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After a long wait, tech stock investors have plenty to cheer about. It took a whopping 167 days, but the Nasdaq-100 index last week surpassed its previous closing high from back in October 2025 while also racking up its longest daily positive streak since 1992.

TQQQ and QLD both deliver leveraged exposure to the Nasdaq-100, but TQQQ amplifies daily moves by 3x versus QLD's 2x. TQQQ has a higher one-year return but also a deeper five-year drawdown, reflecting greater risk.

I am downgrading ProShares Ultra QQQ ETF from Buy to Sell due to its underperformance in a sideways, volatile market. QLD's 2x leveraged derivatives strategy fails to deliver returns when equities and indices remain flat, leading to NAV erosion. I recommend rotating into the Global X NASDAQ 100 Covered Call ETF, which offers capital preservation and an 11.6% TTM yield in the current environment.

QLD takes a much heavier tilt into technology and communication services than SSO. Both funds deliver similar one-year total returns, but QLD has shown deeper historical drawdowns.

ProShares Ultra QQQ (NYSEARCA:QLD - Get Free Report) shares traded up 0.5% during trading on Wednesday. The company traded as high as $70.52 and last traded at $69.52. 4,045,347 shares changed hands during trading, a decline of 30% from the average session volume of 5,738,713 shares. The stock had previously closed at $69.18. ProShares