What is the main difference between QLD and TQQQ?

QLD aims to provide two times the daily performance of the Nasdaq-100 index, while TQQQ targets three times its daily performance. Both are leveraged exchange-traded funds issued by ProShares. QLD tracks the Nasdaq-100 with 2x leverage, and TQQQ with 3x leverage. This means TQQQ generally exhibits higher volatility and potential for faster gains or losses compared to QLD.

What does 'daily reset' mean for these funds?

Leveraged ETFs like QLD and TQQQ reset their exposure daily. This means the 2x or 3x multiplier applies only to the single-day percentage change in the underlying index. Over periods longer than one day, compounding effects and volatility decay can cause actual returns to deviate significantly from simply two or three times the index's cumulative change.

How do leveraged ETFs differ from standard index funds?

Standard index funds aim to replicate an index's return without leverage. Leveraged ETFs, such as QLD and TQQQ, use financial derivatives and debt to amplify the index's daily moves. While this can increase returns during strong trending markets, it also magnifies losses during downturns and introduces complexities like volatility decay and higher expense ratios.

How do the expense ratios of QLD and TQQQ compare?

QLD has an expense ratio of 0.95%, while TQQQ's is 0.82%. This means TQQQ is 0.13 percentage points cheaper to hold annually than QLD. Although the difference seems small, over long periods, lower fees can theoretically help enhance net returns, though in leveraged products, the fee impact is often overshadowed by the effects of leverage and volatility.

Which fund is more suitable for short-term trading?

Both QLD and TQQQ are typically used for short-term trading or hedging strategies due to their daily reset mechanism. Neither is designed for long-term buy-and-hold investing. TQQQ offers higher leverage (3x) compared to QLD (2x), making it potentially more responsive for traders seeking amplified daily moves, but also riskier. Investors should carefully consider their strategy and risk tolerance.

How do the net assets impact liquidity?

TQQQ has significantly higher net assets of $36.9 billion compared to QLD's $14.3 billion. Higher assets under management generally indicate better liquidity, meaning it may be easier to buy or sell large amounts of shares without significantly affecting the price. Both funds are considered to have excellent liquidity, but TQQQ's larger size may offer an advantage for institutional traders.

What are the dividend yields and how do they work?

TQQQ has a dividend yield of 0.47%, whereas QLD yields 0.12%. These distributions are generally low and not the primary reason for investing in leveraged ETFs. Distributions in leveraged funds can vary and are often reinvested or used to maintain the fund's structure. Investors focusing on growth or trading activity typically prioritise capital appreciation and leverage effects over dividend income.

Do these funds hold the same stocks?

Yes, the top ten holdings for both QLD and TQQQ are identical in composition, including NVDA, AAPL, MSFT, MU, AMZN, AMD, META, GOOGL, TSLA, and GOOG. However, the weightings differ due to the different leverage multiples and fund structures. This shared exposure ensures both funds track the same underlying index, the Nasdaq-100, but with different risk profiles.

Which companies are the largest holdings in QLD?

As per the latest data, QLD's largest holding is NVDA at 5.48%, followed by AAPL at 4.94%, MSFT at 3.72%, MU at 3.25%, and AMZN at 2.79%. These top five holdings reflect major technology companies within the Nasdaq-100. Concentration in these sectors drives the fund's performance relative to the index, subject to the 2x leverage factor.

What is the concentration risk in TQQQ?

TQQQ's largest holding is NVDA at 3.11%, followed by AAPL at 2.85% and MSFT at 2.13%. While the top holdings are similar to QLD, the lower percentage weights in TQQQ for these large-cap tech stocks suggest a potentially less concentrated exposure in absolute terms within the fund's structure. However, all leverage adds to volatility risks inherent in these sectors.

Which fund is older, QLD or TQQQ?

QLD was launched on 19 June 2006, whereas TQQQ launched later on 9 February 2010. This makes QLD the older of the two funds, having been available for nearly four years longer. Both have been established for over a decade, providing sufficient track record history for their specific leveraged strategies, though they are less established than traditional non-leveraged index funds.

Are QLD and TQQQ considered income or growth investments?

Neither QLD nor TQQQ are primarily income investments; they are designed for leveraged growth or tactical trading. QLD's 0.12% yield is minimal, appealing only to growth-focused investors who disregard income. TQQQ's 0.47% yield is slightly higher but still modest. Both funds are associated with aggressive growth strategies due to their leverage on the Nasdaq-100, not income generation.

QLD vs TQQQ

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

This page compares QLD (ProShares Ultra QQQ) and TQQQ (ProShares UltraPro QQQ), examining their fees, holdings, dividends, and market tracking. QLD has a 0.95% expense ratio, while TQQQ’s is 0.82%. Both focus on leveraged exposure to the Nasdaq-100 index, with TQQQ offering three times the daily performance and QLD providing two times. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

QLD

Metric

TQQQ

0.95%

Expense Ratio

0.82%

0.12%

Dividend Yield

0.47%

$14.29B

Net Assets

$36.89B

124

Holdings

127

Jun 19, 2006

Inception Date

Feb 9, 2010

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Index Tracked

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Trading--Leveraged Equity

Fund Category

Trading--Leveraged Equity

TQQQ costs about $13.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	QLD	TQQQ
NVDANVIDIA Corporation	5.48%	3.11%
AAPLApple Inc.	4.94%	2.85%
MSFTMicrosoft Corporation	3.72%	2.13%
MUMicron Technology, Inc.	3.25%	1.84%
AMZNAmazon.com, Inc.	2.79%	1.59%
AMDAdvanced Micro Devices, Inc.	2.77%	1.47%
METAMeta Platforms, Inc.	2.20%	1.15%
GOOGLAlphabet Inc.	2.08%	1.19%
TSLATesla, Inc.	1.97%	1.11%
GOOGAlphabet Inc.	1.94%	1.11%

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Investment Analysis

QLD

Pros

It has a high net assets of $14.3 billion, indicating good liquidity.
It has a low dividend yield of 0.12%, which may appeal to growth-focused investors.
It tracks the Nasdaq-100 Index with a 2x leverage.

Considerations

It has a high expense ratio of 0.95%, which may erode returns over time.
It has a moderate inception date of Jun 19, 2006, which may make it less established.
It tracks the Nasdaq-100 Index with a 2x leverage, which may result in significant volatility.

TQQQ

Pros

It has a high net assets of $36.9 billion, indicating excellent liquidity.
It has a low expense ratio of 0.82%, which may enhance returns over time.
It has a moderate dividend yield of 0.47%, which may appeal to income-focused investors.

Considerations

It has a moderate inception date of Feb 9, 2010, which may make it less established.
It tracks the Nasdaq-100 Index with a 3x leverage, which may result in higher volatility and decay.
It has a moderate top holdings concentration, with the largest holding being NVDA at 3.11%.

About QLD and TQQQ

QLD (QLD)

The ProShares Ultra QQQ is an exchange-traded fund (ETF) designed to seek daily investment results that correspond to two times (2x) the daily performance of the Nasdaq-100 Index. Launched in June 2006, this fund provides investors with leveraged exposure to some of the largest non-financial companies listed on the Nasdaq Stock Market. With net assets of USD 14.29 billion and a total of 124 holdings, the ETF aims to amplify the daily moves of its underlying index. However, it is crucial to understand that the fund's objective is based on daily performance, meaning long-term returns may differ significantly from the expected 2x multiple due to compounding effects. The fund has an expense ratio of 0.95% and does not distribute dividends to its shareholders. While the Ultra QQQ offers a mechanism to increase potential gains during rising market trends, it also magnifies losses during declining periods, making it a higher-risk instrument suited for tactical investors who understand leverage dynamics. Values can rise and fall, and returns are not guaranteed.

TQQQ (TQQQ)

The ProShares UltraPro QQQ (TQQQ) is a leveraged exchange-traded fund designed to provide three times the daily performance of the Nasdaq-100 index. As a trading instrument, it is intended primarily for short-term use, appealing to investors who are actively managing their portfolios and seeking enhanced exposure to technology-heavy equity markets. With net assets of approximately USD 36.89 billion, it is a widely traded product with a daily expense ratio of 0.82%. Investors should be aware that while leverage can amplify gains, it also magnifies losses, and the fund's performance may not match a threefold return over longer periods due to compounding effects. Dividend yields are minimal, and the fund holds 127 positions. This instrument carries high volatility and is not suitable for all investors; careful consideration of risk tolerance is essential before engaging.

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QLD vs TQQQ

Fund Snapshot