TQQQ +3x ProShares UltraPro QQQ

BULL ETF extreme · Issuer ProShares · Tracks Nasdaq-100 (QQQ) · Listed 2010-02-09

Quote & options All leveraged ETFs

Implied AUM

$37.7B

shares out × price

Last close

$77.46

20260929

30-day avg volume

49,080,551

options listed →

TQQQ realized

—

what holders actually earned

Theoretical +3x

—

+3x × Nasdaq-100's return

Decay gap

—

realized minus theoretical

Realized vs theoretical +3x Nasdaq-100

Cumulative return of TQQQ against a clean +3x of Nasdaq-100's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: SQQQ (-3x bear, ProShares UltraPro Short QQQ)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Nasdaq-100

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
QLD	+2x	BULL	ProShares	ProShares Ultra QQQ	$15.0B	3,586,783	✓
QQUP	+2x	BULL	ProShares	ProShares Trust ProShares Ultra QQQ Mega	—	2,697
QQXL	+2x	BULL	ProShares	ProShares Ultra QQQ Top 30	—	2,307
EQQQ	+2x	BULL	ProShares	ProShares Ultra QQQ Equal Weight	—	5,128
QID	-2x	BEAR	ProShares	ProShares UltraShort QQQ	$233.8M	33,887,508	✓
QQDN	-2x	BEAR	ProShares	ProShares Trust ProShares UltraShort QQQ Mega	—	1,863
SQQQ	-3x	BEAR	ProShares	ProShares UltraPro Short QQQ	$2.2B	43,165,289	✓

How TQQQ works

TQQQ targets +3x the daily return of Nasdaq-100 — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from +3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a +3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.