Our take on the ranking
Short answer: the Halo Collar 4 ($424) is the best GPS dog fence for small dogs: rated from 10 lb, fences from 900 sq ft, sound and vibration cues. For a toy breed under 10 lb, the PetSafe Stay & Play (from 5 lb) and PawTronic Pro Series 2 (from 7.9 lb) are the only fences here rated that small.
Small dogs bring two problems at once. The collar has to fit a thin neck without weighing the dog down, and small dogs often live in small yards, which is exactly where GPS struggles. This ranking gives 30% of the weight to the smallest dog a brand supports and 15% to the smallest yard.
Only fences whose maker states a minimum dog weight of 15 lb or less are ranked. Invisible Fence gives a neck range (8 to 28 in) but no minimum weight, so it is not here.
Scope: wireless fences whose maker states a minimum dog weight of 15 lb or less, weighted for small dogs and small yards. Scores on this page use the small-dog weights (fits small dogs 30%, containment 15%, 3-year cost 15%, gentle boundary cues 15%, smallest yard 15%, positioning hardware 5%, battery life 5%); each review shows the overall score.