MutualFundWire.com: A $90B-AUM AM Targets the Nasdaq's Top 30 Thrice

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Friday, August 15, 2025

A $90B-AUM AM Targets the Nasdaq's Top 30 Thrice

The team at a $90-billion-AUM* fund firm in the Mid-Atlantic is expanding their suite of Nasdaq-focused offerings with another new leveraged ETF, and they're prepping a pair of related inverse ETFs.

Michael Lynn Sapir
ProShare Advisors, ProFund Advisors
CEO

This morning, Michael Sapir, CEO of ProShares [profile], unveiled the launch of the ProShares Ultra QQQ Top 30 ETF (QQXL on the Nasdaq). The ProShares team also filed to launch the ProShares Short QQQ Top 30 ETF (QQD) and the ProShares UltraShort QQQ Top 30 ETF (QQXS). Bethesda, Maryland-based ProShare Advisors will serve as investment advisor to all three funds.

QQXL's inception date was Wednesday (August 13), while QQD and QQXS have not yet launched. All three ETFs come with an expense ratio of 95 basis points. That expense ratio bakes in fee waivers (17bps for QQXS and QQD, 21bps for QQXL) that are promised through September 20, 2026.

The new ETF, and the two planned ETFs, are designed to track the Nasdaq-100 Top 30 Index (NDX30), which includes "30 of the largest and most influential companies in the Nasdaq-100 Index," (NDX). More specifically, QQXL is designed to provide twice the daily returns of NDX30, while QQD is designed to offer the inverse of NDX30's daily returns, and QQXS is designed to provide twice the inverse of NDX30's daily returns.

QQXS, QQD, and QQXL will all be powered by the same PM duo:

Michael Neches, senior portfolio manager at ProShares; and

Devin Sullivan, PM.

Sapir puts the launch of QQXL in the context of what he describes as a recent market convergence "around a group of innovators — many in technology — who are redefining what's possible."

"With QQXL, investors can now target 2x the daily returns of these market leaders with the ease and convenience of a single ETF trade," Sapir states.

The launch of QQXL, and the development of QQD and QQXS, adds to an existing, Nasdaq-100-focused suite of ProShares ETFs that already has $40 billion in AUM and includes their giant flagship fund. (According to the ProShares team, that fund is now the world's largest leveraged ETF.)

QQXS, QQD, and QQXL are each non-diversified series of ProShares Trust. The ETFs' other service providers include:

ACA Group as principal financial officer provider and treasurer provider;

Dechert LLP as counsel;

JPMorgan Chase Bank as administrator, custodian, fund accounting agent, 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 Soltuions as legal administrative services provider.