I respect your position and certainly there is risk, but the intraday risk is not significantly greater than leveraging the index itself. For one, no complex de

I respect your position and certainly there is risk, but the intraday risk is not significantly greater than leveraging the index itself. For one, no complex derivatives are being used, you can see the exact summary of every asset held by the ETF here: https://accounts.profunds.com/etfdata/ByFund/TQQQ-psdlyhld.csv https://accounts.profunds.com/etfdata/ByFund/TQQQ-psdlyhld.c... They consist of the securities themselves, futures contracts, treasury bills, and index swaps. None of these are considered remotely complex or out of the ordinary and the only security that has any real counterparty risk are the index swaps. So yes, if Goldman Sachs, or JP Morgan, or one of the other nine institutions listed in the above linked document fail in such a way that no other institution bails them out, then TQQQ's price will fall greater than 3x index it's tracking. I won't argue those institutions can not fail, but that's the case when you invest, you assume the risk that what you invest in will fail. The greatest risk of investing in TQQQ is not the counterparty risk or that the fundamental mechanism behind index swaps will break down, that's a risk but it's much less likely than the elephant in the room... being leveraged in an investment during a stock market crash.