TLDR
- ProShares launched EQQQ, the first ETF targeting 2x daily returns of the Nasdaq 100 Equal-Weighted Index
- The fund reduces concentration in mega-cap stocks by giving each company equal weight
- Weights reset quarterly to maintain equal balance across all 100 companies
- The ETF carries a net expense ratio of 0.95%
- EQQQ joins ProShares’ $85 billion suite of leveraged and inverse ETFs
ProShares launched a new leveraged ETF on Thursday called ProShares Ultra QQQ Equal Weight, trading under the ticker EQQQ. It is the first ETF designed to deliver twice the daily returns of the Nasdaq 100 Equal-Weighted Index.
Now trading: EQQQ. ProShares Ultra QQQ Equal Weight ETF (EQQQ) is the only ETF designed to target 2x the daily return of the Nasdaq-100 Equal Weighted Index, offering magnified exposure with less mega-cap concentration. Learn more: https://t.co/UZOs0D1uFf pic.twitter.com/9Ef7r7wCF2
— ProShares (@ProShares) July 23, 2026
The standard Nasdaq 100 is a market-cap-weighted index, meaning the biggest companies take up the most space. That has led to heavy concentration in a small number of mega-cap tech stocks in recent years.
EQQQ works differently. It uses the same 100 companies as the regular Nasdaq 100 but gives each one an equal share of the index. That weight is reset every quarter during a rebalance.
The result is that smaller companies in the index carry more influence than they would in the standard version. Mega-cap stocks like the largest tech names have less sway over the fund’s performance.
How the Equal-Weight Approach Changes Exposure
By spreading weight evenly, the fund shifts exposure toward mid-sized growth companies that are often overshadowed in the cap-weighted version of the index.
ProShares CEO Michael Sapir said the fund is aimed at investors who want “magnified exposure to the growth potential of Nasdaq-100 companies with less influence from the index’s largest names.”
The 2x leverage means the ETF targets double the daily return of the equal-weighted index. That works in both directions — gains and losses are both amplified.
ProShares warns that the fund is designed as a daily tool. Holding it for longer than one day can lead to returns that differ from the stated target, especially in volatile markets.
Fund Details and Context
The expense ratio is 0.95%. ProShares manages more than $112 billion in assets across its ETF and mutual fund lineup.
EQQQ joins a broader Nasdaq-focused product range at ProShares. That lineup includes UltraPro QQQ, which is the world’s largest leveraged ETF according to Morningstar data from June 2026.
The new fund expands options for investors who want leveraged Nasdaq exposure but are concerned about how top-heavy the standard index has become.
ProShares has been offering leveraged and inverse ETFs since 2006. The firm describes itself as the world’s largest provider in that category.
Leveraged ETFs carry additional risks, including those tied to derivatives use, benchmark tracking gaps, and compounding effects over time.
The fund launched on the Nasdaq exchange. Investors are advised to review the full prospectus before investing, as there is no guarantee the fund will meet its stated objective.
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