Michael Sapir and his team in the DMV are further expanding their $80-billion-plus-AUM lineup of leveraged and inverse funds by launching two ETFs focused on the biggest companies (mainly tech companies) within the Nasdaq-100 Index (NDX).

Michael Lynn Sapir ProShare Advisors, ProFund Advisors CEO

This morning, Sapir, CEO of ProShares [profile], unveiled the debut of the ProShares Ultra Top QQQ ETF (QQUP on the Nasdaq) and the ProShares UltraShort Top QQQ ETF (QQDN). Bethesda, Maryland-based ProShare Advisors LLC serves as investment advisor to QQDN and QQUP.

QQUP and QQDN's inception date was Tuesday (June 10). Both new funds come with an expense ratio of 95 basis points. That bakes in a 17bps fee waiver for QQDN and a 21bps fee waiver for QQUP. (The fee waivers are promised through September 30, 2025.)

Both QQUP and QQDN are tied to the Nasdaq-100 Mega Index (NDXMEGA), which in turn tracks the largest companies in NDX. (NDXMEGA currently includes stock in Alphabeta, Amazon, Apple, Broadcom, Mega, Microsoft, Nvidia, and Tesla.) QQDN is designed to double the inverse of NDXMEGA's daily performance, while QQUP is designed to double NDXMEGA's daily performance.

Michael Niches, senior portfolio manager at ProShares, and Devin Sullivan, PM, are the PM team for QQUP and QQDN.

Sapir puts this week's dual ProShares launch in the context of technology creating "a world of accelerating change, reshaping the investing landscape before our eyes."

"With the launch of QQUP and QQDN, investors can now access leveraged or short exposure to the largest Nasdaq-100 companies — all with the ease and convenience of a single ETF trade," Sapir states.

QQDN and QQUP are non-diversified series of the ProShares Trust. The new ETFs' other service providers include:

ACA Group as provider of a principal financial officer and treasurer;

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;

SEI Investments Distribution Co. as distributor and principal underwriter; and

Ultimus Fund Solutions, LLC as legal and regulatory administration services provider.

 

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