Spread = (TQQQ AUM + QLD AUM) ÷ (SQQQ AUM + QID AUM). Uses the issuer’s historical assets under management, in dollars, without leverage weighting. All four funds track leveraged or inverse daily returns of the Nasdaq-100.

The top panel is the Nasdaq-100 price index (NDX), using daily closes from Yahoo Finance. Both panels use the same completed sessions. The dashed line is the highest spread before the latest observation; it is a historical comparison. Fund assets change with both investment performance and subscriptions/redemptions, so this is not a pure fund-flow measure.

The 2022 shading runs from the highest Nasdaq-100 close in 2021 to its lowest close in 2022. Automatic source checks run at 06:48, 12:48, 18:48, 20:48 and 23:48 New York time. Completed sessions become eligible 20 minutes after the exchange close, once all four issuer AUM files and the index close are available. Failed validation retains the previous published snapshot.