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QLD vs UST

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra 7-10 Year Treasury

USTBNYSE Arca

Overlap

Expense ratio

QLD −0.06pt a year

QLD0.89%UST0.95%

Avg volume · 30D

QLD 503.9×the volume

QLD4.15MUST8.23K

10Y return · a year

QLD +34.3pt

QLD+31.9%UST−2.4%

QLD vs UST Performance

Oct 29, 2021 – Oct 30, 2026

+97.9%QLD−32.1%UST

Oct 29, 2021 to Oct 30, 2026. QLD +97.9%. UST −32.1%. Use the arrow keys to read each point.0%50%150%Oct 2021Apr 2024Oct 2026
Expense ratio
QLD 0.89%, better
UST 0.95%
Fund size
QLD $13.3B
UST $16M
1Y total return
QLD +10.7%, better
UST −6.8%
Yield (12M)
QLD 0.15%
UST 3.49%, better
Holdings
QLD 113
UST 2
Avg volume (30D)
QLD 4.15M sh, better
UST 8.23K sh
NAV per share
QLD $82.56
UST $40.03
52W range

ETF.net Grade

QLD: Cost 72, Risk 66, Mission 95, Tradability 100, Holdings 72, Durability 81. UST: Cost 51, Risk 65, Mission not scored, Tradability 68, Holdings 47, Durability 65.
Pillar letters and Scores for QLD, UST, with each pillar’s weight
PillarQLDUST
Cost30% weightA72HigherC51
Mission25% weightA95Not scored
Risk15% weightB66HigherB65
Tradability15% weightA100HigherB68
Holdings10% weightA72HigherC47
Durability5% weightA81HigherB65

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 UST 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 UST 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 13BUBTProShares Ultra 20+ Year TreasuryScore 58
  4. Rank 13BUSTProShares Ultra 7-10 Year TreasuryScore 58
  5. Rank 13BUXIProShares Ultra IndustrialsScore 58

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

USTBProShares Ultra 7-10 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.

UST While ProShares' leveraged lineup chases tech and semis, UST takes the other side: 2x the daily move of the ICE U.S. Treasury 7-10 Year Bond Index, built with swaps and reset every day. A rate bet, not a stock bet.

Stated mandate

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

UST UST seeks daily investment results before fees and expenses that correspond to twice the daily performance of the ICE U.S. Treasury 7-10 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.
  • UST The rate play on a shelf full of equity funds: 2x the daily move of an index of 7-10 year Treasuries. ProShares calls it the only ETF targeting 2x that benchmark.proshares.com
  • Trading since January 2010, so the daily-reset machinery has run through more than a decade of rate cycles. Distributions come quarterly.
  • 0.95% net of a waiver through September 30, 2027 (1.24% gross): near the leveraged-category median, matching DDM's 0.95% and a touch above QLD's 0.89%, also waived to that date.
  • Ranks among the stronger implementations in a crowded leveraged peer group.

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.
  • UST The 2x target resets daily, so over weeks or months the result can diverge from 2x the index move, and choppy markets widen that gap.proshares.com
  • A small, thinly traded corner of the leveraged shelf, so spreads can run wider than on the big 2x equity funds.
  • Exposure comes mainly from index swaps with large financial institutions rather than owning the notes outright, which brings counterparty terms into the picture.sec.gov

Full QLD profile⁠

Full UST profile⁠

QLD vs UST 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 UST Cost

Overpaying UST vs QLD

$997

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

  • QLD 0.89%

    $16,872

  • UST 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QLD 0.89%
  • UST 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$20K051015202530UST $17,869QLD $16,872

Year by year

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

QLD 28th cheapest of 95 funds

UST 32nd cheapest of 95 funds

QLD vs UST Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLD 0.15%
UST 3.49%, better
Payout (12M)
QLD $0.12
UST $1.40
Last payment
QLD $0.03
UST $0.31
Ex-dividend
QLD Sep 23, 2026
UST Sep 23, 2026
Paid on
QLD Sep 29, 2026
UST Sep 29, 2026
Frequency
QLD Quarterly
UST 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$0.502017202020232026YTD
USTQuarterly · 36 paymentsAll UST payments⁠
One bar per payment. 36 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.06; Jun 21, 2017 $0.13; Sep 27, 2017 $0.13; Dec 26, 2017 $0.17; Mar 21, 2018 $0.16; Jun 20, 2018 $0.19; Sep 26, 2018 $0.26; Dec 26, 2018 $0.35; Mar 20, 2019 $0.29; Jun 25, 2019 $0.17; Sep 25, 2019 $0.15; Dec 24, 2019 $0.28; Mar 25, 2020 $0.11; Jun 24, 2020 $0.11; Sep 23, 2020 $0.09; Dec 23, 2020 $0.08; Mar 23, 2021 $0.05; Jun 22, 2021 $0.07; Sep 22, 2021 $0.02; Dec 23, 2021 $0.04; Dec 22, 2022 $0.22; Mar 22, 2023 $0.20; Jun 21, 2023 $0.60; Sep 20, 2023 $0.39; Dec 20, 2023 $0.40; Mar 20, 2024 $0.43; Jun 26, 2024 $0.38; Sep 25, 2024 $0.29; Dec 23, 2024 $0.59; Mar 26, 2025 $0.31; Jun 25, 2025 $0.30; Sep 24, 2025 $0.40; Dec 24, 2025 $0.57; Mar 25, 2026 $0.19; Jun 24, 2026 $0.32; Sep 23, 2026 $0.31. Use the arrow keys to read each point.$0$0.502017202020232026YTD

QLD vs UST Risk

Fall from peak · 5 years

  • QLD
  • UST
Oct 29, 2021 to Oct 30, 2026. Worst fall: QLD −63.7% · Dec 2022. Use the arrow keys to read each point.−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
QLD 36.7%UST 13.4%, better
Return per unit of riskSharpe ratio, 3 years
QLD 1.04, betterUST 0.03
Worst fallMax drawdown, 5 years
QLD −63.7%UST −42.3%, better
Market sensitivityBeta, 5 years
QLD 2.46UST 2.32

QLD and UST in the news

All news⁠

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