# Leveraged ETF Tracking by Issuer

> As of Nov 5, 2026, Direxion leads 10 leveraged ETF issuers, with a median tracking error of 2.65% across 112 funds. No fund is recommended.

Data as of Nov 5, 2026. Rebuilt every trading night.

As of Nov 5, 2026 . Rebuilt every trading night.

## Leveraged ETF tracking by issuer

As of Nov 5, 2026, Direxion leads 10 leveraged ETF issuers, with a median tracking error of 2.65% across 112 funds. See 10 issuers ranked by median tracking error, lowest first. Updated Nov 5, 2026.

| # | Issuer | Funds measured | Median tracking error | Median daily miss, bp | Average IQ Leverage Score | Funds in the top tenth | Funds in the bottom tenth |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | Direxion | 112 funds | 2.65% | 13.4 | 52.9 | 8% | 6% |
| 2 | ProShares | 103 funds | 2.69% | 12.9 | 56.7 | 9% | 8% |
| 3 | Volatility Shares | 5 funds | 3.17% | 16.7 | 7.3 | 0% | 60% |
| 4 | GraniteShares | 44 funds | 3.62% | 17.9 | 40.6 | 0% | 5% |
| 5 | Leverage Shares | 94 funds | 6.10% | 29.5 | 46.5 | 7% | 7% |
| 6 | Defiance | 58 funds | 6.19% | 31.7 | 29.4 | 5% | 33% |
| 7 | T-REX | 44 funds | 6.25% | 30.3 | 43.2 | 14% | 14% |
| 8 | Tradr | 67 funds | 6.43% | 31.9 | 58.6 | 11% | 6% |
| 9 | Corgi | 119 funds | 7.42% | 34.3 | 56.1 | 18% | 7% |
| 10 | KraneShares | 5 funds | 63.44% | 136.7 | 99.1 | 100% | 0% |

### Each set, ranked by its daily miss

Every fund is ranked inside its own set, on the 90 days to the date above. Each set has its own page.

| # | Set | Funds ranked | Median daily miss, bp | Closest, bp | Furthest, bp |
| --- | --- | --- | --- | --- | --- |
| 1 | 2x leveraged ETFs | 489 | 26.6 | SSO 3.0 | TEUP 133.4 |
| 2 | 2x inverse ETFs | 75 | 19.0 | SDS 4.6 | SKHN 119.1 |
| 3 | 1x inverse ETFs | 34 | 8.3 | SH 3.8 | ORCS 16.8 |
| 4 | 3x leveraged ETFs | 31 | 12.4 | UPRO 5.1 | PILL 41.3 |
| 5 | 3x inverse ETFs | 19 | 12.9 | SQQQ 6.5 | HIBS 28.7 |

### Method

Each fund's daily miss is its return each day less its multiple times its underlying's return that day. A basis point is a hundredth of a percentage point. Tracking error is the spread of those daily misses, annualized. Both are on closing prices here, so every issuer is read the same way. Issuers rank by the median tracking error of their funds, lowest first; an issuer of 3x and single-stock funds strays further by construction. The IQ Leverage Score is ETFIQ's one leverage score: a percentile inside each fund's own set, so a mix of 2x and 3x funds does not move an issuer up or down. It asks whether a fund kept up with its compounded multiple over three months, being ahead included, so a high score can sit beside a wide tracking error. The top and bottom tenth are funds scoring 90 or more and 10 or less. An issuer needs 3 funds measured to be ranked; 4 smaller issuers are not. The list sorts one published number, with no scoring or weighting. Every leveraged and inverse ETF ETFIQ measures against a daily multiple is eligible: 678 funds.

### Questions people ask

Which leveraged ETF issuer tracks its daily target most closely? By median tracking error on closing prices, Direxion, at 2.65% a year, as of Nov 5, 2026. By average IQ Leverage Score, KraneShares, at 99.1. What is tracking error for a leveraged ETF? How much its daily return strays from its multiple of the underlying's daily return, measured as the spread of those daily misses over a year. It says nothing about returns over longer windows, which compounding decides.

### Where to next

### Sources

Links are sources, not endorsements.

A ranking is not a recommendation or an opinion. ETFIQ is an independent publisher, not an adviser. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, Leveraged ETF tracking by issuer, ranked by median tracking error, lowest first, data as of Nov 5, 2026. https://etfiq.com/leveraged-etf-tracking/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
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