- Issuer
- UBS
- Inception Date
- Feb 5, 2021
- Region
- North America (U.S.)
- Category
- Quality Factor, Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- MSCI USA Sector Neutral Quality Index
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Assets Under Management
- $7M
Highlights
- Avg. Volume (1M)
- 22
- Avg. Volume Value (1M)
- $1.49K
Share Price Chart
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Performance
QULL Performance Chart
ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) is up 18.3% since the beginning of the year. QULL is currently trading at $67 per share. Investors who bought $1,000 worth of QULL shares 5 years ago would now be looking at an investment worth $1,963.
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Returns By Period
ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) has returned 18.31% so far this year and 38.52% over the past 12 months.
ETRACS 2x Leveraged MSCI US Quality Factor TR ETN
- 1D
- 0.63%
- 1M
- 0.26%
- 6M
- 14.62%
- YTD
- 18.31%
- 1Y
- 38.52%
- 3Y*
- 27.71%
- 5Y*
- 14.44%
- 10Y*
- —
- ALL TIME*
- 19.45%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
QULL Monthly Returns History
Based on dividend-adjusted daily data since Feb 5, 2021, QULL's average daily return is +0.09%, while the average monthly return is +1.90%. At this rate, an investment would double in approximately 3.1 years.
Historically, 65% of months were positive and 35% were negative. The best month was Jul 2022 with a return of +19.1%, while the worst month was Jun 2022 at -20.2%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, QULL closed higher 52% of trading days. The best single day was Apr 9, 2025 with a return of +20.8%, while the worst single day was Apr 4, 2025 at -11.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.22% | 2.13% | -12.81% | 16.35% | 7.43% | 3.73% | -0.73% | 18.31% | |||||
| 2025 | 5.55% | -2.59% | -11.54% | -2.74% | 8.53% | 5.95% | 0.57% | 4.79% | 5.89% | 1.29% | 1.49% | 0.77% | 17.61% |
| 2024 | 4.10% | 12.34% | 4.42% | -9.00% | 10.34% | 6.08% | 0.43% | 6.39% | 1.74% | -3.22% | 9.32% | -7.73% | 38.03% |
| 2023 | 13.05% | -5.32% | 8.83% | 2.77% | 0.84% | 12.44% | 6.58% | -1.26% | -10.71% | -3.46% | 17.25% | 8.80% | 57.07% |
| 2022 | -13.35% | -9.04% | 8.77% | -16.80% | -0.52% | -20.15% | 19.08% | -9.72% | -19.78% | 15.95% | 13.78% | -10.02% | -42.00% |
| 2021 | -1.80% | 8.98% | 9.11% | 2.13% | 6.43% | 6.31% | 5.60% | -12.33% | 15.27% | -1.36% | 6.56% | 51.36% |
Benchmark Metrics
ETRACS 2x Leveraged MSCI US Quality Factor TR ETN has an annualized alpha of -3.39%, beta of 2.03, and R2 of 0.94 versus S&P 500 Index. Calculated based on daily prices since February 05, 2021.
- This ETF captured 231.92% of S&P 500 Index gains and 173.09% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This ETF had an annualized alpha of -3.39% versus S&P 500 Index - delivering less than market exposure alone would predict.
- Beta of 2.03 means this ETF moves significantly more than S&P 500 Index - expect amplified gains in rallies and amplified losses in downturns.
- Alpha
- -3.39%
- Beta
- 2.03
- R²
- 0.94
- Upside Capture
- 231.92%
- Downside Capture
- 173.09%
Expense Ratio
QULL has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
QULL ranks 60 for risk / return — above 60% of ETFs peers on PortfoliosLab. Its historical combined result is above most peers.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| QULL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 2.00 | -0.04 |
| Martin ratioReturn relative to average drawdown | 8.61 | 8.49 | +0.12 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ETRACS 2x Leveraged MSCI US Quality Factor TR ETN. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ETRACS 2x Leveraged MSCI US Quality Factor TR ETN was 51.83%, occurring on Oct 14, 2022. Recovery took 329 trading sessions.
The current ETRACS 2x Leveraged MSCI US Quality Factor TR ETN drawdown is 1.05%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-51.83%Oct 2022 | 9mo 18d | 1y 3mo | 2y 1moDec 2021 - Feb 2024 | Bear market2022 |
-36.82%Apr 2025 | 4mo 4d | 5mo 6d | 9mo 10dDec 2024 - Sep 2025 | 2025 selloff2025 |
-18.43%Mar 2026 | 1mo 2d | 18d | 1mo 20dFeb 2026 - Apr 2026 | — |
-15.88%Aug 2024 | 19d | 16d | 1mo 5dJul 2024 - Aug 2024 | — |
-14.53%Oct 2021 | 1mo 4d | 25d | 1mo 29dAug 2021 - Oct 2021 | — |
Drawdown Indicators
| QULL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.83% | -56.78% | +4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -18.43% | -9.10% | -9.33% |
Max Drawdown (3Y)Largest decline over 3 years | -36.82% | -18.90% | -17.92% |
Max Drawdown (5Y)Largest decline over 5 years | -51.83% | -25.43% | -26.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.05% | -1.58% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -13.70% | -10.70% | -3.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 2.14% | +2.05% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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