At a glance
TQQQ charges 0.78% a year. It has $36.11B in assets; it paid 0.83% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +2.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +19.3% a year. At its worst it fell 69.9% in the 2020 crash (S&P 500: 33.7%) and 78.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 21 months after the lows. Its ten largest positions make up 17.6% of the fund, out of 107 in all.
The short version
ProShares UltraPro QQQ (TQQQ) is a leveraged ETF: it aims to deliver three times the daily return of the Nasdaq-100 Index, before fees and expenses, using stocks plus contracts called swaps and futures. Because it resets its exposure every day, returns over months or years can stray far from 3x the index. It lost 79% in 2022, charges 0.78% a year, and is built for short-term trading, not long-term holding.
Price history
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TQQQ +2.7% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TQQQ official prospectus, to Dec 31, 2025 | — | +34.42% | — | +19.38% | +36.96% | — |
| TQQQ price data to Nov 2, 2026 | +13.5% | +2.7% | +19.3% | -4.6% | +29.2% | +34.7% |
- Over the year to Nov 2, 2026, TQQQ returned +2.7%.
- Its 5-year annualized return was -4.6% and its 10-year +29.2%.
- In the 2020 COVID crash it fell 69.9% and regained its old high 3.7 months after the low.
- Its worst full calendar year was 2022 (-79.1%); its best was 2023 (+198.3%).
- The deepest fall in its price history was 81.7% (Nov 19, 2021 to Dec 28, 2022), recovered by Dec 4, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.5% | — |
| 2025 | -32.5% | +34.42% |
| 2024 | +58.2% | +58.22% |
| 2023 | +198.3% | +198.19% |
| 2022 | -79.1% | -79.03% |
| 2021 | +83.0% | +82.30% |
| 2020 | +110.0% | +109.85% |
| 2019 | +133.8% | +133.92% |
| 2018 | -19.8% | -19.65% |
| 2017 | +118.1% | +118.64% |
| 2016 | +11.4% | +11.05% |
| 2015 | +17.2% | — |
| 2014 | +57.1% | — |
| 2013 | +139.7% | — |
| 2012 | +52.3% | — |
| 2011 | -8.1% | — |
| 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 | Lost 69.8% over that stretch · deepest drop along the way 69.9%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 78.8% over that stretch · deepest drop along the way 78.8%, back to its old high 20.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4012 | |
| 2025 | $0.6100 | -39.6% |
| 2024 | $1.0100 | +57.8% |
| 2023 | $0.6400 | +540.0% |
| 2022 | $0.1000 | |
| 2021 | $0.0000 | |
| 2020 | $0.0000 | -100.0% |
| 2019 | $0.0125 | +25.0% |
| 2018 | $0.0100 | +2400.0% |
| 2015 | $0.0004 | -69.2% |
| 2014 | $0.0013 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (36.38% of net assets), with its exposure coming from 11 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 3.24% | |
| Apple, Inc. | 2.82% | |
| Microsoft Corp. | 2.29% | |
| Micron Technology, Inc. | 1.81% | |
| Amazon.com, Inc. | 1.70% | |
| Advanced Micro Devices, Inc. | 1.29% | |
| Alphabet, Inc. Class A | 1.20% | |
| Tesla, Inc. | 1.12% | |
| Alphabet, Inc. Class C | 1.11% | |
| Broadcom, Inc. | 1.07% | |
| Meta Platforms, Inc. | 1.03% | |
| Walmart, Inc. | 0.86% | |
| Intel Corp. | 0.75% | |
| Cisco Systems, Inc. | 0.73% | |
| Palantir Technologies, Inc. | 0.72% |
By country
United States 36.8%Ireland 0.69%Netherlands 0.5%Canada 0.37%United Kingdom 0.25%By asset type
Stocks 38.02%RA 0.69%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.94B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.81%, -20.46%, +11.45%.
How it works
TQQQ's yardstick is the Nasdaq-100 Index, run by Nasdaq Inc. It holds 100 of the largest non-financial companies on Nasdaq-affiliated exchanges, including some non-US firms, weighted by market value. Nasdaq resets the list each December and adjusts weights in March, June and September.
ProShare Advisors doesn't pick stocks. It uses a mathematical approach to choose a mix of stocks, derivatives and cash that should return three times the index each day. Derivatives are contracts whose value tracks something else. Here they are mainly futures and total return swaps, in which the fund and a large financial institution exchange payments based on the index's moves. As of August 31, 2026, stocks led by NVIDIA (3.2%), Apple (2.8%) and Microsoft (2.3%) made up about 38% of assets, and about 36% sat in cash and short-term instruments. If a swap partner fails to pay, the fund can lose money.
The fund rebalances daily: after the index rises it adds exposure, and after it falls it cuts back. That holds the 3x target for one day, measured from one end-of-day valuation to the next. Over time, daily returns build on each other, so results can differ sharply from 3x the index, usually for the worse in choppy markets. The prospectus warns that if the index nears a 33% loss in a single day, holders could lose everything.
What it really costs
- TQQQ charges 0.78% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.16% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $80 in the first year and $1,140 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TQQQ | $80 | $284 | $504 | $1,140 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its exposure resets every day, so returns over long periods can stray far from 3x the Nasdaq-100, and it lost 79% of its value in 2022.
TQQQ launched in February 2010, so it has no record from the 2008 financial crisis. In the 2020 COVID crash it fell 69.9% between February 19 and March 20, 2020, and regained its peak by July 10, 2020. The 2022 bear market hit harder: it dropped 78.8% from January 3 to October 12, 2022, and lost 79% for the year. Its deepest fall, 81.7% from November 2021 to December 2022, took until December 4, 2024 to recover. A retiree drawing money near those lows would have locked in losses, leaving less to share in any rebound.
Income is slim: a 0.79% yield over the prior year as of October 30, 2026, paid quarterly. Costs run 0.78% a year, or $1,140 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders who want three times the Nasdaq-100's daily move and can watch positions closely, since multi-day results drift from 3x.
- People who can stomach extreme swings: the fund gained 104.49% in the second quarter of 2020 and lost 58.6% in the second quarter of 2022.
- Those wanting leveraged exposure to NVIDIA, Apple, Microsoft and other large Nasdaq-100 companies without a margin loan, who accept swap counterparty risk.
Look elsewhere if
- Retirement savers planning to hold for years: daily resets mean long-run returns can stray far from 3x the Nasdaq-100, especially in choppy markets.
- Anyone who might need cash in a downturn: the fund fell 81.7% from November 2021 and didn't regain that peak until December 4, 2024.
- Income seekers: the yield was just 0.79% over the year to October 30, 2026, paid quarterly, and income isn't part of the fund's objective.
Close alternatives
Matched by leveraged/inverse funds on the same index (nasdaq-100), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TQQQ this fund | 3× | 0.78% | $36.11B | +2.7% | +19.3% |
| QLD ProShares Ultra QQQ | 2× | — | $6.50B | +7.6% | +10.1% |
Questions investors ask
Is TQQQ a good long-term investment?
It isn't designed to be one. TQQQ seeks three times the Nasdaq-100's return for a single day, and its prospectus warns that results over longer periods will likely differ from that target, possibly by a lot. Holding for the long run has paid off at times: the fund's average annual return was 36.96% over the 10 years to December 31, 2025. But it also lost 79% in 2022 and needed until December 4, 2024 to regain its November 2021 peak.
What's the difference between TQQQ and QLD?
The amount of leverage. Both are ProShares funds tied to the Nasdaq-100, but QLD (ProShares Ultra QQQ) uses 2x leverage while TQQQ aims for three times the index's daily return. TQQQ's extra leverage means bigger gains in steady rallies, steeper losses in falls and, in choppy markets, a wider drift from its target over time. TQQQ is a large fund, with $36.1 billion in net assets as of August 31, 2026. TQQQ's 0.78% expense ratio is worth comparing with QLD's.
Does TQQQ pay dividends?
Yes, but very little. TQQQ makes quarterly distributions, which totaled about $0.49 per share in the year to October 30, 2026, a yield of 0.79%. Income isn't part of its objective, which is three times the Nasdaq-100's daily return. As of August 31, 2026, only about 38% of its assets were in stocks. About 36% sat in cash and money market instruments held alongside its swaps and futures.
Can TQQQ go to zero?
Yes, it's possible. The prospectus warns that if the Nasdaq-100 approaches a 33% loss at any point in a day, holders could lose their entire investment, since three times that drop would wipe out nearly all of the fund's value. Even without one disastrous day, losses compound: TQQQ fell 81.7% from November 19, 2021 to December 28, 2022. It also depends on swap contracts with large financial institutions, and a default by one could cause significant losses.
What is TQQQ's expense ratio?
TQQQ's expense ratio, the yearly fee taken out of fund assets, is 0.78%, according to its prospectus filed September 25, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, total costs would be about $80 after one year, $284 after three, $504 after five and $1,140 after 10. The prospectus adds that trading and financing costs for its derivatives also hurt its ability to hit its daily target.