QQDN -2x ProShares Trust ProShares UltraShort QQQ Mega

QQDN

ETF -2x BEAR standard
ProShares Trust ProShares UltraShort QQQ Mega
Issuer: ProShares · Tracks: Nasdaq-100 (QQQ) · Listed: 2025-06-10
Implied AUM
$1.0M
Last Close
$20.69
20260814
30d Avg Vol
1,585
Options
—
Realized return vs theoretical -2x Nasdaq-100
Pair counterpart found: QLD (+2x bull, ProShares Ultra QQQ)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking Nasdaq-100
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
TQQQ +3x BULL ProShares ProShares UltraPro QQQ $38.55B 61,473,832
QLD +2x BULL ProShares ProShares Ultra QQQ $14.37B 4,314,444
QQUP +2x BULL ProShares ProShares Trust ProShares Ultra QQQ Mega $29.7M 2,604
QQXL +2x BULL ProShares ProShares Ultra QQQ Top 30 $5.6M 2,165
EQQQ +2x BULL ProShares ProShares Ultra QQQ Equal Weight — 10,442
QID -2x BEAR ProShares ProShares UltraShort QQQ $242.4M 15,820,330
SQQQ -3x BEAR ProShares ProShares UltraPro Short QQQ $1.68B 54,601,129

How QQDN works

QQDN targets -2x the daily return of Nasdaq-100 — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a -2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on QQDN carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.