# SPY Leveraged ETFs: 2x, 3x & Inverse, Compared

> 10 leveraged and inverse ETFs on SPY: multiple, issuer, fee and net assets. Each against its stated multiple, as of Oct 22, 2026.

Data as of Oct 22, 2026. Rebuilt every trading night.

Data as of Oct 22, 2026 .

## SPY leveraged and inverse ETFs

As of Oct 22, 2026, 10 ETFs set out to return a multiple of the daily move in the S&P 500 (SPY), from −3x to 3x, sold by 3 issuers. Over three months they finished from −3.3 to +2.4 percentage points against what their stated multiples implied.

### Browse leveraged ETFs

### All 10 leveraged and inverse ETFs on SPY

| Ticker | Fund | Issuer | 1M vs multiple | 3M vs multiple | 1Y vs multiple | Net assets | Net assets as of | Fee | Total return 1M | Total return 3M | Total return YTD | Total return 1Y | Total return 3Y | Total return since launch | Multiple |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SSO | ProShares Ultra S&P500 | ProShares | −0.5 pts | −1.6 pts | −6.7 pts | $8.6bn | Oct 22, 2026 | 0.84% | −2.9% | +5.8% | +20.4% | +24.5% | +176.5% | +1,810.7% | +2x |
| SPXL | Direxion Daily S&P 500 Bull 3X ETF | Direxion | −1.1 pts | −3.2 pts | −13.3 pts | $6.9bn | Oct 22, 2026 | 0.84% | −4.7% | +7.9% | +27.8% | +33.5% | +291.0% | +8,481.7% | +3x |
| UPRO | ProShares UltraPro S&P500 | ProShares | −1.1 pts | −3.3 pts | −13.9 pts | $5.4bn | Oct 22, 2026 | 0.88% | −4.7% | +7.8% | +27.4% | +32.9% | +289.0% | +12,893.0% | +3x |
| SH | ProShares Short S&P500 | ProShares | +0.5 pts | +1.4 pts | +6.7 pts | $956m | Oct 22, 2026 | 0.88% | +1.7% | −2.3% | −7.8% | −8.9% | −36.7% | −91.0% | -1x |
| SPXU | ProShares UltraPro Short S&P500 | ProShares | +0.9 pts | +2.4 pts | +14.8 pts | $423m | Oct 22, 2026 | 0.90% | +4.5% | −8.7% | −28.0% | −32.0% | −83.4% | −100.0% | -3x |
| SDS | ProShares UltraShort S&P500 | ProShares | +0.7 pts | +1.9 pts | +10.3 pts | $383m | Oct 22, 2026 | 0.91% | +3.1% | −5.5% | −18.1% | −20.9% | −66.5% | −99.7% | -2x |
| SPXS | Direxion Daily S&P 500 Bear 3X ETF | Direxion | +1.1 pts | +2.4 pts | +14.9 pts | $321m | Oct 22, 2026 | 1.04% | +4.7% | −8.7% | −27.9% | −31.9% | −83.1% | −100.0% | -3x |
| SPUU | Direxion Daily S&P 500 Bull 2X ETF | Direxion | −0.8 pts | −1.5 pts | −6.1 pts | $307m | Oct 22, 2026 | 0.60% | −3.2% | +5.9% | +20.9% | +25.1% | +179.7% | +984.7% | +2x |
| SPDN | Direxion Daily S&P 500 Bear 1X ETF | Direxion | +0.7 pts | +1.6 pts | +7.1 pts | $270m | Oct 22, 2026 | 0.48% | +1.9% | −2.1% | −7.4% | −8.5% | −36.1% | −73.6% | -1x |
| SPYQ | Tradr 2X Long SPY Quarterly ETF | Tradr | −0.5 pts | −1.9 pts | −8.7 pts | $13m | Oct 22, 2026 | 1.00% | −2.9% | +5.5% | +18.4% | +22.5% | not available | +56.5% since Oct 2024 | +2x |

What SPY itself did over the same days: −1.2% over one month, +3.7% over three months, +15.6% over one year.

### Questions people ask

Which 2x SPY ETFs are there? As of Oct 22, 2026, 3 ETFs set out to return 2x the daily move in the S&P 500 ( SPY ): SSO , SPUU and SPYQ. Which 3x SPY ETFs are there? As of Oct 22, 2026, 2 ETFs set out to return 3x the daily move in the S&P 500 ( SPY ): SPXL and UPRO. Which inverse SPY ETFs are there? As of Oct 22, 2026, 5 ETFs set out to return the opposite of the daily move in the S&P 500 ( SPY ), from −3x to −1x: SH , SPXU , SDS , SPXS and SPDN. Which SPY leveraged ETF is largest? SSO , ProShares Ultra S&P500, at $8.6bn in net assets on Oct 22, 2026, the largest of the 10 on SPY with a published size.

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, SPY leveraged and inverse ETFs, data as of Oct 22, 2026. https://etfiq.com/leverage/spy-leveraged-etfs
Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/leverage/spy-leveraged-etfs