The short version
- TQQQ's Form N-PORT for the period ending 2026-05-31 (filed 2026-07-28) shows net assets of $39.8 billion. Of that, 30.4% is held as actual Nasdaq-100 stocks (101 positions), 14.6% as cash and Treasury bills, and the rest of the value is the mark on its derivatives.
- The 3x comes from ten total-return swaps on the Nasdaq-100 with ten banks, notional $101.9 billion, 256% of net assets, plus one E-mini futures position of 14%. Total index exposure: 301% of net assets — which is what a 3x fund is supposed to be on the filing date.
- Every swap is filed with its financing leg: the fund pays the federal funds rate (FEDL01) plus a spread between 0.85% and 1.30%, weighted 1.058%. On $101.9 billion the spread alone is $1.08 billion a year, 2.7% of net assets, before the federal funds rate itself, which applies to the whole notional.
- The largest counterparty is Citibank at 31.7% of net assets; the ten range from 15.5% (Morgan Stanley) to 31.7%. Swap terminations run from January 2027 to April 2028.
- The mix has changed. In November 2019 the fund held 87% of net assets as actual stocks and got the rest from swaps. Since late 2022 the stock share has been between 30% and 59%; on this filing it is the lowest on record. More of the exposure now runs through banks than through shares.
- This site marks TQQQ not comparable on holdings measures, and this essay is why: 127 positions and a top-ten of 51% describe 30 cents of each dollar. The other 270 cents are ten contracts.
Data as of 2026-05-31 (filing period) · received by the SEC 2026-07-28 · written 2026-09-21. The next period (2026-08-31) is due by the end of October and will be re-measured here.
What is actually in the fund
Source: Form N-PORT, period 2026-05-31, filed 2026-07-28. Position rows in the point-in-time file; the derivatives schedule in leverage.json.
| Component | Share of net assets | What it is |
|---|---|---|
| Nasdaq-100 stocks, held directly | 30.4% | 101 positions; NVIDIA, Apple, Microsoft, Micron at the top, in index proportion |
| Cash, money-market fund, Treasury bills | 14.6% | Collateral and liquidity for the swaps |
| Swaps, value on the filing date | 34.4% | The unrealized gain on the ten swaps ($13.7 billion); this is a mark, not an asset the fund chose |
| Swaps, notional | 256.3% | $101.9 billion of Nasdaq-100 exposure delivered by ten banks |
| Nasdaq-100 E-mini futures, notional | 14.1% | One contract line, June 2026 expiry, CME-cleared |
| Total index exposure | 300.7% | Direct stocks + swap notional + futures notional |
A holdings table lists the first row and, as eleven lines with negative or small values, the swaps and the future. Read as a holdings table, TQQQ looks like a 127-position fund with a 51% top ten. Read as exposure, it is 3.0 times the Nasdaq-100, and 85% of that exposure is swap notional — a contract with a bank rather than a share certificate.
The ten swaps, as filed
| Counterparty | Notional | % of net assets | Pays | Terminates |
|---|---|---|---|---|
| Citibank NA | $12.6B | 31.7% | FEDL01 + 1.25% | 2027-03-08 |
| BNP Paribas SA | $11.7B | 29.3% | FEDL01 + 1.05% | 2027-03-08 |
| J.P. Morgan Securities | $11.5B | 28.9% | FEDL01 + 0.85% | 2027-11-08 |
| Bank of America NA | $10.8B | 27.2% | FEDL01 + 1.15% | 2027-11-04 |
| Barclays Bank plc | $10.2B | 25.7% | FEDL01 + 0.95% | 2027-11-04 |
| Société Générale | $10.2B | 25.7% | FEDL01 + 1.10% | 2027-11-04 |
| Goldman Sachs International | $9.9B | 25.0% | FEDL01 + 1.00% | 2027-11-08 |
| UBS AG | $9.5B | 23.8% | FEDL01 + 0.92% | 2028-04-06 |
| Nomura Global Financial Products | $9.3B | 23.4% | FEDL01 + 1.30% | 2027-01-12 |
| Morgan Stanley & Co. International | $6.2B | 15.5% | FEDL01 + 0.95% | 2027-11-04 |
| Ten swaps | $101.9B | 256.3% | weighted +1.058% |
Two things the table settles.
What 3x costs before the index moves. A total-return swap pays the fund the index return on the notional; the fund pays the bank a floating rate on the same notional. The rate is the federal funds effective rate plus the spread in the table. The spread part is arithmetic: $101.9 billion × 1.058% = $1.08 billion a year, 2.7% of net assets. The federal funds part is larger and the filing does not quote it as a number (it names the index, FEDL01), so this essay does not either; whatever that rate is on a given day, it applies to 256% of the fund. This financing is why a 3x fund does not deliver three times the index's return over any period longer than a day even before volatility drag: it is paying interest on two and a half times its own size.
How the risk is spread. No bank carries more than a third of the fund's net assets in notional, and the ten together carry 2.6 times it. The exposure the fund has to each bank is not the notional but the unrealized gain owed to it — $13.7 billion across the ten on this filing date, or 34% of net assets, offset in practice by collateral arrangements the filing does not itemise.
Seven years of the mix
| Filing period | Net assets | Held as stocks | Swap + futures notional |
|---|---|---|---|
| 2019-11-30 | $3.8B | 86.9% | 211% |
| 2020-11-30 | $9.3B | 79.1% | 219% |
| 2021-11-30 | $18.5B | 77.4% | 220% |
| 2022-11-30 | $12.5B | 34.3% | 246% |
| 2023-11-30 | $18.7B | 36.5% | 266% |
| 2024-11-30 | $25.4B | 36.1% | 264% |
| 2025-11-30 | $30.9B | 56.9% | 240% |
| 2026-05-31 | $39.8B | 30.0% | 270% |
Total exposure stays near 300% because that is the mandate. What moves is how it is built: in 2019 through early 2022 the fund owned most of the index outright and topped up with swaps; from late 2022 the swaps do most of the work and the stock share has ranged from 30% to 59%. The filing does not say why. Two readings are consistent with the numbers — swaps became cheaper relative to holding stock, or the fund's size made daily rebalancing through swaps more practical than through 101 stocks — and this site does not choose between them.
Against the other geared Nasdaq and S&P funds
| Fund | Exposure | Swap notional | Held as stocks | Banks | Weighted spread |
|---|---|---|---|---|---|
| TQQQ (3x Nasdaq-100) | 301% | 256% | 30% | 10 | +1.06% |
| QLD (2x Nasdaq-100) | 199% | 122% | 62% | 12 | +0.97% |
| UPRO (3x S&P 500) | 302% | 242% | 45% | 10 | +0.92% |
| SSO (2x S&P 500) | 200% | 120% | 66% | 11 | +0.88% |
| SOXL (Direxion, 3x semiconductors) | 300% | 243% | 57% | 8 | +4.58% |
The four ProShares funds share one construction, and the 2x funds hold more of the index outright because they need less from the banks. SOXL, from a different sponsor, pays a spread four times the others'; the filing does not say why, and the index it tracks is narrower and more volatile than the Nasdaq-100 or the S&P 500.
What this can and cannot tell you
- As of 2026-05-31. Swap notional and the stock share move with flows and with the daily reset; the banks and spreads are contract terms and move slowly.
- The filing gives the spread over FEDL01, not the all-in rate, and not the fee the sponsor charges. The 2.7% figure is the spread component only.
- This is what the fund is made of. It is not a statement about the daily reset, volatility decay, or whether a 3x fund belongs in anyone's portfolio — those are questions about returns, and this is a filing about positions.
Data: TQQQ on this site · QQQ · leverage dataset · the filing.