It is generally agreed that dispositions cannot be analyzed in terms of simple subjunctive conditionals (because of what are called ‘‘masked dispositions’’ and ‘‘finkish dispositions’’). I here defend a qualified subjunctive account of dispositions according to which an object is disposed to U when conditions C obtain if and only if, if conditions C were to obtain, then the object would U ceteris paribus. I argue that this account does not fall prey to the objections that have been raised in the literature.