The cheapest leveraged and inverse ETFs

See 15 funds ranked by net expense ratio, after any fee waivers. Updated Oct 27, 2026. A cheaper leveraged fund is not a cheaper trade. Two funds on the same underlying with the same multiple have finished points apart in this category.

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Fee, one bar per fund

firstlast

0.48%

first, SPDN

0.78%

last, TQQQ

funds in the list

All 15, lowest first

15 of 15 · click a column to sort

The cheapest leveraged and inverse ETFs
#	Ticker	Fund	Says	Underlying asset	Fee ↑	Net assets
1	SPDN	Direxion Daily S&P 500 Bear 1X ETF	−1x	SPY	0.48%	$298m
2	SPUU	Direxion Daily S&P 500 Bull 2X ETF	+2x	SPY	0.60%	$285m
3	CBRG	Leverage Shares 2X Long CBRS Daily ETF	+2x	CBRS	0.75%	$51m
4	GLWG	Leverage Shares 2X Long GLW Daily ETF	+2x	GLW	0.75%	$80m
5	SKHX	Leverage Shares 2X Long SK Hynix Daily E	+2x	SKHY	0.75%	$76m
6	SNDG	Leverage Shares 2X Long SNDK Daily ETF	+2x	SNDK	0.75%	$68m
7	SOXL	Direxion Daily Semiconductor Bull 3X ETF	+3x	SOXX	0.75%	$23.0bn
8	SPCH	Leverage Shares 2X Long SPCX Daily ETF	+2x	SPCX	0.75%	$429m
9	SSPC	Leverage Shares 2X Short SPCX Daily ETF	−2x	SPCX	0.75%	$112m
10	NBIG	Leverage Shares 2X Long NBIS Daily ETF	+2x	NBIS	0.76%	$77m
11	CRWG	Leverage Shares 2X Long CRWV Daily ETF	+2x	CRWV	0.77%	$124m
12	UNHG	Leverage Shares 2X Long UNH Daily ETF	+2x	UNH	0.77%	$63m
13	ARMG	Leverage Shares 2X Long ARM Daily ETF	+2x	ARM	0.78%	$53m
14	CRCG	Leverage Shares 2X Long CRCL Daily ETF	+2x	CRCL	0.78%	$99m
15	TQQQ	ProShares UltraPro QQQ	+3x	QQQ	0.78%	$36.9bn

As of Oct 27, 2026. Source: ETFIQ.CSV Method

Method

The expense ratio each fund files, for funds above $50mn in net assets.

The rest of the method

It is what the fund charges to run, and it is not the cost of holding a levered position: that is decided by the daily reset, which ETFIQ measures separately for every fund. The list sorts one published number, with no scoring or weighting. Every fund ETFIQ covers in this category is eligible, closed funds included.

How these numbers are computed →Standards and sources →

Where to next

The widest gap between leveraged ETFs on one trade15 →Every leveraged ETF738 →

Sources and dates

The multiple each fund states in its own registered name, from the SEC investment company series and class filesec.gov ↗

SEC EDGAR, full-text search of fund filingsefts.sec.gov ↗

SEC Form N-PORT, what a fund filed it holdssec.gov ↗

Rule 19a-1, what a distribution notice must sayecfr.gov ↗

Links are sources, not endorsements. A ranking is not a recommendation or an opinion.

Cite this pageCitation, APA and Markdown

ETFIQ, The cheapest leveraged and inverse ETFs, ranked by net expense ratio, after any fee waivers, data as of Oct 27, 2026. https://etfiq.com/rankings/leverage-cheapest

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.