U.S. fund guide and backtests

U.S. Leveraged ETFs for the S&P 500 and Nasdaq-100

This guide compares the unleveraged 1x benchmarks with the daily 2x and 3x ETFs you can backtest on this site. It deliberately keeps current product facts separate from the simulator’s calibrated model inputs.

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Product facts reviewed August 13, 2026. Educational information, not financial advice.

S&P 500 products

SPY is the unleveraged comparison. SSO and SPUU seek 200% of the index’s daily move; UPRO and SPXL seek 300%. None of the leveraged funds promises two or three times the index return over weeks or years.

U.S. ETFs providing 1x, 2x and 3x daily exposure to the S&P 500
TickerFundDaily targetExpense ratioInceptionExplore
SPYState Street SPDR S&P 500 ETF TrustState Street1×0.0945% grossJan 22, 1993
Open backtestIssuer facts
SSOProShares Ultra S&P500ProShares2×0.87% netJun 19, 2006
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SPUUDirexion Daily S&P 500 Bull 2X ETFDirexion2×0.60% netMay 28, 2014
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UPROProShares UltraPro S&P500ProShares3×0.89% netJun 23, 2009
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SPXLDirexion Daily S&P 500 Bull 3X ETFDirexion3×0.84% netNov 5, 2008
Open backtestIssuer facts

Nasdaq-100 products

QQQ is the unleveraged Nasdaq-100 comparison. QLD targets 2x and TQQQ targets 3x the index’s daily move. The Nasdaq-100’s greater concentration can add another source of volatility on top of leverage.

U.S. ETFs providing 1x, 2x and 3x daily exposure to the Nasdaq-100
TickerFundDaily targetExpense ratioInceptionExplore
QQQInvesco QQQ ETFInvesco1×0.18% totalMar 10, 1999
Open backtestIssuer facts
QLDProShares Ultra QQQProShares2×0.95% netJun 19, 2006
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TQQQProShares UltraPro QQQProShares3×0.82% netFeb 9, 2010
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Why the lowest expense ratio does not automatically win

The published expense ratio matters, but it does not necessarily include every financing charge, swap cost or trading friction. Two funds with the same daily target can therefore produce different tracking differences.

A backtest should also not pretend that a fund trading today existed in 1885. Our long histories model daily exposure and costs; they are not reconstructed live fund performance.

Continue your research

Compare 2x and 3x correctlySee how trends, round trips and drawdowns affect each leverage level.Understand the real costsSeparate expense ratios, financing, tracking and trading costs.Single-stock leveraged ETFsLearn why leveraged single-stock products belong in a different risk category.Long-term holdingExplore the opportunity and extreme historical drawdowns of buy and hold.