What, Me Worry? LEAF Near All-Time Highs as the Nasdaq-100 Falls

LEAF’s defensive positioning has held up well since the Nasdaq-100 peaked on June 2. From June 2 through July 29, LEAF gained 1.7%, while the QQQ ETF declined 10.8%.

The largest positive contributors over this period were the model’s long/short equity and inverse natural-gas positions. BTAL gained 10.3%, Fidelity Global Long/Short gained 31.4%, and KOLD gained 30.1%.

As these defensive holdings appreciated, the model took profits and redeployed a portion of the proceeds into the NASDAQ. This disciplined rebalancing allowed the model to reduce defensive exposure after strong gains while gradually adding to equities as prices declined.

The result was a new high for LEAF despite a significant decline in technology stocks.

LEAF Index Returns vs QQQ ETF June 2 to July 29, 2026

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Important disclosure: This material is provided for informational purposes only and does not constitute investment advice, an offer, or a recommendation to buy or sell any security. Performance figures may be based on model results and may not reflect trading costs, taxes, slippage or the results achieved by any individual investor. Leveraged and inverse ETFs reset daily and involve significant risks. Past performance does not guarantee future results.