ETF hub
Leveraged ETFs on the S&P 500, Nasdaq-100 and FTSE 100
A leveraged ETF aims to deliver a multiple of its index's move — but only over a single trading day. Below are the main long and inverse products on the three most heavily traded index families we cover, with the issuer, listing venue and daily leverage factor for each. Every index links through to its EtfWatch page, where you can see the companies joining and leaving it.
These are high-risk products intended for short holding periods. Nothing on this page is investment advice — always read the issuer's own factsheet and KID for current fees, structure and risks before trading.
S&P 500 leveraged ETFs
S&P 500 index pageThe deepest leveraged market of the three. ProShares and Direxion both run 2x and 3x long products, with matching inverse versions, all listed in the US and priced in dollars.
| Ticker | Product | Issuer | Listing | Daily leverage |
|---|---|---|---|---|
| SSO | ProShares Ultra S&P 500 | ProShares | NYSE Arca · USD | +2x |
| UPRO | ProShares UltraPro S&P 500 | ProShares | NYSE Arca · USD | +3x |
| SPUU | Direxion Daily S&P 500 Bull 2X Shares | Direxion | NYSE Arca · USD | +2x |
| SPXL | Direxion Daily S&P 500 Bull 3X Shares | Direxion | NYSE Arca · USD | +3x |
| SH | ProShares Short S&P 500 | ProShares | NYSE Arca · USD | −1x |
| SDS | ProShares UltraShort S&P 500 | ProShares | NYSE Arca · USD | −2x |
| SPXU | ProShares UltraPro Short S&P 500 | ProShares | NYSE Arca · USD | −3x |
| SPXS | Direxion Daily S&P 500 Bear 3X Shares | Direxion | NYSE Arca · USD | −3x |
Leverage applies to the S&P 500's daily move. See which companies are joining the S&P 500
Nasdaq-100 leveraged ETFs
Nasdaq-100 index pageNasdaq-100 leverage is dominated by the ProShares QQQ family. Because the index is more concentrated in large technology names, these products swing considerably harder than their S&P 500 equivalents.
| Ticker | Product | Issuer | Listing | Daily leverage |
|---|---|---|---|---|
| QLD | ProShares Ultra QQQ | ProShares | Nasdaq · USD | +2x |
| TQQQ | ProShares UltraPro QQQ | ProShares | Nasdaq · USD | +3x |
| PSQ | ProShares Short QQQ | ProShares | Nasdaq · USD | −1x |
| QID | ProShares UltraShort QQQ | ProShares | Nasdaq · USD | −2x |
| SQQQ | ProShares UltraPro Short QQQ | ProShares | Nasdaq · USD | −3x |
Leverage applies to the Nasdaq-100's daily move. See which companies are joining the Nasdaq-100
FTSE 100 leveraged ETFs
FTSE 100 index pageUK leverage comes from WisdomTree's exchange-traded products, listed in London and priced in sterling. They are ETPs — collateralised debt securities rather than funds — so they carry issuer as well as market risk.
| Ticker | Product | Issuer | Listing | Daily leverage |
|---|---|---|---|---|
| LUK2 | WisdomTree FTSE 100 2x Daily Leveraged | WisdomTree | London Stock Exchange · GBP | +2x |
| 3UKL | WisdomTree FTSE 100 3x Daily Leveraged | WisdomTree | London Stock Exchange · GBP | +3x |
| SUK2 | WisdomTree FTSE 100 2x Daily Short | WisdomTree | London Stock Exchange · GBP | −2x |
| 3UKS | WisdomTree FTSE 100 3x Daily Short | WisdomTree | London Stock Exchange · GBP | −3x |
Leverage applies to the FTSE 100's daily move. See which companies are joining the FTSE 100
Why the daily reset matters
Each of these products rebalances its exposure at the end of every session, so the leverage factor applies to one day at a time, never to a month or a year. Over longer stretches the results compound, and in a choppy market that compounding works against you — a well-known effect usually called volatility decay.
| Day | Index move | Index level | 3x ETF move | 3x ETF value |
|---|---|---|---|---|
| Start | — | 100.00 | — | 100.00 |
| Day 1 | −10% | 90.00 | −30% | 70.00 |
| Day 2 | +11.1% | 100.00 | +33.3% | 93.33 |
The index is exactly back where it started, yet the 3x product is down 6.7%. The bigger the leverage and the choppier the market, the wider that gap becomes.