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Leveraged and Inverse (L&I) Products
Take short-term market views with exchange-traded products designed for amplified or inverse daily exposure.
What are Leveraged and Inverse (L&I) Products?
Leveraged and Inverse (L&I) Products are exchange-traded products designed to deliver a stated multiple or inverse of the daily performance of an underlying index.
Leveraged Products
Leveraged Products seek to deliver a multiple of an underlying index's daily return, such as 2X or 3X.
For example, a 2X Leveraged Product seeks to rise approximately 2% on a day when its underlying asset rises 1%, before fees and other factors. Conversely, if the index falls 1%, the product would seek to fall approximately 2%.
They are typically used by investors and traders looking to express a short-term bullish view with amplified daily exposure.
Inverse Products
Inverse Products seek to deliver the opposite of an underlying index's daily return, such as -1X, -2X or -3X.
For example, a -1X Inverse Product seeks to rise approximately 1% on a day when its underlying asset falls 1%, before fees and other factors. If the index instead rises 1%, the product would seek to fall approximately 1%.
They provide a way for investors and traders to express a short-term bearish view through an exchange-traded product.
Designed around daily returns
Unlike conventional long-term investments, L&I Products are designed around a daily investment objective and typically rebalance daily.
This means their performance over periods longer than one trading day may differ from simply applying the stated leverage or inverse multiple to the underlying index's cumulative return. The effect can become more pronounced during volatile or fluctuating markets.
L&I Products are therefore generally intended for short-term market views and require active monitoring.
Why Trade L&I Products with Phillip Nova?
Trusted broker regulated by MAS with more than 40 years of experience
Access L&I products from across global markets — Singapore, US, Japan, Hong Kong, and more
Trade L&I products alongside stocks, ETFs, futures, options, forex, and CFDs through a single multi-asset trading account on NOVA
No platform or custodian fees
L&I Products on NOVA
From broad market indices and sectors to ETFs and individual stocks, NOVA gives you access to a range of Leveraged and Inverse Products across Singapore and global markets.
Explore products linked to widely followed indices such as the Nasdaq-100 and S&P 500, sectors such as semiconductors and technology, selected ETFs, and individual stocks such as NVIDIA on NOVA.
Popular global L&I Products include:
| Leveraged and Inverse Product | Ticker | Objective |
| ProShares UltraPro QQQ | TQQQ | Seeks 3X the daily performance of the Nasdaq-100 Index |
| ProShares UltraPro Short QQQ | SQQQ | Seeks -3X the daily performance of the Nasdaq-100 Index |
| Direxion Daily Semiconductor Bull 3X Shares | SOXL | Seeks 3X the daily performance of the NYSE Semiconductor Index |
| GraniteShares 2x Long NVDA Daily ETF | NVDL | Seeks 2X the daily performance of NVIDIA stock |
For the Singapore market, Phillip MSCI Singapore Daily 2X Leveraged Product (SGX: LSS) and Phillip MSCI Singapore Daily -1X Inverse Product (SGX: SSS) provide exchange-traded exposure designed around the daily performance of the MSCI Singapore Index (SiMSCI).
The NOVA trading platform
NOVA
NOVA brings L&I Products, Stocks, ETFs, Futures, Options, Forex, CFDs and Precious Metals together on one multi-asset platform.
Access over 11,000 global products, analyse markets with TradingView-powered charts and over 100 indicators, view Market Depth, set price alerts, and manage trades across asset classes with one account. NOVA is available on mobile, iPad and desktop.
Now with NOVA.I – our new AI-powered chatbot available on the NOVA trading platform.
Learn more about Leveraged and Inverse Products
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Read MoreCommission Rates
| Exchange | Commission (Online Trades) | Commission (Call-In Trades) |
|---|---|---|
|
Hong Kong (HKEX) |
0.08% (minimum of HKD28/USD3.80/CNH23 per order)
|
0.18% (minimum of HKD88/USD11.80/CNH68 per order) |
|
Japan (TSE)
|
0.1% (minimum of JPY380 per order) |
0.20% (minimum of JPY2000 per order) |
|
Malaysia (KLSE) |
0.08% (minimum of MYR18/USD4.50 per order)
|
0.18% (minimum of MYR68/USD18 per order) |
|
Singapore (SGX) |
0.08% (no minimum per order) |
0.18% (minimum of SGD18/AUD18/GBP10/EUR12/HKD100/USD15 per order) |
|
United States (NYSE, AMEX,
NASDAQ) |
0.01%
(minimum of USD3.88 per order) |
0.18% (minimum of USD18 per order) |
Exchange Fees and Other Trading Charges
| Exchange | Type | Charges | Charged By |
| Hong Kong (HKEX) | Trading Fee | 0.00565% of trade value | HKEX (Hong Kong Exchange) |
| Transaction Levy + FRC Transaction Levy | 0.00285% of trade value (rounded to the nearest cent) | SFC (Hong Kong Securities & Futures Commission) | |
| Clearing Fee | 0.0042% of trade value | HKSCC (Hong Kong Exchanges & Clearing Limited) | |
| Stamp Duty | 0.10% of trade value (rounded up to the nearest dollar) | Government of Hongkong |
| Exchange | Type | Charges | Charged By |
| Malaysia (KLSE) | Stamp Duty | MYR1 for every MYR1,000 in contract value (capped at MYR 1,000 | KLSE |
| Foreign Fee | 0.03% (rounded up to nearest sen, capped at MYR1,000 per contract) | KLSE |
No exchange fees are applicable for Japan equities.
| Exchange | Type | Charges | Charged By |
| Singapore (SGX) | Clearing Fee | 0.0325% of trade value | SGX |
| Trading Fee | 0.0075% of trade value | SGX | |
| Settlement Instruction (SI) Fee | SGD 0.35 per counter per direction (Buy/Sell) | SGX |
| Exchange | Type | Charges | Charged By |
| Singapore (SGX) | Clearing Fee | 0.004% of trade value | SGX |
| Trading Fee | 0.001% of trade value | SGX | |
| Settlement Instruction (SI) Fee | SGD 0.35 per counter per direction (Buy/Sell) | SGX |
| Exchange | Type | Charges | Charged By |
| United States (NYSE, AMEX, NASDAQ) | SEC Membership Fee (Sell only) | 0.00206% of trade value (effective 6 Apr 2026) | SEC (U.S. Securities and Exchange Commission) |
| Trading Activity Fee (Sell only) | USD0.000195 per share, max USD9.79 (w.e.f 1 Jan 2026) | FINRA (Financial Industry Regulatory Authority) | |
| ADR (American Depositary Receipt) Fee | USD0.01 – 0.05 per share | DTCC (U.S. Depository Trust & Clearing Corporation) |
Note: ADR fees are charged by the DTCC. These are service fees charged periodically to compensate the agent bank for the provision of custodial services. More details on any such fees should be available on the ADR prospectus.
Currency Conversion Fees
When you trade a product denominated in a currency different from your account’s base currency, a currency deficit may arise, on which interest charges may apply. You are encouraged to convert sufficient funds into the required currency to avoid such charges.
Currency conversion (FX) costs range from 0.05% to 0.12% for popular markets.
Conversion Costs by Market
| Market | Currency | Approx. Conversion Cost |
| US | USD/SGD | 0.12% |
| Hong Kong | SGD/HKD | 0.05% |
| Japan | SGD/JPY | 0.12% |
No separate conversion fees are charged. All costs are reflected in the exchange rate applied.