Trading · ranked by cost to trade $10,000 one way, half the 30-day median bid-ask spread, lowest first, among leveraged and inverse ETFs
Cheapest leveraged and inverse ETFs to trade
As of Oct 22, 2026, TQQQ’s 30-day median bid-ask spread is 0.01%, so a $10,000 order costs $0.50 one way. See 100 funds ranked by cost to trade $10,000 one way, half the 30-day median bid-ask spread, lowest first, among leveraged and inverse ETFs. Updated Oct 22, 2026.
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| # | Ticker | Fund | Score | Tier | Cost to trade ↑ | At $10,000 | Full cost to own · 1 yr | Fee | Flags | Net assets |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | TQQQ | ProShares UltraPro QQQ | 97 | Trades like a giant | 0.005% | $0.50 | 0.84% | 0.78% | None | $33.8bn |
| 2 | QLD | ProShares Ultra QQQ | 98 | Trades like a giant | 0.005% | $0.50 | 0.92% | 0.89% | None | $13.7bn |
| 3 | SSO | ProShares Ultra S&P500 | 97 | Trades like a giant | 0.005% | $0.50 | 0.88% | 0.84% | None | $8.6bn |
| 4 | UPRO | ProShares UltraPro S&P500 | 95 | Trades like a giant | 0.010% | $1.00 | 0.95% | 0.88% | None | $5.4bn |
| 5 | UGL | ProShares Ultra Gold | 75 | Liquid | 0.010% | $1.00 | 1.43% | 0.95% | None | $686m |
| 6 | UCO | ProShares Ultra Bloomberg Crude Oil | 82 | Liquid | 0.010% | $1.00 | 1.41% | 0.95% | Price can drift from value | $474m |
| 7 | SDS | ProShares UltraShort S&P500 | 97 | Trades like a giant | 0.010% | $1.00 | 0.97% | 0.91% | None | $383m |
| 8 | SQQQ | ProShares UltraPro Short QQQ | 93 | Trades like a giant | 0.015% | $1.50 | 1.02% | 0.94% | None | $2.0bn |
| 9 | SH | ProShares Short S&P500 | 95 | Trades like a giant | 0.015% | $1.50 | 0.93% | 0.88% | None | $956m |
| 10 | UDOW | ProShares UltraPro Dow30 | 89 | Trades like a giant | 0.015% | $1.50 | 1.03% | 0.95% | None | $919m |
| 11 | SPXU | ProShares UltraPro Short S&P500 | 89 | Trades like a giant | 0.015% | $1.50 | 0.99% | 0.90% | None | $423m |
| 12 | PSQ | ProShares Short QQQ | 93 | Trades like a giant | 0.020% | $2.00 | 1.01% | 0.95% | None | $647m |
| 13 | UWM | ProShares Ultra Russell2000 | 88 | Trades like a giant | 0.020% | $2.00 | 1.05% | 0.95% | None | $213m |
| 14 | SDOW | ProShares UltraPro Short Dow30 | 84 | Liquid | 0.020% | $2.00 | 1.04% | 0.95% | None | $143m |
| 15 | TBF | ProShares Short 20+ Year Treasury | 86 | Trades like a giant | 0.020% | $2.00 | 1.04% | 0.95% | None | $122m |
| 16 | KOLD | ProShares UltraShort Bloomberg Natural Gas | 73 | Liquid | 0.020% | $2.00 | 1.55% | 0.95% | Small but liquidPrice can drift from value | $97m |
| 17 | GLL | ProShares UltraShort Gold | 66 | Liquid with care | 0.020% | $2.00 | 1.46% | 0.95% | None | $92m |
| 18 | SRTY | ProShares UltraPro Short Russell2000 | 86 | Trades like a giant | 0.020% | $2.00 | 1.10% | 0.95% | Small but liquid | $70m |
| 19 | ZSL | ProShares UltraShort Silver | 58 | Liquid with care | 0.020% | $2.00 | 1.97% | 0.95% | Price can drift from value | $69m |
| 20 | TWM | ProShares UltraShort Russell2000 | 88 | Trades like a giant | 0.020% | $2.00 | 1.05% | 0.95% | Small but liquid | $61m |
| 21 | USD | ProShares Ultra Semiconductors | 88 | Trades like a giant | 0.025% | $2.50 | 1.06% | 0.94% | None | $2.3bn |
| 22 | SCO | ProShares UltraShort Bloomberg Crude Oil | 71 | Liquid | 0.025% | $2.50 | 1.43% | 0.95% | Price can drift from value | $876m |
| 23 | DDM | ProShares Ultra Dow30 | 88 | Trades like a giant | 0.025% | $2.50 | 1.03% | 0.95% | None | $536m |
| 24 | NVDX | T-REX 2X LONG NVIDIA DAILY TARGET ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 1.05% | None | $389m |
| 25 | BOIL | ProShares Ultra Bloomberg Natural Gas | 70 | Liquid | 0.025% | $2.50 | 1.57% | 0.95% | Price can drift from value | $335m |
| 26 | URTY | ProShares UltraPro Russell2000 | 84 | Liquid | 0.025% | $2.50 | 1.11% | 0.95% | None | $275m |
| 27 | DOG | ProShares Short Dow30 | 91 | Trades like a giant | 0.025% | $2.50 | 1.03% | 0.95% | None | $104m |
| 28 | AGQ | ProShares Ultra Silver | 53 | Thin | 0.030% | $3.00 | 1.97% | 0.95% | Big but costlyPrice can drift from value | $1.0bn |
| 29 | ETHT | ProShares Ultra Ether ETF | 85 | Trades like a giant | 0.030% | $3.00 | 1.09% | 0.96% | None | $245m |
| 30 | SPCF | ProShares Ultra SpaceX | 84 | Liquid | 0.030% | $3.00 | 1.12% | 0.95% | Small but liquid | $87m |
| 31 | BITI | ProShares Short Bitcoin ETF | 87 | Trades like a giant | 0.030% | $3.00 | 1.12% | 1.02% | Small but liquid | $73m |
| 32 | UNHG | Leverage Shares 2X Long UNH Daily ETF | Not scored | No tier | 0.030% | $3.00 | Not measured | 0.77% | None | $71m |
| 33 | SJB | ProShares Short High Yield | Not scored | No tier | 0.030% | $3.00 | Not measured | 0.95% | None | $62m |
| 34 | DXD | ProShares UltraShort Dow30 | 87 | Trades like a giant | 0.030% | $3.00 | 1.05% | 0.95% | Small but liquid | $44m |
| 35 | EUM | ProShares Short MSCI Emerging Markets | 86 | Trades like a giant | 0.030% | $3.00 | 1.07% | 0.95% | Small but liquid | $15m |
| 36 | SEF | ProShares Short Financials | 87 | Trades like a giant | 0.030% | $3.00 | 1.04% | 0.95% | Small but liquid | $14m |
| 37 | REK | ProShares Short Real Estate | 78 | Liquid | 0.030% | $3.00 | 1.06% | 0.95% | Small but liquidOne dealer | $12m |
| 38 | BITU | ProShares Ultra Bitcoin ETF | 84 | Liquid | 0.035% | $3.50 | 1.08% | 0.95% | None | $543m |
| 39 | RAM | T-REX 2X LONG DRAM DAILY TARGET ETF | Not scored | No tier | 0.035% | $3.50 | Not measured | 1.25% | None | $440m |
| 40 | TSLT | T-REX 2X LONG TESLA DAILY TARGET ETF | Not scored | No tier | 0.035% | $3.50 | Not measured | 1.05% | None | $175m |
| 41 | RWM | ProShares Short Russell2000 | 88 | Trades like a giant | 0.035% | $3.50 | 1.06% | 0.95% | None | $144m |
| 42 | SBIT | ProShares UltraShort Bitcoin ETF | 84 | Liquid | 0.035% | $3.50 | 1.09% | 0.95% | None | $114m |
| 43 | DUG | ProShares UltraShort Energy | 82 | Liquid | 0.035% | $3.50 | 1.09% | 0.95% | Small but liquid | $33m |
| 44 | ROM | ProShares Ultra Technology | 88 | Trades like a giant | 0.040% | $4.00 | 1.06% | 0.93% | None | $1.2bn |
| 45 | QID | ProShares UltraShort QQQ | 88 | Trades like a giant | 0.040% | $4.00 | 1.07% | 0.95% | None | $235m |
| 46 | SKF | ProShares UltraShort Financials | 84 | Liquid | 0.040% | $4.00 | 1.10% | 0.95% | Small but liquid | $10m |
| 47 | UYG | ProShares Ultra Financials | 84 | Liquid | 0.045% | $4.50 | 1.09% | 0.94% | None | $783m |
| 48 | DIG | ProShares Ultra Energy | 76 | Liquid | 0.045% | $4.50 | 1.11% | 0.95% | Small but liquid | $93m |
| 49 | TSLZ | T-REX 2X INVERSE TESLA DAILY TARGET ETF | Not scored | No tier | 0.045% | $4.50 | Not measured | 1.05% | None | $22m |
| 50 | SPCH | Leverage Shares 2X Long SPCX Daily ETF | Not scored | No tier | 0.050% | $5.00 | Not measured | 0.75% | None | $386m |
| 51 | SPAX | T-REX 2X Long SPCX Daily Target ETF | Not scored | No tier | 0.050% | $5.00 | Not measured | 1.50% | None | $60m |
| 52 | SSG | ProShares UltraShort Semiconductors | 78 | Liquid | 0.050% | $5.00 | 1.14% | 0.95% | Small but liquid | $41m |
| 53 | SKHZ | Leverage Shares 1X Short SK Hynix Daily ETF | Not scored | No tier | 0.050% | $5.00 | Not measured | 0.75% | None | $5m |
| 54 | GMEU | T-REX 2X LONG GME DAILY TARGET ETF | Not scored | No tier | 0.055% | $5.50 | Not measured | 1.50% | None | $26m |
| 55 | SRS | ProShares UltraShort Real Estate | 75 | Liquid | 0.055% | $5.50 | 1.12% | 0.95% | Small but liquid | $17m |
| 56 | UPW | ProShares Ultra Utilities | 78 | Liquid | 0.055% | $5.50 | 1.17% | 0.95% | Small but liquid | $13m |
| 57 | UGE | ProShares Ultra Consumer Staples | 74 | Liquid | 0.055% | $5.50 | 1.17% | 0.95% | Small but liquid | $10m |
| 58 | BMNU | T-REX 2X LONG BMNR DAILY TARGET ETF | Not scored | No tier | 0.060% | $6.00 | Not measured | 1.50% | None | $351m |
| 59 | SSPC | Leverage Shares 2X Short SPCX Daily ETF | Not scored | No tier | 0.060% | $6.00 | Not measured | 0.75% | None | $133m |
| 60 | SNDG | Leverage Shares 2X Long SNDK Daily ETF | Not scored | No tier | 0.060% | $6.00 | Not measured | 0.75% | None | $71m |
| 61 | CRMG | Leverage Shares 2X Long CRM Daily ETF | Not scored | No tier | 0.060% | $6.00 | Not measured | 0.78% | None | $48m |
| 62 | EUO | ProShares UltraShort Euro | 76 | Liquid | 0.060% | $6.00 | 1.17% | 0.95% | Small but liquid | $45m |
| 63 | NVDQ | T-REX 2X INVERSE NVIDIA DAILY TARGET ETF | Not scored | No tier | 0.060% | $6.00 | Not measured | 1.05% | None | $20m |
| 64 | MSFX | T-REX 2X LONG MICROSOFT DAILY TARGET ETF | Not scored | No tier | 0.060% | $6.00 | Not measured | 1.05% | None | $18m |
| 65 | UCC | ProShares Ultra Consumer Discretionary | 80 | Liquid | 0.060% | $6.00 | 1.14% | 0.95% | Small but liquid | $9m |
| 66 | QQXL | ProShares Ultra QQQ Top 30 | 80 | Liquid | 0.060% | $6.00 | 1.14% | 0.96% | Small but liquid | $5m |
| 67 | SMDD | ProShares UltraPro Short MidCap400 | 77 | Liquid | 0.060% | $6.00 | 1.20% | 0.95% | Small but liquid | $2m |
| 68 | SDP | ProShares UltraShort Utilities | 75 | Liquid | 0.060% | $6.00 | 1.18% | 0.95% | Small but liquid | $2m |
| 69 | RXL | ProShares Ultra Health Care | 80 | Liquid | 0.065% | $6.50 | 1.14% | 0.95% | None | $107m |
| 70 | PYPG | Leverage Shares 2X Long PYPL Daily ETF | Not scored | No tier | 0.065% | $6.50 | Not measured | 0.77% | None | $15m |
| 71 | RAMZ | T-REX 2X INVERSE DRAM DAILY TARGET ETF | Not scored | No tier | 0.065% | $6.50 | Not measured | 1.50% | None | $9m |
| 72 | LTL | ProShares Ultra Communication Services | 72 | Liquid | 0.065% | $6.50 | 1.19% | 0.95% | Small but liquid | $5m |
| 73 | MYY | ProShares Short MidCap400 | 82 | Liquid | 0.065% | $6.50 | 1.12% | 0.95% | Small but liquid | $4m |
| 74 | SCC | ProShares UltraShort Consumer Discretionary | 75 | Liquid | 0.065% | $6.50 | 1.16% | 0.95% | Small but liquidOne dealer | $3m |
| 75 | SZK | ProShares UltraShort Consumer Staples | 76 | Liquid | 0.065% | $6.50 | 1.20% | 0.95% | Small but liquid | $633,342 |
| 76 | MSTU | T-REX 2X LONG MSTR DAILY TARGET ETF | Not scored | No tier | 0.070% | $7.00 | Not measured | 1.05% | None | $795m |
| 77 | TBT | ProShares UltraShort 20+ Year Treasury | 74 | Liquid | 0.070% | $7.00 | 1.14% | 0.93% | None | $298m |
| 78 | MVV | ProShares Ultra MidCap400 | 76 | Liquid | 0.070% | $7.00 | 1.14% | 0.95% | None | $145m |
| 79 | AVGG | Leverage Shares 2X Long AVGO Daily ETF | Not scored | No tier | 0.070% | $7.00 | Not measured | 0.76% | None | $43m |
| 80 | AAPX | T-REX 2X LONG APPLE DAILY TARGET ETF | Not scored | No tier | 0.070% | $7.00 | Not measured | 1.05% | None | $9m |
| 81 | UCOP | ProShares Ultra Copper K-1 Free ETF | 65 | Liquid with care | 0.070% | $7.00 | 1.18% | 0.95% | None | $4m |
| 82 | AMZG | Leverage Shares 2X Long AMZN Daily ETF | Not scored | No tier | 0.070% | $7.00 | Not measured | 0.75% | None | $3m |
| 83 | SKHX | Leverage Shares 2X Long SK Hynix Daily ETF | Not scored | No tier | 0.080% | $8.00 | Not measured | 0.75% | None | $65m |
| 84 | UXI | ProShares Ultra Industrials | 77 | Liquid | 0.080% | $8.00 | 1.20% | 0.95% | Small but liquid | $25m |
| 85 | EQQQ | ProShares Ultra QQQ Equal Weight | 76 | Liquid | 0.080% | $8.00 | 1.16% | 0.95% | Small but liquid | $5m |
| 86 | MZZ | ProShares UltraShort MidCap400 | 72 | Liquid | 0.080% | $8.00 | 1.19% | 0.95% | Small but liquidOne dealer | $5m |
| 87 | GOOL | Leverage Shares 2X Long GOOGL Daily ETF | Not scored | No tier | 0.080% | $8.00 | Not measured | 0.99% | None | $4m |
| 88 | KBAB | KraneShares 2x Long BABA Daily ETF | Not scored | No tier | 0.080% | $8.00 | Not measured | 0.99% | None | $3m |
| 89 | EFO | ProShares Ultra MSCI EAFE | 61 | Liquid with care | 0.085% | $8.50 | 1.20% | 0.95% | None | $25m |
| 90 | UPV | ProShares Ultra FTSE Europe | 77 | Liquid | 0.085% | $8.50 | 1.16% | 0.95% | Small but liquid | $12m |
| 91 | EZJ | ProShares Ultra MSCI Japan | 65 | Liquid with care | 0.085% | $8.50 | 1.46% | 1.18% | None | $11m |
| 92 | SETH | ProShares Short Ether ETF | 72 | Liquid | 0.085% | $8.50 | 1.17% | 0.95% | Small but liquid | $8m |
| 93 | ROBN | T-REX 2X LONG HOOD DAILY TARGET ETF | Not scored | No tier | 0.090% | $9.00 | Not measured | 1.05% | None | $98m |
| 94 | ETHD | ProShares UltraShort Ether ETF | 66 | Liquid with care | 0.090% | $9.00 | 1.24% | 0.95% | None | $55m |
| 95 | URE | ProShares Ultra Real Estate | 69 | Liquid with care | 0.090% | $9.00 | 1.22% | 0.95% | None | $51m |
| 96 | YXI | ProShares Short FTSE China 50 | 61 | Liquid with care | 0.090% | $9.00 | 1.20% | 0.95% | None | $4m |
| 97 | BIS | ProShares UltraShort Nasdaq Biotechnology | 70 | Liquid | 0.090% | $9.00 | 1.20% | 0.95% | Small but liquid | $2m |
| 98 | AAPE | Leverage Shares 2X Long AAPL Daily ETF | Not scored | No tier | 0.090% | $9.00 | Not measured | 0.75% | None | $971,300 |
| 99 | URSP | ProShares Ultra S&P 500 Equal Weight | 73 | Liquid | 0.095% | $9.50 | 1.23% | 0.95% | Small but liquid | $45m |
| 100 | RBLU | T-REX 2X LONG RBLX DAILY TARGET ETF | Not scored | No tier | 0.095% | $9.50 | Not measured | 1.05% | None | $11m |
Cheapest leveraged and inverse ETFs to trade, ranked by cost to trade $10,000 one way, half the 30-day median bid-ask spread, lowest first, among leveraged and inverse ETFs, as of Oct 22, 2026. Scores and tiers as of Oct 22, 2026. Cost to trade is one way for a $10,000 order, half the issuer’s median spread over the 30 days to Oct 21, 2026 to Oct 22, 2026. Full cost to own is for $10,000 held a year, with the median premium over 12 months to Oct 22, 2026. Source: ETFIQ.
Method
Every ETF ETFIQ places among leveraged and inverse ETFs whose issuer states a 30-day median bid-ask spread, by the cost to trade a $10,000 order one way: half that spread. A tie is broken by net assets. 252 of the 4,708 ETFs that may be listed qualify tonight, and the first 100 are shown.
The rest of the method
The IQ Liquidity Score measures trading conditions, not the fund, and no list here is a recommendation. The list sorts one published figure, with no scoring or weighting. Too new and closing funds are left out, as are funds no longer listed.
Where to next
ETF trading costs and liquidity→How the IQ Liquidity Score is built→Most liquid ETFs100 →Most liquid small ETFs53 →Low-volume ETFs with deep liquidity6 →ETFs whose full cost to own is far above the fee8 →Widest ETF premiums and discounts, last 30 days100 →ETFs with the most days more than 1% from NAV100 →ETFs with one active authorized participant100 →ETFs with the most authorized participants100 →The trading score file→
Where these figures came from
Rule 6c-11, what every ETF must publish daily: its spread, premium and holdings ↗SEC EDGAR, full-text search of fund filings ↗SEC Form N-PORT, what a fund filed it holds ↗Rule 19a-1, what a distribution notice must say ↗
ETFIQ links to the documents behind every figure; a link is not an endorsement. A ranking is not a recommendation or an opinion.
Questions people ask
What does an ETF’s bid-ask spread cost?
Half the spread each way, on average, when you trade at the quote. A limit order at the midpoint plus half the spread caps it.
Which ETF tops this list as of Oct 22, 2026?
TQQQ, at 0.005% one way, $0.50 on $10,000, from a 30-day median spread of 0.01% to Oct 22, 2026.
Cite this pageCitation, APA and Markdown
ETFIQ, Cheapest leveraged and inverse ETFs to trade, ranked by cost to trade $10,000 one way, half the 30-day median bid-ask spread, lowest first, among leveraged and inverse ETFs, data as of Oct 22, 2026. https://etfiq.com/rankings/trading-cheapest-leveraged-etfs-to-trade
ETFIQ. (Oct 22, 2026). Cheapest leveraged and inverse ETFs to trade, ranked by cost to trade $10,000 one way, half the 30-day median bid-ask spread, lowest first, among leveraged and inverse ETFs. Retrieved from https://etfiq.com/rankings/trading-cheapest-leveraged-etfs-to-trade
[Cheapest leveraged and inverse ETFs to trade, ranked by cost to trade $10,000 one way, half the 30-day median bid-ask spread, lowest first, among leveraged and inverse ETFs (ETFIQ, Oct 22, 2026)](https://etfiq.com/rankings/trading-cheapest-leveraged-etfs-to-trade)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.