Michael Sapir and his team are celebrating a big milestone for their flagship fund, which they describe as the world's largest leveraged ETF.

On Monday (February 10), Sapir, CEO of ProShares [profile], and Emily Spurling, senior vice president and global head of indexes at Nasdaq, highlighted the 15th birthday of the ProShares UltraPro QQQ ETF (TQQQ on the Nasdaq). ProShare Advisors serves as investment advisor to the leveraged index fund.

In honor of the anniversary, ProShares managing director George Foster hosting a Nasdaq closing bell ceremony on Monday afternoon, at the exchange's Times Square headquarters in New York City.

TQQQ's inception date was February 9, 2010. The fund comes with an expense ratio of 84 basis points (which bakes in a 13bps fee waiver promised through September 30). Per ETF.com, TQQQ now has $25.23 billion in AUM, making it ProShares' largest fund (more than twice as big as the next biggest fund).

The PM team for TQQQ includes senior portfolio manager Michael Neches (who has PMed the fund since October 2013) and PM Devin Sullivan (who has PMed the fund since April 2018). The fund is designed to deliver three times the daily performance of the Nasdaq-100 Index.

"As the world's largest provider of leveraged and inverse ETFs, we take great pride in TQQQ's performance, longevity, and track record of meeting its investment objective in service to shareholders,' Sapir states.

Spurling puts TQQQ's birthday in the context of "Nasdaq's longstanding partnership with ProShares."

"The success of TQQQ and ProShares' broader lineup of Nasdaq-listed and Nasdaq-indexed ETFs reflects our shared commitment to innovation for the benefit of investors," Spurling states.

TQQQ is a series of the ProShares Trust. The ETF's other service providers include: Citi Fund Services Ohio, Inc. as regulatory administration services provider; Dechert LLP as counsel; JPMorgan Chase Bank, N.A. as administrator, custodian, index receipt agent, securities lending agent, and transfer agent; PricewaterhouseCoopers LLP as independent accounting firm; and SEI Investments Distribution Co. as distributor and principal underwriter. 

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