[This backtest](https://testfol.io/?s=dNsKlIX9Hh8) shows how they perform relative to the index. The [LETFs subreddit](https://www.reddit.com/r/LETFs/) has discussion on these.
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Suppose you have $100k and want to leverage to 1.5 into the S&P500. You can buy $50k of SPY or equivalent, and $50k of SSO. That would give you notional exposure of $150k.
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Other examples:
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* 1.25× exposure → 75% SPY, 25% SSO
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* 1.50× exposure → 50% SPY, 50% SSO
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* 1.75× exposure → 25% SPY, 75% SSO
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* 2.00× exposure → 100% SSO
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### Margin loan
When you have stocks, brokers will let you take a margin loan of at least 50% or more of your equity value. This gives you at least 1.5 leverage, at the cost of margin loan interest, which is usually terrible at most brokerages. For example, Schwab will charge you 13% interest as of today (June 2025). If you cannot make more than 13% on the investments you do with leverage, you won't even break even. Interactive Brokers will give you a much better rate, for example 5%. This is an easier number to beat on investment return.