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QLD vs XPP

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra FTSE China 50

XPPCNYSE Arca

Overlap

Expense ratio

QLD −0.06pt a year

QLD0.89%XPP0.95%

Avg volume · 30D

QLD 1320.3×the volume

QLD4.15MXPP3.14K

10Y return · a year

QLD +40.4pt

QLD+31.9%XPP−8.5%

QLD vs XPP Performance

Oct 29, 2021 – Oct 30, 2026

+97.9%QLD−62.0%XPP

Oct 29, 2021 to Oct 30, 2026. QLD +97.9%. XPP −62.0%. Use the arrow keys to read each point.0%50%150%Oct 2021Apr 2024Oct 2026
Expense ratio
QLD 0.89%, better
XPP 0.95%
Fund size
QLD $13.3B
XPP $7M
1Y total return
QLD +10.7%, better
XPP −34.4%
Yield (12M)
QLD 0.15%
XPP 3.23%, better
Holdings
QLD 113
XPP 2
Avg volume (30D)
QLD 4.15M sh, better
XPP 3.14K sh
NAV per share
QLD $82.56
XPP $17.93
52W range

ETF.net Grade

QLD: Cost 72, Risk 66, Mission 95, Tradability 100, Holdings 72, Durability 81. XPP: Cost 51, Risk 36, Mission not scored, Tradability 43, Holdings not scored, Durability 61.
Pillar letters and Scores for QLD, XPP, with each pillar’s weight
PillarQLDXPP
Cost30% weightA72HigherC51
Mission25% weightA95Not scored
Risk15% weightB66HigherD36
Tradability15% weightA100HigherC43
Holdings10% weightA72Not scored
Durability5% weightA81HigherB61

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 XPP 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 XPP 32nd of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 30CWXETTeucrium 2x Daily Wheat ETFScore 48
  4. Rank 32CXPPProShares Ultra FTSE China 50Score 46
  5. Rank 33CAIBUDirexion Daily AI and Big Data Bull 2X ETFScore 45

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

XPPCProShares Ultra FTSE China 50

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.

XPP The 2x dial on China's Hong Kong blue chips: the 50 biggest HK-listed Chinese names, doubled daily. ProShares calls it the only ETF targeting 2x that index. Fee is 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.

XPP The fund seeks daily results, before fees and expenses, equal to two times the daily performance of the FTSE China 50 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.
  • XPP ProShares calls it the only ETF targeting 2x the daily return of the FTSE China 50, bought and sold like any stock in a brokerage account.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.49% gross), near the category norm. QLD runs 0.89% net of a waiver through the same date; DDM also charges 0.95%.
  • Rules-based underneath: the 50 largest, most liquid Hong Kong listed Chinese companies (H Shares, Red Chips, P Chips), cap weighted with limits, reviewed quarterly.proshares.com
  • Live since 2009, a long run for a leveraged fund, and it sits in the upper half of a crowded leveraged long field.

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.
  • XPP Leverage resets daily. Over longer holds the path matters as much as the direction, and choppy markets can leave results short of 2x the index move.proshares.com
  • Small by assets and lightly traded, so bid-ask spreads and trade timing matter more here than with the headline leveraged names.
  • Concentrated by design: the prospectus flags banks industry risk, Chinese investments risk (government control of markets, trading suspensions) and non-diversification.proshares.com

Full QLD profile⁠

Full XPP profile⁠

QLD vs XPP 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 XPP Cost

Overpaying XPP vs QLD

$997

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

  • QLD 0.89%

    $16,872

  • XPP 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QLD 0.89%
  • XPP 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$20K051015202530XPP $17,869QLD $16,872

Year by year

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

QLD 28th cheapest of 95 funds

XPP 32nd cheapest of 95 funds

QLD vs XPP Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLD 0.15%
XPP 3.23%, better
Payout (12M)
QLD $0.12
XPP $0.58
Last payment
QLD $0.03
XPP $0.16
Ex-dividend
QLD Sep 23, 2026
XPP Sep 23, 2026
Paid on
QLD Sep 29, 2026
XPP Sep 29, 2026
Frequency
QLD Quarterly
XPP 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$2.502017202020232026YTD
XPPQuarterly · 20 paymentsAll XPP payments⁠
One bar per payment. 20 payments from 2017 to 2026 YTD. Dec 26, 2018 $0.83; Mar 20, 2019 $0.09; Jun 25, 2019 $0.16; Sep 25, 2019 $2.18; Dec 24, 2019 $0.15; Mar 22, 2023 $0.02; Jun 21, 2023 $0.11; Sep 20, 2023 $0.15; Dec 20, 2023 $0.11; Mar 20, 2024 $0.05; Jun 26, 2024 $0.08; Sep 25, 2024 $0.18; Dec 23, 2024 $0.24; Mar 26, 2025 $0.16; Jun 25, 2025 $0.16; Sep 24, 2025 $0.12; Dec 24, 2025 $0.18; Mar 25, 2026 $0.11; Jun 24, 2026 $0.13; Sep 23, 2026 $0.16. Use the arrow keys to read each point.$0$2.502017202020232026YTD

QLD vs XPP Risk

Fall from peak · 5 years

  • QLD
  • XPP
Oct 29, 2021 to Oct 30, 2026. Worst fall: XPP −80.4% · Jan 2024. 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%, betterXPP 44.1%
Return per unit of riskSharpe ratio, 3 years
QLD 1.04, betterXPP 0.28
Worst fallMax drawdown, 5 years
QLD −63.7%, betterXPP −80.4%
Market sensitivityBeta, 5 years
QLD 2.46XPP 0.62

QLD and XPP in the news

All news⁠

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