The NASDAQ-10 Portfolio: what it holds by rule, where leveraged single-stock ETFs come in, and why that changes the risk

I'm Chris, co-founder of Autopilot. The NASDAQ-10 Portfolio has a simple-sounding name and one clause in its description that changes everything about its risk. Most people read the name and stop. Read the clause. Here's what the Portfolio holds by rule, who publishes it, what a leveraged single-stock ETF is and does, and how to think about following a Portfolio that may hold one.

One thing first, because we're an SEC-registered investment adviser and I have to say it. Autopilot is the app. The actual investment advice comes from Autopilot Advisers, LLC. If you want the full legal version of anything in here, it's on our disclaimer page.

1) The rule

The NASDAQ-10 Portfolio launched on Autopilot on October 10, 2025. Its Published Pilot is Raincheck Capital and its manager is Autopilot Advisers, LLC. The description: it "holds the top 10 best performing NASDAQ-100 (QQQ) holdings. Supplementary positions are taken in high conviction picks beyond the top 10. Depending on Market Signal strength, the corresponding 2× leveraged single-stock ETF may be selected in place of the underlying." So three parts: a momentum rule on the largest Nasdaq index's members, a discretionary layer of extra picks, and a leverage switch driven by the Pilot's signal. The NASDAQ-10 fact sheet shows the largest positions by weight with a timestamp, lists the rebalance cadence as not disclosed, and publishes the live record of follower accounts since launch, gross and modeled net, with drawdown and a date on every figure.

2) Who publishes it

Raincheck Capital's bio describes a "proprietary Market Signal algorithm" that indicates whether the Nasdaq-100 is in an uptrend or a downtrend, and the bio describes its other Portfolios as using that signal to add or remove leverage. That's the Pilot's own description of its method; I'm presenting it as theirs. Raincheck Capital is an independent Pilot, not an investment adviser and not an Autopilot employee, and following its Portfolios requires its Pilot subscription, which covers all of them. How Pilots and the adviser relate is in How Pilots work: who they are, how they get paid, what they aren't, and how to become one.

3) The clause: leveraged single-stock ETFs

A leveraged ETF is a fund engineered to deliver a multiple of the daily move of something, here a single stock, using derivatives and daily rebalancing. Two things follow that the name doesn't say. First, the multiple applies to each day's move, not to the long run: because the fund resets its leverage daily, its return over weeks or months can differ sharply from two times the stock's return over the same period, and in choppy markets the daily resetting produces a drag on returns that finance people call a volatility loss. Second, the leverage cuts both ways with the same speed: a two-times fund on a stock that falls hard falls roughly twice as hard that day. Leveraged ETFs also tend to carry higher expense ratios than plain index funds. None of that is exotic knowledge; it's the standard description of how these products work, and it's why the leverage switch in this Portfolio's description matters more than the "top 10" in its name.

4) Is this the same as buying QQQ

No, in three ways. The Nasdaq-100 ETF holds around a hundred companies at index weights; this Portfolio holds a concentrated set chosen by a performance rule plus extra picks. The index ETF never uses leverage; this Portfolio may hold two-times leveraged single-stock ETFs when the Pilot's signal says so. And the index ETF is one security you buy once; this is a Portfolio that changes, with each change flowing into your account as orders. It's a concentrated, sometimes-leveraged bet on the winners within the index, not the index.

5) How following works, and what to check

You connect the brokerage you already have, pick the Portfolio, and set how much of the account follows it. Then you give Autopilot Advisers limited authority to send orders to that account. When the Portfolio changes, we send them and your broker fills them. The money stays put. Before that, read the drawdown on the sheet and ask whether you'd hold through a worse one, because leverage makes worse ones more likely. Check how concentrated the largest positions are. And know that the leverage switch means the Portfolio's risk isn't constant: it can be a plain concentrated stock basket one month and a leveraged one the next, by design. How to read a record like that is in How to read a Portfolio's track record before you follow it, and the general question of rules versus people is in How to choose which investor to follow: attribution, survivorship, concentration, and when to stop.

Frequently asked questions

What is the NASDAQ-10 Portfolio on Autopilot?

A Portfolio published by Raincheck Capital and managed by Autopilot Advisers, LLC, live since October 10, 2025. Per its description it holds the ten best-performing members of the Nasdaq-100, adds supplementary high-conviction picks, and, depending on the Pilot's Market Signal, may hold a two-times leveraged single-stock ETF in place of a stock. Its fact sheet shows the largest positions and the live follower record; following it requires Raincheck Capital's Pilot subscription.

Does the NASDAQ-10 Portfolio use leveraged ETFs?

It may. The description says that depending on the Pilot's Market Signal strength, "the corresponding 2× leveraged single-stock ETF may be selected in place of the underlying." Leveraged ETFs seek a multiple of a security's daily move, reset daily, can diverge sharply from that multiple over longer periods, suffer a drag in volatile markets, amplify losses as fast as gains, and tend to carry higher fees. Whether the Portfolio holds one at a given time is shown on the fact sheet.

Is the NASDAQ-10 Portfolio the same as buying QQQ?

No. The Nasdaq-100 ETF holds roughly a hundred companies at index weights without using leveraged products, bought once. The NASDAQ-10 Portfolio holds a concentrated set selected by a performance rule plus discretionary picks, may hold two-times leveraged single-stock ETFs when the Pilot's signal calls for it, and changes over time, with each change sent to your brokerage as orders. It's a concentrated, sometimes-leveraged bet on winners within the index.

Who is Raincheck Capital?

An independent Pilot on Autopilot whose bio describes a proprietary Market Signal algorithm that reads whether the Nasdaq-100 is in an uptrend or downtrend and governs when its Portfolios add or remove leverage. It publishes the NASDAQ-10 Portfolio and others; one Pilot subscription covers all of them. Raincheck Capital is not an investment adviser; Autopilot Advisers, LLC is the manager that applies its Portfolios to follower accounts.

TLDR

Ten of the Nasdaq-100's best performers by rule, extra picks by judgment, and a switch that can swap a stock for a two-times leveraged ETF when the Pilot's signal says so. That switch is the risk: leveraged ETFs reset daily, drift from their multiple over time, and fall as fast as they rise. Not the index, not constant risk. Read the drawdown first. If one fits, choose a Portfolio and connect your brokerage. Then give Autopilot Advisers limited authority to send orders to that account. When the Portfolio changes, we send them and your broker fills them. Depending on your plan and brokerage, you may need to confirm first. The money stays put.

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Since Autopilot Advisers is an SEC-registered investment adviser, we have to put disclaimers on stuff like this. They're below, and the full version is on our disclaimer page.

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Raincheck Capital is an independent Pilot, not an investment adviser and not an Autopilot employee; statements about its method are from the bio and description published on its fact sheet and have not been independently verified by Autopilot. Descriptions of leveraged ETFs are general and apply to the product type, not to any specific fund. Nasdaq and Invesco are not affiliated with Autopilot. The Portfolio is managed by Autopilot Advisers, LLC. No holding or performance figure is stated; the record is on the dated fact sheet.