# The cheapest leveraged and inverse ETFs

> SPDN leads the cheapest leveraged and inverse ETFs at 0.48% (fee), as of Oct 27, 2026. 15 funds from ETFIQ’s own published data.

Data as of Oct 27, 2026. Rebuilt every trading night.

As of Oct 27, 2026 . Rebuilt every trading night.

## 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.

| # | 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 |

### Method

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

### 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

---

Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: 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
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.
HTML: https://etfiq.com/rankings/leverage-cheapest