The ProShares UltraPro QQQ ETF (NASDAQ: TQQQ) is getting a lot of attention from investors in 2024, and it's easy to see why. In the past six weeks alone, the exchange-traded fund (ETF) has gained nearly 50%, and that's on top of a stellar record of long-term performance since its 2010 inception. In fact, if you had invested $5,000 in the ETF at that time, you'd almost be a millionaire just 14 years later.

While this ETF has an undeniably strong track record of producing market-beating returns, there's a lot that investors should know before buying shares. Here's a rundown of what this ETF is, and the pros and cons of investing in it.

The ProShares UltraPro QQQ ETF is in a special category of ETFs known as a leveraged ETF. In a nutshell, a leveraged ETF aims to return a specific multiple of the performance of a certain benchmark index.

Continue reading

Source Fool.com