What Is QLD? ProShares Ultra QQQ
Last updated August 2026
Short answer
QLD is the ProShares Ultra QQQ, a leveraged ETF that seeks 2x the daily return of the Nasdaq-100. It uses derivatives and resets its leverage each day, so daily compounding causes its longer-term performance to diverge from simply doubling the index, particularly in choppy markets. At a 0.95% expense ratio, it is built for short-term tactical trading, not long-term holding.
QLD is issued by ProShares and tracks Nasdaq-100 (2x daily). It charges a 0.95% expense ratio, holds approximately ~$14.58 billion in assets under management, yields about 0.12%, and launched in June 2006.
What is QLD?
QLD is the ProShares Ultra QQQ, a leveraged ETF that seeks 2x the daily return of the Nasdaq-100. It uses derivatives and resets its leverage each day, so daily compounding causes its longer-term performance to diverge from simply doubling the index, particularly in choppy markets. At a 0.95% expense ratio, it is built for short-term tactical trading, not long-term holding.
QLD is issued by ProShares and tracks Nasdaq-100 (2x daily), so a single ticker gives you the whole portfolio of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
What does QLD hold?
QLD is weighted toward its largest constituents. As of July 2026, the top holdings are:
| Rank | Ticker | Company | % of QLD | |
|---|---|---|---|---|
| 1 | IQMM | ProShares GENIUS Money Market ETF | 8.78% | |
| 2 | NVDA | NVIDIA Corp | 4.90% | |
| 3 | AAPL | Apple Inc | 4.30% | |
| 4 | MU | Micron Technology Inc | 3.64% | |
| 5 | MSFT | Microsoft Corp | 2.80% | |
| 6 | AMD | Advanced Micro Devices Inc | 2.65% | |
| 7 | AMZN | Amazon.com Inc | 2.59% | |
| 8 | TSLA | Tesla Inc | 2.13% |
The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.
How do I invest in QLD?
There are three common ways to get QLD exposure. Buy shares (or fractional shares) of QLD directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so QLD sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. QLD trades like a stock during market hours, so you buy it the same way you would any listed share.
New to buying funds? See how to buy an ETF, step by step.
Is QLD a good buy?
Whether QLD is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks Nasdaq-100 (2x daily), so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is QLD a buy?
The bottom line on QLD
QLD amplifies the Nasdaq-100's daily moves by 2x, which magnifies gains in a sustained uptrend but also magnifies losses and suffers from decay in volatile or range-bound markets because of daily resetting. It carries a high fee and is explicitly a short-term trading instrument; holding it for long periods can produce results far from double the index and is not what the product is designed for.
More on QLD
Whether QLD is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is QLD a buy?
QLD yields 0.12% as of July 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see QLD dividend: yield and schedule.
New to funds like QLD? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how QLD fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in QLD with AI
Connect the broker you already use and ask Walnut's AI how QLD fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is QLD?
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QLD is the ProShares Ultra QQQ, launched in June 2006. It is a leveraged ETF that seeks to return 200% of the daily performance of the Nasdaq-100 index using swaps and other derivatives. It resets its 2x leverage each trading day, which is central to understanding how it behaves over time.
What is QLD's ticker symbol?
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QLD, listed on NYSE Arca and issued by ProShares. The full name is ProShares Ultra QQQ. 'Ultra' is ProShares' branding for its 2x daily leveraged funds, distinguishing it from 3x 'UltraPro' products.
Does QLD really return 2x the Nasdaq-100?
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It targets 2x the Nasdaq-100's return on a single day, not over longer periods. Because the leverage resets daily, compounding causes multi-day and multi-month returns to drift from a simple 2x of the index. In a steady uptrend the effect can help; in choppy or falling markets it typically hurts, sometimes significantly. This is known as volatility decay.
What is QLD's expense ratio?
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0.95% per year, or $95 annually on a $10,000 position. That is high compared with plain index ETFs, reflecting the cost of the derivatives and daily rebalancing required to maintain leverage. The fee is an additional drag on top of the compounding effects of daily resetting.
Is QLD good for long-term investing?
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QLD is designed as a short-term trading tool, not a buy-and-hold investment. Daily resetting and volatility decay mean that over long periods its return can differ substantially from twice the Nasdaq-100, and drawdowns can be severe. Long-term holders usually consider unleveraged Nasdaq-100 funds instead. Walnut is not an investment adviser; this is not a recommendation.
What companies are in QLD?
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QLD gains exposure to the Nasdaq-100 through derivatives, and its reported holdings include a large cash and money-market position used as collateral alongside index exposure to names like NVIDIA, Apple, Micron, Microsoft, AMD, Amazon, and Tesla. See the top-10 table above. The underlying index is the same tech-heavy Nasdaq-100 that QQQ tracks.
How do I buy QLD?
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QLD trades like a stock during US market hours through any major broker, including Robinhood, Fidelity, Schwab, Public, and Webull. Because it is a leveraged product, some brokers require you to acknowledge the added risks first. You can connect your broker to Walnut to track positions, though leveraged funds warrant extra caution.
What is QLD's market cap (AUM)?
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Approximately $14.58 billion as of mid-2026. QLD is one of the larger leveraged equity ETFs by assets, reflecting active-trader demand for amplified exposure to big-tech and the Nasdaq-100.
What is volatility decay?
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Volatility decay is the erosion of returns that leveraged funds like QLD can suffer over time because they reset leverage daily. In a market that swings up and down without a clear trend, the daily compounding of a 2x position can leave you worse off than 2x the index's cumulative move, even if the index ends flat. It is a core reason these products are meant for short holding periods.
When was QLD created?
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June 19, 2006. ProShares launched QLD as part of its early lineup of leveraged 'Ultra' ETFs, which introduced daily-reset leveraged exposure in an ETF wrapper. It predates the leveraged-ETF boom that came in later years.
QLD vs QQQ: what is the difference?
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QQQ is an unleveraged fund that tracks the Nasdaq-100 one-for-one and is suitable for long-term holding. QLD seeks 2x the daily return of the same index using derivatives and resets daily, making it a short-term trading vehicle whose long-run return can diverge sharply from double QQQ. QLD also charges a much higher fee.
How risky is QLD?
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Very risky compared with a standard index fund. A 2x leveraged fund can lose value roughly twice as fast as the index on down days, and daily-reset compounding can compound losses in volatile markets. Sharp Nasdaq-100 drawdowns translate into much larger QLD drawdowns. It is only appropriate for investors who understand and can tolerate that amplified risk.
Does QLD pay dividends?
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QLD's listed yield is approximately 0.12% as of mid-2026, very low, because its return comes mainly from leveraged price exposure rather than the dividends of underlying stocks. Any distributions are incidental to the fund's derivatives-based strategy and should not be a reason to hold it.
Can I hold QLD overnight or for a few days?
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QLD is meant for short holding periods, and holding it overnight or for a few days exposes you to the daily-reset compounding effect. Over short, strongly trending stretches it can track close to 2x, but the longer and choppier the holding period, the more its return can drift from twice the index. It is not a set-and-forget position.
How do I compare QLD to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. QLD's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to July 2026; verify current figures against ProShares's fund page or your broker before investing.