ProShares Ultra QQQ Experiences Large Outflow of $147.6 Million

ProShares Ultra QQQ (QLD) ETF experienced a $147.6 million outflow, a 1.6% decrease week-over-week. Underlying components Micron Technology (MU), Applovin Corp (APP), and Intel Corp (INTC) are down 1.1%, up 2.5%, and down 8.9%, respectively. The ETF's 52-week range is $64.72 to $123.46, with a last trade of $123.26.

The Invesco QQQ Trust (QQQ) and ProShares Ultra QQQ (QLD) ETFs have both experienced significant outflows in recent weeks, reflecting market volatility and investor sentiment shifts. The QQQ Trust, which tracks the Nasdaq-100, saw a $676.6 million outflow, a 0.2% decrease week over week [1]. Meanwhile, the QLD ETF, which aims to provide double the daily performance of the QQQ, experienced a $147.6 million outflow, a 1.6% decrease week over week [2].

Among the underlying components, T-Mobile US Inc (TMUS) in the QQQ ETF has been a notable performer, rising by 6.5% [1]. However, other components such as Cadence Design Systems Inc (CDNS) and Fortinet Inc (FTNT) have shown declines, with CDNS down 0.4% and FTNT lower by 0.6% [1]. In the QLD ETF, Micron Technology (MU) and Intel Corp (INTC) have seen significant drops, with MU down 1.1% and INTC down 8.9%, while Applovin Corp (APP) has shown a 2.5% increase [2].

The QQQ Trust's 52-week range is $402.39 to $566.06, with a 52-week high of $566.06, while the QLD ETF's 52-week range is $64.72 to $123.46, with a last trade of $123.26 [1][2]. The recent outflows in both ETFs suggest that investors are cautious about the current market conditions and are adjusting their portfolios accordingly.

Invesco Ltd. is proposing to convert the QQQ Trust into an open-ended structure, which could lead to a $150 million yearly windfall for the asset manager [1]. This move is expected to allow Invesco to collect fees on the QQQ, potentially benefiting net revenue and adjusted operating income. A special meeting has been called on October 24 to hold the vote on this proposal [1].

The market's volatility and the recent earnings reports of key components like T-Mobile US Inc (TMUS) and Deutsche Telekom (DT) have contributed to the shifting investor sentiment. T-Mobile reported record Q2 performance and raised its targets for 2025, while Deutsche Telekom shares are expected to rebound towards the broker's target price of €33 [2].

References:
[1] https://www.bloomberg.com/news/articles/2025-07-23/invesco-s-qqq-gambit-seen-unlocking-150-million-in-revenue
[2] https://www.marketscreener.com/news/deutsche-telekom-stock-benefiting-from-t-mobile-us-s-strong-results-ce7c5cd3d18ff422