ProShares Ultra QQQ (QLD) Covered Calls
The ProShares Ultra QQQ (QLD) is a leveraged exchange-traded fund that seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Nasdaq-100 Index. The fund is designed as a tactical tool for sophisticated investors to amplify exposure to large-cap technology and growth companies. Due to the compounding of daily returns, it is not intended for long-term "buy-and-hold" strategies and requires active monitoring of market volatility.
You can sell covered calls on ProShares Ultra QQQ to lower risk and earn monthly income. Born To Sell's covered call screener gives you customized search capabilities across all possible covered calls but here are a couple of examples for QLD (prices last updated Fri 4:16 PM ET):
| ProShares Ultra QQQ (QLD) Stock Quote | ||||||
|---|---|---|---|---|---|---|
| Last | Change | Bid | Ask | Volume | P/E | Market Cap |
| 64.76 | -0.82 | 64.58 | 64.59 | 5.7M | - | 10 |
| Covered Calls For ProShares Ultra QQQ (QLD) | ||||||
|---|---|---|---|---|---|---|
| Expiration | Strike | Call Bid | Net Debit | Return If Flat |
Annualized Return If Flat |
|
| Mar 20 | 65 | 1.50 | 63.09 | 2.4% | 110% | |
| Apr 17 | 65 | 3.50 | 61.09 | 5.7% | 57.8% | |
| Subscribers get access to the full covered call chain, and more features. | ||||||
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Core Business and Products
QLD provides 2x leveraged exposure to the Nasdaq-100, which includes the largest non-financial companies listed on the Nasdaq Stock Market. Its portfolio is composed of a mix of equity positions in the index constituents, supplemented by derivative instruments (such as swap agreements) to achieve the desired leverage. By design, the fund targets investors aiming to capitalize on short-term market momentum within the technology-heavy growth sector.
Top 3 Holdings
The fund’s performance is primarily driven by its largest underlying exposures:
These three companies represent significant weightings within the fund, each maintaining highly liquid options chains that are frequently utilized by traders to hedge or speculate on the tech sector.
Strategic Outlook and Innovation
As a leveraged vehicle, QLD is meant for short-term tactical positioning rather than core portfolio diversification. It serves as a transparent, efficient instrument for traders who have a strong directional view on the Nasdaq-100 and wish to magnify their potential returns—or losses—on a daily basis. The fund remains an evergreen instrument for active market participants who understand the nuances of leverage, volatility drag, and the impact of daily rebalancing on long-term performance.
| Top 10 Open Interest For Mar 20 Expiration | Top 5 High Yield | |||||
|---|---|---|---|---|---|---|
| 1. | NVDA covered calls | 6. | QQQ covered calls | 1. | CTMX covered calls | |
| 2. | SLV covered calls | 7. | EWZ covered calls | 2. | PL covered calls | |
| 3. | SPY covered calls | 8. | IWM covered calls | 3. | RCAT covered calls | |
| 4. | EEM covered calls | 9. | FXI covered calls | 4. | AXTI covered calls | |
| 5. | IBIT covered calls | 10. | KWEB covered calls | 5. | LUNR covered calls | |
Want more examples? QID Covered Calls | QLYS Covered Calls
Risk Disclosure: Trading options involves significant risk and is not suitable for all investors. The information provided on this website is for educational and informational purposes only and does not constitute financial, investment, tax, or legal advice. Nothing contained on this site is an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities or financial instruments.
Covered Call Strategy Risks: While covered call writing is often considered a conservative options strategy, it is not without risk. By selling a covered call, you are limiting your potential upside profit from the underlying stock. You remain exposed to the full downside risk of owning the underlying stock. In the event of a significant decline in the stock price, the premium received may not be sufficient to offset your losses.
No Guarantee of Performance: Past performance is not indicative of future results. Any examples, calculations, or hypothetical scenarios presented on this site are for illustrative purposes only and do not guarantee future returns or outcomes. Market conditions, liquidity, and trading system failures can affect your ability to execute trades at desired prices.
You should consult with a qualified professional advisor and conduct your own due diligence before making any investment decisions. By using this website, you acknowledge that you are responsible for your own investment decisions and agree to release this site and its affiliates from any liability relating to your use of this information. See the OCC's Characteristics and Risks of Standardized Options for more info.
