# What is a leveraged ETF?

> A fund that sets out to return a stated multiple of another thing’s move, each day. Answered from ETFIQ data as of Oct 28, 2026.

Data as of Oct 28, 2026. Rebuilt every trading night.

Answered from ETFIQ data as of Oct 28, 2026 .

## What is a leveraged ETF?

A fund that sets out to return a stated multiple of another thing’s move, each day. ETFIQ tracks 734 of them: 533 long and 201 inverse, on single companies, sectors, broad indices and asset classes. The multiple applies to a day, not to however long it is held.

The fund holds swaps or futures rather than the thing itself, sized each morning so that a one percent move in the underlying that day produces the stated multiple. At the close it resets and does it again from wherever it now stands.

The reset is the mechanism and the problem. Over one day the fund does what the name says. Over a week it is usually close. Over a quarter it can be far off, and which way depends on whether the underlying trended or thrashed about.

An inverse fund works the same way with the sign reversed. It is not a way to hold a short position. The same compounding applies, and the fund rebuilds its position every night.

### On ETFIQ today

| Ticker | Fund | Says | Underlying asset | Segment | Fund returned | Difference |
| --- | --- | --- | --- | --- | --- | --- |
| UDOW | ProShares UltraPro Dow30 | +3x | DIA | us large cap | +2.9% | −3.4 pts |
| SDOW | ProShares UltraPro Short Dow30 | -3x | DIA | us large cap | −4.1% | +2.2 pts |
| EDC | Direxion Daily MSCI Emerging Markets Bul | +3x | EEM | country | +5.7% | −6.3 pts |
| EDZ | Direxion Daily MSCI Emerging Markets Bea | -3x | EEM | country | −14.2% | −2.2 pts |
| MEXX | Direxion Daily MSCI Mexico Bull 3X ETF | +3x | EWW | country | −8.2% | −4.6 pts |
| WEBL | Direxion Daily Dow Jones Internet Bull 3 | +3x | FDN | sector | +11.6% | −4.9 pts |
| WEBS | Direxion Daily Dow Jones Internet Bear 3 | -3x | FDN | sector | −17.8% | −1.3 pts |
| YINN | Direxion Daily FTSE China Bull 3X ETF | +3x | FXI | country | −30.8% | −0.5 pts |
| YANG | Direxion Daily FTSE China Bear 3X ETF | -3x | FXI | country | +37.1% | +6.8 pts |
| TYD | Direxion Daily 7-10 Year Treasury Bull 3 | +3x | IEF | bond | −7.1% | −2.6 pts |
| TYO | Direxion Daily 7-10 Year Treasury Bear 3 | -3x | IEF | bond | +8.0% | +3.5 pts |
| DFEN | Direxion Daily Aerospace & Defense Bull | +3x | ITA | sector | −35.3% | +0.7 pts |
| NAIL | Direxion Daily Homebuilders & Supplies B | +3x | ITB | sector | −26.4% | −5.1 pts |
| TNA | Direxion Daily Small Cap Bull 3X ETF | +3x | IWM | us small cap | −10.2% | −3.3 pts |
| URTY | ProShares UltraPro Russell2000 | +3x | IWM | us small cap | −10.2% | −3.3 pts |
| SRTY | ProShares UltraPro Short Russell2000 | -3x | IWM | us small cap | +7.8% | +0.9 pts |
| TZA | Direxion Daily Small Cap Bear 3X ETF | -3x | IWM | us small cap | +7.9% | +1.0 pts |
| TPOR | Direxion Daily Transportation Bull 3X ET | +3x | IYT | sector | −19.1% | −2.3 pts |
| DPST | Direxion Daily Regional Banks Bull 3X ET | +3x | KRE | sector | −17.4% | −3.0 pts |
| MIDU | Direxion Daily Mid Cap Bull 3X ETF | +3x | MDY | us mid cap | −7.9% | −3.1 pts |

### Where to next

### Sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, What is a leveraged ETF?, data as of Oct 28, 2026. https://etfiq.com/questions/what-is-a-leveraged-etf
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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