$QLD vs $TQQQ: Weighing 2x and 3x Leveraged Exposure to the Nasdaq-100 ProShares Ultra QQQ (QLD) targets 2x daily returns of the Nasdaq-100 Index, while ProShares UltraPro QQQ (TQQQ) targets 3x daily returns, resulting in materially different risk and volatility profiles. Both ETFs employ derivatives such as swaps and futures for leverage and rebalance daily, making them suitable primarily for short-term tactical use rather than long-term buy-and-hold strategies. Expense ratios are 0.95% for QLD and approximately 0.82% for TQQQ after waivers, with both funds offering exposure to the same underlying Nasdaq-100 constituents through a combination of direct holdings and derivative instruments. Top holdings for both include major technology names such as NVIDIA, Apple, and Microsoft, with sector allocations heavily concentrated in Information Technology, Communication Services, and Consumer Discretionary.