QLD +0.18 points	0.30%	0.12%
Monster Beverage CorpMNST	QLD +0.18 points	0.30%	0.12%
Cadence Design Sys IncCDNS	QLD +0.16 points	0.29%	0.13%
Comcast Corp-Class ACMCSA	QLD +0.16 points	0.27%	0.11%
Cintas CorpCTAS	QLD +0.16 points	0.28%	0.12%
Synopsys IncSNPS	QLD +0.16 points	0.29%	0.13%
Mondelez International Inc-AMDLZ	QLD +0.15 points	0.27%	0.12%
Lumentum Holdings IncLITE	QLD +0.14 points	0.24%	0.10%
Applovin Corp-Class AAPP	QLD +0.14 points	0.22%	0.08%
Datadog Inc - Class ADDOG	QLD +0.13 points	0.25%	0.12%
Doordash Inc - ADASH	QLD +0.14 points	0.24%	0.10%
Ross Stores IncROST	QLD +0.13 points	0.24%	0.11%
O'reilly Automotive IncORLY	QLD +0.12 points	0.23%	0.11%
Airbnb Inc-Class AABNB	QLD +0.11 points	0.22%	0.11%
American Electric PowerAEP	QLD +0.11 points	0.23%	0.12%
Moderna IncMRNA	QLD +0.11 points	0.29%	0.18%
Honeywell International IncHON	QLD +0.10 points	0.22%	0.12%
Nxp Semiconductors NVNXPI	QLD +0.08 points	0.21%	0.13%
Baker Hughes CoBKR	QLD +0.08 points	0.18%	0.10%
Paccar IncPCAR	QLD +0.08 points	0.17%	0.09%
Fastenal CoFAST	QLD +0.07 points	0.19%	0.12%
Diamondback Energy IncFANG	QLD +0.07 points	0.19%	0.12%
Monolithic Power Systems IncMPWR	QLD +0.07 points	0.19%	0.12%
Teradyne IncTER	QLD +0.06 points	0.14%	0.08%
Xcel Energy IncXEL	QLD +0.04 points	0.16%	0.12%
Honeywell Aerospace IncHONA	QLD +0.05 points	0.16%	0.11%
Exelon CorpEXC	QLD +0.03 points	0.15%	0.12%
PayPal Holdings IncPYPL	QLD +0.04 points	0.16%	0.12%
Keurig Dr Pepper IncKDP	QLD +0.03 points	0.16%	0.13%
Autodesk IncADSK	QLD +0.03 points	0.17%	0.14%
Idexx Laboratories IncIDXX	QLD +0.02 points	0.14%	0.12%
Ge Healthcare TechnologyGEHC	URSP +0.02 points	0.11%	0.13%
Paychex IncPAYX	QLD +0.02 points	0.13%	0.11%
Microchip Technology IncMCHP	QLD +0.02 points	0.14%	0.12%
Copart IncCPRT	URSP +0.02 points	0.09%	0.11%
Axon Enterprise IncAXON	QLD +0.01 points	0.11%	0.10%
Roper Technologies IncROP	QLD +0.01 points	0.15%	0.14%
Take-Two Interactive SoftwreTTWO	QLD +0.01 points	0.11%	0.10%
Old Dominion Freight LineODFL	QLD +0.01 points	0.12%	0.11%
Dexcom IncDXCM	URSP +0.01 points	0.10%	0.11%
Workday Inc-Class AWDAY	Same weight	0.12%	0.12%

All 121 QLD holdings⁠All URSP 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 URSP Cost

Overpaying URSP vs QLD

$997

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

QLD 0.89%
$16,872
URSP 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

QLD 0.89%
URSP 0.95%
Overpaying

Year by year

Year	QLD	URSP	Overpaying
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%URSP

QLD0.89%URSP0.95%

0.20%2.19%

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

QLD 28th cheapest of 95 funds

URSP 32nd cheapest of 95 funds

QLD vs URSP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QLD 0.15%; URSP 1.23%, better
Payout (12M): QLD $0.12; URSP $0.62
Last payment: QLD $0.03; URSP $0.19
Ex-dividend: QLD Sep 23, 2026; URSP Sep 23, 2026
Paid on: QLD Sep 29, 2026; URSP Sep 29, 2026
Frequency: QLD Quarterly; URSP Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QLDQuarterly · 21 paymentsAll QLD payments⁠

URSPQuarterly · 5 paymentsAll URSP payments⁠

QLD vs URSP 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%URSP 21.7%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: QLD 1.04URSP 0.91since Sep 2025
Worst fallMax drawdown, 5 years: QLD −63.7%URSP −15.7%since Aug 2025
Market sensitivityBeta, 5 years: QLD 2.46URSP 1.08; Market = 1

QLD and URSP 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 URSP

In short

Stated mandate

Why people hold it

Worth knowing

How QLD and URSP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QLD

Only in URSP

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

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

How QLD and URSP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QLD

Only in URSP

Weight gaps