Ranked by net assets, as of . Rebuilt every trading night.
Every leveraged ETF on SPY, largest first
Same underlying, different multiples and different issuers. Two funds stating the same multiple on SPY have still finished points apart.
| # | Ticker | Fund | Says | Net assets | Fee | Fund returned | Label implied | Difference |
|---|---|---|---|---|---|---|---|---|
| 1 | SSO | ProShares Ultra S&P500 | +2x | $8.9bn | 0.87% | +4.9% | +6.6% | −1.7 pts |
| 2 | SPXL | Direxion Daily S&P 500(R) Bull 3X ETF | +3x | $5.9bn | 0.84% | +6.5% | +9.9% | −3.4 pts |
| 3 | UPRO | ProShares UltraPro S&P500 | +3x | $5.4bn | 0.89% | +6.4% | +9.9% | −3.5 pts |
| 4 | SH | ProShares Short S&P500 | -1x | $981m | not published | −1.9% | −3.3% | +1.4 pts |
| 5 | SPXU | ProShares UltraPro Short S&P500 | -3x | $435m | 0.90% | −7.9% | −9.9% | +2.0 pts |
| 6 | SDS | ProShares UltraShort S&P500 | -2x | $402m | 0.91% | −4.8% | −6.6% | +1.8 pts |
| 7 | SPXS | Direxion Daily S&P 500(R) Bear 3X ETF | -3x | $385m | 1.04% | −7.9% | −9.9% | +2.0 pts |
| 8 | SPUU | Direxion Daily S&P 500(R) Bull 2X ETF | +2x | $228m | 0.60% | +5.0% | +6.6% | −1.6 pts |
| 9 | SPDN | Direxion Daily S&P 500 (R) Bear 1X ETF | -1x | $220m | not published | −1.8% | −3.3% | +1.5 pts |
Method
The 10 leveraged and inverse ETFs ETFIQ measures on S&P 500, of which 9 publish net assets. Between them they state -3x, -2x, -1x, +2x, +3x. Each fund’s difference is its own return minus what its stated multiple implies over the same days, which is a different number for every multiple on the list. Over the same days S&P 500 itself returned +3.3%. Of each difference the part that is compounding rather than the fund is the same for every fund stating a given multiple, −1.4 at -3x, −0.7 at -2x, −0.3 at -1x, −0.3 at +2x, −0.9 at +3x, in percentage points. What is left is the fund. The ranking is the published field sorted, nothing else: no scoring, no weighting and no view on any fund. Every fund ETFIQ covers in this category is eligible, including funds that have closed, because leaving them out would flatter the category.
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Where these figures came from
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A ranking is not a recommendation and no order on this site is an opinion. ETFIQ is an independent publisher, not an adviser. Standards and sources
Cite this page. ETFIQ, Every leveraged ETF on SPY, largest first, ranked by net assets, data as of Sep 11, 2026. https://etfiq.com/rankings/leverage-largest-on-spy Free to use with attribution; the underlying files are at Open data.