Stats › Tradeable patterns › Leveraged ETF flow
A 1% Nasdaq day forces TQQQ to trade $2.31bn
| Fund | Daily target | Index | Net assets, 14 Aug 2026 | m(m-1) | Forced trade per 1% index move |
|---|---|---|---|---|---|
| TQQQ, ProShares UltraPro QQQ | 3x | Nasdaq-100 | $38,467,460,654 | 6 | about $2,308m |
| QLD, ProShares Ultra QQQ | 2x | Nasdaq-100 | $14,545,140,412 | 2 | about $291m |
| UPRO, ProShares UltraPro S&P 500 | 3x | S&P 500 | $5,782,641,347 | 6 | about $347m |
| SQQQ, ProShares UltraPro Short QQQ | -3x | Nasdaq-100 | $1,918,884,650 | 12 | about $230m |
Source: ProShares fund pages, net assets as of 14 Aug 2026. Formula from Lenkey, Quantitative Finance and Economics 8(4), 2024, quoting Cheng and Madhavan. The three Nasdaq-100 funds come to roughly $2.83bn of forced trade per 1% move. Gross demand, before offsetting creations and redemptions.
A leveraged ETF promises a multiple of one day's index move, so it must reset its exposure before every close. A one per cent Nasdaq day obliges TQQQ alone to trade about 2.3 billion dollars. The measured price impact is under a basis point.
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