QLD: PROSHARES ULTRA QQQ
Share-split context: A forward split was recorded on Nov 20, 2025 with coefficient 2. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.
What this ETF is trying to do
PROSHARES ULTRA QQQ (QLD) is a leveraged ETF. This means it uses financial tools to try to provide more movement than its target index. It is designed to track the performance of the NASDAQ 100, but with increased intensity. Because it is a leveraged fund, its price movements can be much larger than the standard index it follows.
What the numbers show
The current price of QLD is $100.23. When looking at how the fund has performed, it is important to look at two different numbers: price return and total return. Price return only tracks the change in the share price, while total return includes the value of distributions.
• Year-to-Date (YTD): The price return is approximately 42.35%, while the total return is approximately 42.52%.
• One-Year: The price return is approximately 44.26%, while the total return is approximately 44.47%.
• Three-Year: The price return is approximately 226.96%, while the total return is approximately 229.24%.
• Five-Year: The total return is approximately 171.33%.
This ETF has a history of forward splits. In a forward split, each old share becomes multiple new shares, and the price per share drops proportionally. This does not change how much of the fund you own, and it is not a loss of value. The most recent split occurred on November 20, 2025, with a coefficient of 2.
Income and distribution explanation
QLD provides a small amount of income through distributions. The distribution yield is approximately 0.12%. This means the cash paid out is very small compared to the share price. The fund usually pays these distributions quarterly, with 4 payments made over the last 12 months.
NAV erosion explanation
"NAV erosion" refers to a decline in the actual value of the fund's underlying assets. The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.
However, the fund's erosion-risk score is 100, which is labeled as "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag present.
Top Holdings
The following are the top holdings in the portfolio (note that this is a partial list):
• NASDAQ 100 INDEX SWAP: 14.20%
• PROSHARES GENIUS MONEY MARKET ETF: 9.46%
• NVIDIA CORP: 5.11%
• APPLE INC: 4.89%
• MICRON TECHNOLOGY INC: 3.13%
• MICROSOFT CORP: 3.10%
• AMAZON.COM INC: 2.84%
• POWERSHARES QQQ (QQQ) SWAP: 2.68%
• ADVANCED MICRO DEVICES INC: 2.49%
• ALPHABET INC CLASS A: 2.29%
Holdings can change over time. This data was last updated on October 8, 2026.
Pros
• The fund has shown very high total returns over the one-year and three-year periods.
• The erosion-risk score indicates no detected price erosion.
Cons
• As a leveraged ETF, it is designed for different types of market movement and can be more volatile than standard funds.
Beginner takeaway
QLD is a leveraged fund that seeks to amplify the movements of the NASDAQ 100. While it has shown significant price and total returns in the past, its leveraged nature means it behaves differently than a standard index fund. Always remember that high returns in the past do not guarantee future results.
Top Holdings
Structured portfolio holdings supplied by the ETF data provider. These figures are not generated by the AI article.
| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | NASDAQ 100 INDEX SWAP | n/a | 14.20% |
| 2 | PROSHARES GENIUS MONEY MARKET ETF | IQMM | 9.46% |
| 3 | NVIDIA CORP | NVDA | 5.11% |
| 4 | APPLE INC | AAPL | 4.89% |
| 5 | MICRON TECHNOLOGY INC | MU | 3.13% |
| 6 | MICROSOFT CORP | MSFT | 3.10% |
| 7 | AMAZON.COM INC | AMZN | 2.84% |
| 8 | POWERSHARES QQQ (QQQ) SWAP | n/a | 2.68% |
| 9 | ADVANCED MICRO DEVICES INC | AMD | 2.49% |
| 10 | ALPHABET INC CLASS A | GOOGL | 2.29% |