Leveraged funds are turning their backs on U.S. technology stocks in a big way. Short positions in Nasdaq-100 futures have climbed to about $75 billion, according to Commodity Futures Trading Commission (CFTC) data collated by The Kobeissi Letter, which was highlighted in a post on X.
That short exposure has more than doubled since February and now sits close to its highest level in at least four years. In plain English: the traders who use leverage are bracing for more weakness in the tech-heavy index.
Long Positions Slide to Multi-Year Low
The bearish turn shows up on the long side too. Leveraged funds' long positions in Nasdaq-100 futures have fallen to roughly $18 billion, their lowest level since mid-2025.
Put those two numbers together and net positioning lands at approximately -$57 billion, near its most negative level since at least 2022.
It is a dramatic reversal from November 2025, when leveraged funds still held a positive net position in Nasdaq-100 futures.
The CFTC data also lays out the growing imbalance. For the week ended Sept. 1, leveraged funds held 55,361 long Nasdaq Mini contracts versus 69,453 short contracts, a clear bearish tilt.
The shift arrives as technology stocks face a less friendly macro backdrop. Rising oil prices and higher Treasury yields are reviving concerns over inflation and interest rates, factors that can weigh particularly heavily on high-growth technology stocks.
What It Means For Tech ETFs
The positioning shift could add to volatility across technology-focused ETFs if the Nasdaq-100 comes under further pressure. Funds tracking the index, including Invesco QQQ Trust (NASDAQ:QQQ), could face greater swings as leveraged traders increase bearish exposure.
However, futures positioning is not a direct forecast of market direction. Leveraged funds also use futures for hedging and tactical strategies.
Still, with short exposure near four-year highs and long positioning falling sharply, the message from leveraged traders is clear. The bullish conviction that dominated late 2025 has given way to one of the most bearish Nasdaq-100 positioning setups in years.
