What is the main structural difference between TQQQ and UPRO?

Both funds are leveraged exchange-traded funds from ProShares, but they track different indices. Fund A (TQQQ) is linked to the Nasdaq 100, which heavily features technology companies. Fund B (UPRO) tracks the S&P 500, offering broader exposure across more sectors. This underlying index choice leads to distinct sector concentrations and risk profiles, even though both use 3x leverage.

How does 3x leverage affect volatility in these funds?

Leverage amplifies daily price movements. For example, a 1% change in the underlying index could theoretically result in a 3% change in the fund's price. This increases both potential gains and losses significantly. Because these funds rebalance daily, compounding effects can cause performance over longer periods to differ substantially from simply tripling the index's return.

Why might 'volatility decay' occur in leveraged ETFs?

Volatility decay, also called compounding drift, occurs because leveraged ETFs reset their leverage daily. In volatile markets, the daily compounding of gains and losses can erode value compared to the underlying index over time. This makes these funds more suitable for short-term trading strategies rather than long-term buy-and-hold investments, as losses can compound rapidly.

How do the expense ratios of TQQQ and UPRO compare?

Fund A (TQQQ) has an expense ratio of 0.82%, while Fund B (UPRO) charges 0.89%. This means UPRO costs 0.07 percentage points more annually. Over long holding periods, this small difference reduces net returns for the investor in UPRO compared to TQQQ, assuming all other factors are equal. Expense ratios directly impact total cost of ownership.

Which fund offers greater liquidity, and why does it matter?

Fund A (TQQQ) has $36.9 billion in net assets, significantly more than Fund B (UPRO)'s $5.5 billion. Higher assets typically lead to tighter bid-ask spreads and greater trading volume, meaning investors can enter or exit positions more easily with less price impact. This is particularly important for actively traded leveraged ETFs.

How do the dividend yields of these funds differ?

Fund B (UPRO) has a slightly higher dividend yield of 0.69% compared to Fund A (TQQQ)'s 0.47%. Both are modest, especially relative to the underlying indices' potential distributions, because leverage amplifies expenses and interest costs associated with borrowing, which can reduce the amount available for distribution to shareholders.

What is the top-10 holdings overlap between these funds?

Both funds share nine of their top-ten holdings: NVDA, AAPL, MSFT, MU, AMZN, GOOGL, META, TSLA, and GOOG. Fund A (TQQQ) includes AMD, while Fund B (UPRO) includes AVGO. Despite the broad index differences, the concentration in large-cap technology and communication services stocks results in significant top-holding overlap.

How do sector exposures differ between the Nasdaq 100 and S&P 500?

While specific sector weights are not available for these funds in the provided data, the Nasdaq 100 index tracked by Fund A (TQQQ) is known for its heavy technology tilt. The S&P 500 index tracked by Fund B (UPRO) includes all major sectors, such as healthcare, financials, and industrials, resulting in more diversified sector exposure relative to the Nasdaq 100.

How do the top holdings' weights influence performance?

In Fund B (UPRO), NVDA and AAPL have higher top-holding weights (4.00% and 3.65% respectively) compared to Fund A (TQQQ) (3.11% and 2.85%). Higher concentration in these mega-cap tech stocks can sway UPRO's performance more heavily based on their movements, even though it tracks the broader S&P 500. This nuance affects sector-driven price action.

What is the importance of inception dates for these funds?

Fund B (UPRO) was launched on June 25, 2009, while Fund A (TQQQ) launched on February 9, 2010. UPRO's slightly longer history means it has navigated a few more market cycles, including the early post-2008 financial crisis recovery. This provides marginally more historical data points for backtesting, though both funds' leveraged nature makes past performance a poor predictor of future results.

What is the educational disclaimer for this comparison?

This content is for educational purposes only and does not constitute financial advice. Leveraged ETFs like TQQQ and UPRO are complex instruments with amplified risks, potential for significant losses, and unique tracking behaviours due to daily resets. Investors should thoroughly understand these mechanics, consider their risk tolerance, and consult a qualified financial advisor before investing. Past performance is not indicative of future results.

TQQQ vs UPRO

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

This page compares ProShares UltraPro QQQ (TQQQ) and ProShares UltraPro S&P 500 (UPRO), examining their fees, holdings, dividends and how each fund tracks its market. TQQQ has an expense ratio of 0.82%, while UPRO charges 0.89%. Both are leveraged equity funds with similar top holdings, including NVDA and AAPL. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

TQQQ

Metric

UPRO

0.82%

Expense Ratio

0.89%

0.47%

Dividend Yield

0.69%

$36.89B

Net Assets

$5.49B

127

Holdings

520

Feb 9, 2010

Inception Date

Jun 25, 2009

–

Index Tracked

–

Trading--Leveraged Equity

Fund Category

Trading--Leveraged Equity

TQQQ costs about $7.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	TQQQ	UPRO
NVDANVIDIA Corporation	3.11%	4.00%
AAPLApple Inc.	2.85%	3.65%
MSFTMicrosoft Corporation	2.13%	2.73%
MUMicron Technology, Inc.	1.84%	0.85%
AMZNAmazon.com, Inc.	1.59%	1.85%
GOOGLAlphabet Inc.	1.19%	1.53%
METAMeta Platforms, Inc.	1.15%	1.09%
TSLATesla, Inc.	1.11%	0.76%
GOOGAlphabet Inc.	1.11%	1.22%

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Investment Analysis

TQQQ

Pros

TQQQ maintains a lower expense ratio of 0.82% compared to many leveraged alternatives.
With $36.9 billion in assets, it offers superior liquidity and tighter bid-ask spreads.
Its 0.47% dividend yield provides some income, though modest relative to non-leveraged funds.

Considerations

The fund exhibits high concentration in technology stocks like NVDA and AAPL, increasing sector risk.
Leverage introduces significant volatility, potentially leading to amplified losses during market downturns.
Tax inefficiencies may arise from frequent rebalancing inherent in leveraged ETF structures.

UPRO

Pros

UPRO tracks the S&P 500 with a 3x leverage factor, offering broad market exposure.
The 0.69% dividend yield is slightly higher than TQQQ, providing a marginally better income profile.
It has been active since June 2009, providing a longer track record for analysis.

Considerations

The expense ratio of 0.89% is higher than TQQQ, making it more costly to hold.
With $5.5 billion in assets, it has less liquidity than larger funds like TQQQ.
Similar to TQQQ, it suffers from high volatility and potential decay due to leveraged mechanics.

About TQQQ and UPRO

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.

UPRO (UPRO)

The ProShares UltraPro S&P 500 (UPRO) is an exchange-traded fund designed to provide daily investment results that correspond to three times the performance of the S&P 500 index. As a leveraged equity fund, it aims to amplify the gains or losses of this broad U.S. market index for a single trading day. It's important to understand that because of its daily rebalancing mechanism, the fund's returns can differ significantly from three times the cumulative performance of the S&P 500 over longer periods. This effect, known as compounding, means that the fund's value is highly sensitive to market volatility. With an expense ratio of 0.89% and net assets of USD 5.49 billion, UPRO is generally used by experienced investors for short-term trading strategies rather than long-term passive investment. Like all investments, its value can rise and fall, and capital is at risk.

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TQQQ vs UPRO

Fund Snapshot

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Investment Analysis

TQQQ

Pros

Considerations

UPRO

Pros

Considerations

About TQQQ and UPRO

Buy TQQQ or UPRO in Nemo

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Trusted & Regulated

6% Interest on Cash

Frequently asked questions

What is the main structural difference between TQQQ and UPRO?

How does 3x leverage affect volatility in these funds?

Why might 'volatility decay' occur in leveraged ETFs?

How do the expense ratios of TQQQ and UPRO compare?

Which fund offers greater liquidity, and why does it matter?

How do the dividend yields of these funds differ?

What is the top-10 holdings overlap between these funds?

How do sector exposures differ between the Nasdaq 100 and S&P 500?

How do the top holdings' weights influence performance?

What is the importance of inception dates for these funds?

What is the educational disclaimer for this comparison?

Fund Snapshot

About TQQQ and UPRO

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