Leveraged & inverse ETFs
Live quotes and split-adjusted returns for SOXL, TQQQ, SQQQ, SOXS, UPRO, SPXU, TNA, LABU.
Leveraged & inverse
| Fund | Last | Change | Day range | Leverage | Issuer | Status |
|---|---|---|---|---|---|---|
| SOXL Direxion Daily Semiconductor Bull 3X | 45.97 | +12.48% | 43.40 – 49.41 | 3× | Direxion | Closed |
| TQQQ ProShares UltraPro QQQ | 52.25 | +3.54% | 51.71 – 54.17 | 3× | ProShares | Closed |
| SQQQ ProShares UltraPro Short QQQ | 47.70 | -3.73% | 45.76 – 48.17 | −3× | ProShares | Closed |
| SOXS Direxion Daily Semiconductor Bear 3X | 70.95 | -12.64% | 64.15 – 76.04 | −3× | Direxion | Closed |
| UPRO ProShares UltraPro S&P 500 | 128.94 | +0.84% | 128.54 – 132.48 | 3× | ProShares | Closed |
| SPXU ProShares UltraPro Short S&P 500 | 38.72 | -0.74% | 37.64 – 38.85 | −3× | ProShares | Closed |
| TNA Direxion Daily Small Cap Bull 3X | 53.73 | +2.77% | 51.78 – 54.25 | 3× | Direxion | Closed |
| LABU Direxion Daily S&P Biotech Bull 3X | 223.75 | +7.25% | 204.54 – 226.50 | 3× | Direxion | Closed |
How leveraged and inverse ETFs work
Leveraged ETFs aim to deliver a multiple of the daily percentage move of an index. A 3× fund such as TQQQ targets three times the Nasdaq-100's move for one trading day; an inverse fund such as SQQQ targets −3×, so it is designed to rise when the index falls. To keep that target, the fund adjusts its exposure, mainly through swaps and futures, at the end of every trading day.
Why the daily reset matters
Because the multiple applies to each day separately, returns compound. Suppose an index rises 10% one day and falls 10% the next: it ends down 1% (1.10 × 0.90 = 0.99). A 3× fund on the same index would rise 30% and then fall 30%, ending down 9% (1.30 × 0.70 = 0.91) before costs. The more the index swings back and forth, the wider this gap becomes, which is why a leveraged fund can lose much of its value even if its index ends a period flat. In a steady one-way trend the effect can work the other way, so returns over several days can be larger or smaller than the simple multiple.
The funds on this page
We track eight funds from ProShares and Direxion. The 3× bull funds follow the Nasdaq-100 (TQQQ), the S&P 500 (UPRO), the Russell 2000 (TNA), the NYSE Semiconductor Index (SOXL) and the S&P Biotechnology Select Industry Index (LABU). The −3× inverse funds follow the Nasdaq-100 (SQQQ), the S&P 500 (SPXU) and the NYSE Semiconductor Index (SOXS). Each fund page shows its benchmark, leverage, expense ratio where our sources agreed, a chart and split-adjusted returns.
Costs and large moves
Leveraged ETFs generally charge more than plain index funds, and they also carry financing and trading costs from rebalancing every day. A very large one-day move can do lasting damage: in theory, a fall of about 33% in the index in a single session would wipe out almost all of a 3× bull fund. Share prices of leveraged funds can also fall far enough that issuers carry out reverse splits; the returns shown here are adjusted for share splits.
Reading the table and heat map
The table lists each fund's latest price, today's change and day range from Yahoo Finance's regular US session, together with its leverage and issuer. Quotes may be delayed and each one shows its time. The heat map colours every fund by today's move, so you can see at a glance how bull and bear funds on the same index move in opposite directions. The unleveraged funds on the same benchmarks are on the index ETF page and the sector ETF page.