QLD −2.46% today · Analysis updated Nov 13, 2026, 6:30 PM ET

Why is ProShares Ultra QQQ (QLD) stock down today?

No news items or SEC filings were found for QLD in the 14-day or 45-day windows, so this view rests only on the 30-day price and volume data. QLD fell from a $91.39 close on Oct 28 to a $72.27 close on Nov 5, with heavy volume on the decline (15.96M shares on Nov 5 versus a typical 4-9M). It then rebounded to an $81.83 close on Nov 11, with higher lows on Nov 6, Nov 9 and Nov 10. On Nov 13 it slipped 3.1% to $79.30 on 6.69M shares, with an intraday low of $77.38 that sat below the prior close. The stock is about 13% below its Oct 28 close and about 10% above the Nov 5 low. The higher-low pattern and the recovery toward $82 point to improving short-term demand, but the Nov 13 pullback and the lack of any identified catalyst keep the direction unclear. Because QLD resets daily at 2x leverage, its moves amplify the Nasdaq-100's, and returns can drift from twice the index's over longer periods. The data does not identify the driver of the sell-off or the rebound.

About ProShares Ultra QQQ

Nasdaq-100, 2x daily leverage

ProShares Ultra QQQ is a leveraged ETF, launched in 2006, that aims to deliver twice (2x) the daily return of the Nasdaq-100 Index before fees and expenses. It is one of the largest 2x Nasdaq-100 funds, with roughly $13–14 billion in assets, and is built for short-term trading rather than long-term holding.

How the fund works

The fund gets 2x exposure to the Nasdaq-100, an index of about 100 large non-financial companies listed on Nasdaq and heavily weighted toward technology. It does this with a mix of the stocks themselves and derivatives such as swaps and futures, and it resets its leverage every day. Because of that daily reset, returns over periods longer than one day can differ a lot from 2x the index's return, especially in choppy, volatile markets, and losses are magnified as well as gains. The expense ratio is about 0.9% a year, there are financing costs built into the leverage, and the dividend yield is very small.

What usually moves QLD

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This analysis is informational only and is not investment advice. It is based solely on the price and volume data provided and on the absence of news or SEC filings in the search windows. Leveraged ETFs like QLD can lose value quickly and may diverge from twice the index's return over time. Consult a qualified financial advisor before making investment decisions.