At a glance
QQQP charges 1.0% a year. It has $20.5M in assets. Over the past year it returned +18.3% with distributions reinvested (S&P 500: +11.5%).
The short version
Tradr 2X Long Triple Q Quarterly ETF (QQQP), from AXS Investments, uses derivatives (contracts tied to another asset's price) and shares of the Invesco QQQ Trust to seek twice that tech-heavy fund's return over each full calendar quarter, magnifying both gains and losses. Its leverage resets quarterly, not daily, so returns over other periods can differ sharply from 2x. It charges 1.00% a year and fell 42.5% between December 2024 and April 2025.
Price history
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QQQP +18.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QQQP official prospectus, to Dec 31, 2025 | — | +30.24% | — | — | — | +31.01% |
| QQQP price data to Oct 27, 2026 | +25.0% | +18.3% | — | — | — | +32.7% |
- Over the year to Oct 27, 2026, QQQP returned +18.3%.
- Its worst full calendar year was 2025 (+30.2%); its best was 2025 (+30.2%).
- The deepest fall in its price history was 42.5% (Dec 16, 2024 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +25.0% | — |
| 2025 | +30.2% | +30.24% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| INVESCO QQQ TRUST - USD | 45.01% |
By country
United States 45.01%By asset type
Stocks 45.01%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $2.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +30.83%, +18.25%, -0.66%.
How it works
QQQP is an actively managed ETF. It aims for 200% of the return of the Invesco QQQ Trust (QQQ) over each full calendar quarter, from one quarter-end close to the next. Its main tool is swaps: deals with major financial institutions that pay the fund the return on a set dollar amount of QQQ. It may also hold QQQ shares, buy call options (rights to buy at a set price) or use futures contracts on the Nasdaq-100 Index. As of June 30, 2026, about 45% of net assets sat in QQQ shares, plus three swaps on QQQ worth a combined 29.7%.
Normally, leverage resets only at quarter-end. In between, it drifts. When QQQ rises, the fund's effective leverage slips below 2x. When QQQ falls, it climbs above 2x. Someone buying mid-quarter won't get exactly twice QQQ's move to quarter-end. Over several quarters, compounding means results will very likely differ from twice QQQ's return, possibly even in direction.
There is one exception. If QQQ falls 35% within a quarter, the manager will try to reset leverage to 2x and treat the rest of the quarter as a new period. In that case the fund will likely miss that quarter's target. The prospectus warns there is no guarantee this will protect the fund. Because of the 2x multiplier, a quarterly QQQ drop approaching 50% could erase nearly an entire investment.
What it really costs
- QQQP charges 1% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $102 in the first year and $1,225 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QQQP | $102 | $318 | $552 | $1,225 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It aims for twice the Invesco QQQ Trust's return over one calendar quarter at a time, so over longer holding periods compounding can push results far from that target, in either direction.
QQQP uses derivatives, contracts tied to an asset's price, to aim for twice (200%) the return of the Invesco QQQ Trust over each calendar quarter. Launched September 30, 2024, it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, gained 30.2%, which says little about bad years. Its deepest drop, 42.5%, ran from December 16, 2024 to April 8, 2025. It regained its peak by July 3, 2025, but selling near the low would have locked in that loss. The prospectus warns that this 2x leverage raises the risk of losing the entire investment.
It pays no income. Its expense ratio, the annual fee, is 1.00%: about $102 in the first year and $1,225 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking twice QQQ's quarterly return who can tolerate swings like the fund's 42.5% drop from December 2024 to April 2025.
- Those who prefer leverage that resets once a quarter rather than daily, and who understand that buying mid-quarter changes their effective leverage.
- Experienced investors using a small, high-risk slice of a larger portfolio who review it each quarter and accept the risk of total loss.
Look elsewhere if
- Retirees needing income: no distributions are on record, so the fund provides no yield to draw on.
- Cost-conscious investors: the 1.00% expense ratio and 263% portfolio turnover (a measure of yearly trading) are far above typical plain, unleveraged index funds.
- Investors seeking broad diversification or a long record: exposure is concentrated in tech-heavy QQQ, and the fund only launched in September 2024.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Does QQQP reset daily or quarterly?
Quarterly. QQQP seeks 200% of the Invesco QQQ Trust's return for each full calendar quarter, measured from the close on the last business day of one quarter to the close on the last business day of the next. The manager aims to rebalance once a quarter, unless QQQ falls 35% within a quarter, which triggers an early reset. Exposure drifts between resets, so investors who buy mid-quarter will not get exactly twice QQQ's move through quarter-end.
What's the difference between QQQP and QQQ?
QQQ is a plain, unleveraged fund, while QQQP aims to double QQQ's return each calendar quarter. It does so by holding QQQ shares (about 45% of net assets as of June 30, 2026) plus swaps on QQQ with major financial institutions. The swaps add the risk that a counterparty fails to pay. Results swing widely: QQQP's strongest quarter gained 33.44% (ended June 30, 2025) and its worst lost 18.28% (ended March 31, 2025). It charges 1.00% a year and has no distributions on record.
Can QQQP go to zero?
Yes, a total loss is possible. The prospectus warns that leverage increases the risk of losing everything. Because the fund aims for twice QQQ's quarterly return, a quarterly drop in QQQ approaching 50% could wipe out nearly all of its value. As a safeguard, the manager will try to reset leverage if QQQ falls 35% within a quarter, but the prospectus says there is no guarantee this will protect the fund. Through October 27, 2026, its deepest drop was 42.5%, from December 2024 to April 2025.
How has QQQP performed since launch?
It has posted big gains with big swings. In the year ended December 31, 2025, the fund returned 30.24%, and since its September 30, 2024, launch it averaged 31.01% a year through that date. Based on price, it was up 25.0% for 2026 through October 27, and up 18.3% over the 12 months to that date. Its volatility, a measure of how widely returns swing, was 38.5% over that year. Past results don't predict future returns.
Does QQQP pay dividends?
No distributions are on record for QQQP, so its return comes from changes in share price rather than income. That matters for retirees who draw cash from investments. They would need to sell shares, possibly after a sharp fall like the fund's 42.5% drop between December 2024 and April 2025. Costs also apply. The 1.00% expense ratio includes a 0.95% management fee. Under the SEC's standard example, which assumes a 5% yearly return, $10,000 invested would incur about $102 in the first year and $552 over five years.