The Bruce Overnight Edge: The Extra 16%: How Leveraged ETFs Amplify Mag 7 Volume

Leveraged single-stock ETFs represent a meaningful slice of the overnight market. These investment products reset daily and utilize swaps or options to achieve targeted multipliers (e.g., 1.5x, 2x, or inverse). They are not traditional buy-and-hold ETF assets and are designed for short-term, tactical trading. For a deeper dive into the mechanics and risks of these complex products, check out this excellent summary from Investopedia: What Are Single Stock ETFs?

This week in the BOE, we did a study1 of Bruce ATS activity month-to-date in the “Mag 7” (AAPL, AMZN, GOOGL, META, MSFT, NVDA, and TSLA) and related leveraged single-stock ETFs. The goal was to understand trader capital flows in leveraged ETFs relative to the popular common stocks on Bruce ATS. We identified 43 leveraged ETFs2 on the Mag 7 from 6 different ETF issuers (Direxion, GraniteShares, Leverage Shares, ProShares, REX Shares, and Tradr ETFs) for the study.

16% with a Long Bias

The topline takeaway from this study is that capital flowing into these leveraged ETFs is not a tiny fringe amount, but a meaningful contribution. During the study period, the Mag 7 common shares traded $1.9B and the leveraged ETFs traded $305.9M representing an additional 16%. Leveraged ETFs contributed at least an additional 8.8% in every Mag 7 symbol.

Table 1: Mag 7 Common and Leveraged ETF Executed Notional Data

The number of long leveraged funds we identified on the Mag 7 outnumbered short funds by more than 2 to 1. The long funds also attracted over 4x more capital.

Table 2: Leveraged ETF Long/Short Data

Tesla is King

While all Mag 7 stocks saw significant leveraged flow, Tesla was in a league of its own this month (perhaps buoyed by earnings activity on 7/22) . Notional traded in leveraged ETFs on TSLA traded $105.7M representing an additional 29.8% capital tied to the electric car maker. The top ETF on the long side was Direxion’s TSLL (2x Bull), which traded $61.4M notional. On the short side, Tradr’s TSLQ (1x Bear) was tops and pulled in $20.9M notional. Traders on Bruce ATS played both sides of the tape here.

Issuer Competition

While it seems TSLA leveraged ETFs attracted the most capital, NVDA was the only Mag 7 equity to land three funds in the Bruce ATS top ten notional traded for our study. All three were 2x Long funds from different issuers. GraniteShares NVDL attracted the 2nd most notional in the study. Meanwhile, Direxion’s NVDU was 8th and Rex Shares’ NVDX was 9th. Competition is fierce and evolving in the single-stock leveraged ETF space.

By The Numbers

Weekly Top 25 Symbols³

Overnight News

• If you missed our CEO, Jason Wallach, on Exegy’s 24/5 Trading: The Infrastructure Shift Behind Always-On Markets webinar, you are in luck as you can watch the recording here.

The Bruce Markets Team

¹All data for this study is from internal Bruce ATS sources covering the 18 Bruce ATS trading sessions trade dates 07/01/2026 through 07/23/2026. The study and analysis of Bruce ATS data contained herein is for informational purposes only. It is not a projection of future performance, nor does it represent any relationship between Bruce and any referenced ETF issuers.

²The 43 identified Mag 7 leveraged ETFs included in the study were: AAPB,AAPD,AAPG,AAPU,AAPX,AMZD,AMZG,AMZU,AMZZ,FBL,GGLL,GGLS,GOOL,GOOX,METD,METG,METU,MSFD,MSFG,MSFL,MSFU,MSFX,NVD,NVDB,NVDD,NVDG,NVDL,NVDQ,NVDS,NVDU,NVDX,NVDZ,TSDD,TSL,TSLG,TSLI,TSLL,TSLO,TSLQ,TSLR,TSLS,TSLT,TSLZ

³Top 25 data is from internal Bruce ATS sources through trade date 07/24/2026.