QUICKTAKE

October 6, 2025

Charlie Kirk, Tech Investor

Both the Nasdaq and the S&P 500 set new record highs today. Between AI-driven growth and potential rate cuts, investors are optimistic.

Markets have benefited from a lot of good news in recent weeks, producing excellent results for investors who put money to work just a few years ago when sentiment was quite different.

Charlie Kirk was one of those investors.

During Covid, I bought tripled leveraged triple Q… It was the easiest bet I’ve ever made in my life. You’re gonna bet against America? - Charlie Kirk

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He may be gone, but Charlie has left us with an extraordinary collection of content that we can continue to enjoy and learn from. Like many people, we have been spending time in recent weeks catching up on gems we may have missed.

The vast majority of Charlie’s work related to politics, history and religion. But as we wrote last month in our tribute note (Remembering and Honoring Charlie Kirk), he had great insights into the economy and business which should not be overlooked.

Charlie revealed that he made the investment mentioned above in a podcast that we recently came across. He was referring specifically to the ProShares UltraPro QQQ (TQQQ).

TQQQ (aka “the triple Q’s”) is a leveraged ETF. This means it is an exchange-traded fund that uses financial derivatives and debt (like swaps, futures, or options) to amplify the daily returns of an underlying index.

If you own a triple leveraged ETF, you should expect on any given day to get about three times the performance (up or down) versus an unleveraged ETF that tracks the same index.

TQQQ is by far the largest leveraged ETF out there. It has more than $20 billion of assets under management.

TQQQ is managed to provide approximately three times the daily return of the Nasdaq-100 Index, a tech-heavy index that tracks 100 of the largest Nasdaq-listed stocks.

In the video below, Charlie explained why he made the investment at this moment of panic in the market.

Charlie got many things right in his extraordinarily productive life, including this one. We don’t know exactly when he bought, but if he bought TQQQ on March 31, 2020, it would have returned more than 800% if held through the end of September 2025.

That return is significantly higher than the return on QQQ, the widely held unleveraged ETF which directly tracks the performance of the Nasdaq-100 Index.

QQQ returned about 225% over the same time frame, while an investment in an S&P 500 ETF, such as SPY, returned about 180%.

TQQQ, QQQ, and SPY

(Total Return from 3/31/2020)

Leveraged ETFs like TQQQ are somewhat complicated. We have received inquiries from subscribers about them and have been considering writing about them for some time.

Like Charlie Kirk, we find these instruments not only interesting but potentially attractive under the right circumstances, especially in a period of steep market declines, as Charlie described.

They are without a doubt quite risky, but their immense upside potential merits serious attention from all investors.

In this report, we explain how leveraged ETFs work and examine their historical performance. We then offer our thoughts on when and how investors may want to consider using them (and which ones).

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