Single-stock leveraged ETF

Single-stock leveraged ETF: the short answer

A single-stock leveraged ETF is an exchange-traded fund that targets a multiple of one company's daily return — typically 2x long, and on the inverse side −1x or −2x — using derivatives, mostly swaps, that are rebalanced every trading day. Because the target is the daily move, holding one for longer than a day compounds each session's result on the last, so the return over weeks is not the multiple of the stock's return over weeks. US-listed versions have existed since 2022, when the SEC first permitted them, and by September 2026 six issuers — Direxion, GraniteShares, T-Rex, Defiance, Tradr and Leverage Shares — list them on the big names, from 2x NVDA (NVDL, NVDU, NVDX) to −2x TSLA (TSLZ, TSDD, TSLQ).

How the daily reset works

The fund promises the multiple for one session and then starts over. Take a 2x fund on a stock that rises 10% on Monday and gives it back on Tuesday. The stock ends at 99% of where it started, down 1%. The fund gains 20% Monday, then loses 20% of a bigger base on Tuesday, and ends at 96 — down 4%, four times the stock's loss on a round trip that went nowhere. That gap is volatility drag, and it scales with volatility squared, which is the whole reason single-stock versions are a faster fuse than index products: a single name's daily swings run well above an index's, so the same mechanism that grinds SOXL grinds NVDL harder. In a trend the compounding works for you — a 2x fund on a stock that rises steadily can beat 2x the stock's move — but the path decides, not the destination.

The measured version of this, ten years of SOXL replayed with a calculator for your own scenario, is on the leveraged ETF decay explainer; the year the semiconductor index rose 17% while the 3x fund lost money is the case to study before you hold one of these overnight.

What's on the shelf, and from whom

Six issuers build the US lineups as of September 2026. Direxion sells Bull 2X / Bear 1X pairs (NVDU and NVDD, TSLL and TSLS, AAPU and AAPD, and so on). GraniteShares runs 2x longs on most large names plus a few 2x shorts and a 1.25x TSLA fund. T-Rex lists 2X longs and a small set of −2X inverses. Defiance and Tradr add 2X longs and −2X shorts on the crowded names, and Leverage Shares by Themes began listing 2X longs on Cboe in August 2026. Nothing US-listed goes past 2x on a single stock; 3x daily leverage exists only at the index level, in products like SOXL and TQQQ.

The shelf churns. Reuters counted a record 244 leveraged ETF launches by mid-August 2026 against 229 in all of 2025, and 63 single-stock closures this year against three last year, with the average leveraged fund down to about $63 million in assets. A ticker you read about in a spring article may have liquidated by autumn, which is why the Robinhood list is probed against the broker's own endpoint rather than copied from a fund page.

On Robinhood: the three flags that bite

Being listed is not the same as being tradable the way your workflow expects. Robinhood's tradability endpoint reports three things per fund: whether it trades in regular hours (all 68 we probed on September 6, 2026 do), whether you can open a fractional or dollar-based position or only close one (19 of the 68 are position-closing-only, and it is no longer just the bear funds — AAPB, GOU, MSTP, TSL, MUG and AAPX are 2x-or-lower longs with the flag), and whether it trades in the 24/5 overnight session (17 do not, including every 2x long on Micron and three of the four MSTR funds). Dollar-based orders execute in regular hours only regardless of the overnight flag. Read the flag at order time; it is a broker setting, not a fund attribute, and it changes without notice.

Not the same thing: covered-call single-stock ETFs

The phrase "single-stock ETF" also covers a second family: option-income funds such as YieldMax's TSLY, NVDY, MSTY and CONY, which hold exposure to one stock and sell call options against it for a monthly distribution. No leverage, capped upside, and a decay story of their own. They share a name and a ticker style with the leveraged funds and nothing else, so a list that mixes the two is telling you less than it seems.

How Coil reads it

Coil is long-only and never holds an inverse fund. Where a leader earns an entry and a 2x vehicle exists on it, the engine can take the leveraged version at reduced size — the size cut is the point, because the daily reset makes a single-name 2x fund a faster fuse than the index products it is usually explained with — and it holds by rule, with a structural stop, for as long as the setup stays valid. Positions sized and stopped that way are what the live record tracks next to SPY and QQQ, win or lose.

People also ask

What is a single-stock leveraged ETF?

An exchange-traded fund that targets a multiple of one company's daily return — usually 2x long, or −1x to −2x inverse — by holding derivatives that are rebalanced every trading day. The multiple applies to each day's move, not to the return over any longer period, so held for weeks the fund's result depends on the path the stock took, not just where it ended.

Is there a 3x single-stock leveraged ETF?

Not among US-listed products as of September 2026. The single-stock lineups from Direxion, GraniteShares, T-Rex, Defiance, Tradr and Leverage Shares top out at 2x long and −2x inverse. Three-times daily leverage exists only at the index level, in funds like SOXL and TQQQ, and some European venues list higher single-stock multiples that are not available on US brokerages.

Do single-stock leveraged ETFs decay?

Yes, and usually faster than index products. The daily reset compounds each session's result on the last, so a choppy path grinds the fund down even when the stock ends flat, and volatility drag scales with volatility squared — a single stock's swings run well above an index's. Coil's measured SOXL record shows the index mechanism: in 2024 the semiconductor index rose 17% while the 3x fund lost money.

Can you buy single-stock leveraged ETFs on Robinhood?

Yes. Coil probed 68 of them across 20 stocks against Robinhood's tradability endpoint on September 6, 2026 and every one was active and tradable in regular hours. Nineteen block opening fractional or dollar-based positions (position-closing-only) and seventeen are not tradable in the 24/5 overnight session; the full table with per-fund flags is on the single-stock leveraged ETF list at coil.trade.

What is the difference between NVDL and NVDU?

Both target twice Nvidia's daily return. NVDL is GraniteShares' 2x Long NVDA Daily ETF and NVDU is Direxion's Daily NVDA Bull 2X ETF — the same daily target from two issuers, which means the same reset mechanics and the same decay profile, with differences in fees, assets and trading volume rather than in exposure. On Robinhood both were fractional-tradable and tradable in the overnight session as of September 6, 2026.

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