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ERX

GradeBNew York Stock Exchange Arca

Direxion Daily Energy Bull 2X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2008-11-06 · SEC filings

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$103.23+1.89 (+1.86%)

As of Sep 23, 2026, 3:10 PM EDT

Intraday session: up, 69 prints from 101.35 to 103.23. Range 102.60 to 105.00. Use the arrow keys to read each point.$104.00$105.0010 AM12 PM2 PM4 PM
Expense ratio
0.91%
Fund size
$254M
1Y return
+88.5%
Yield · Last 12 months
1.39%
Holdings
30
Volume · 30D
0.3M sh
NAV per share
$109.63
52W range
low $50.50high $115.81

The ETF.net ERX Grade

B

67/ 100

Rank 1 of 6 in 2x/3x Long Energy⁠

Confidence Low

Six-pillar profile for ERX. Scores out of 100: Cost 75, Risk 69, Mission not scored, Tradability 57, Holdings not scored, Durability 53. Strongest: Cost (75). Weakest: Durability (53). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 67 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 75
    Category rank2/6 · top 33%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 69
    Category rank2/6 · top 33%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 57
    Category rank2/6 · top 33%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 53
    Category rank3/6 · top 50%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on ERX

ETF.net Research

BThe 2008 original of the leveraged energy trade: 2x the daily move of the Energy Select Sector Index, built from oil-major stocks rather than crude futures. Sector-wide exposure, dialed up, for holding periods measured in days.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of the Energy Select Sector Index for a single day. It is not designed to deliver twice the index’s cumulative return over periods longer than one day.

Why people hold it

  1. 01At 0.91% it undercuts every rival in its leveraged energy group, including GUSH (0.94%), UCO and BOIL (0.95%) and DIG (1.07%).
  2. 02Rides a stock index of roughly 30 US energy companies, so there is no crude futures roll to fight, unlike the commodity-based versions of the same trade.direxion.com
  3. 03Live since November 2008, it has traded through multiple oil booms and busts. Few leveraged sector funds have that much tape behind them.
  4. 04One of the stronger implementations in the leveraged energy peer group, with low cost doing much of the heavy lifting.

Worth knowing

  1. 01The 2x target resets every day. Hold longer and compounding takes over, so a week or a month can land well away from twice the index move.
  2. 02One sector, one country, about 30 stocks, then doubled. The concentration is the point and the risk in the same breath.
  3. 03Moderately traded rather than one of the busiest leveraged funds on the tape, so spreads and order size carry more weight at the point of entry.

ERX Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Stocks
Holdings
30
Top-10 weight
85%
Largest holding
IXE SWAP ASSET LEG (IXEJPL)14.7%

Sectors

  • Energy100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—IXE SWAP ASSET LEG (IXEJPL)14.69%62,265$82M1
002—IXE SWAP ASSET LEG (IXEUBL)13.80%58,503$77M1
003—IXE SWAP ASSET LEG (IXEMLL)11.61%49,224$65M1
004—DREYFUS GOVT CASH MAN INS9.90%55,158,462$55M108
005—IXE SWAP ASSET LEG (IXEBPL)9.23%39,128$51M1
006—IXE SWAP ASSET LEG (IXEBCL)7.69%32,595$43M1
007XOMEXXONMOBIL HOLDINGS CORP6.76%237,944$38M501
008CVXCHEVRON CORP5.21%142,456$29M468
009—GOLDMAN FINL SQ TRSRY INST 5063.81%21,250,455$21M100
010COPCONOCOPHILLIPS1.98%86,618$11M425
011VLOVALERO ENERGY CORP1.39%19,657$8M395
012MPCMARATHON PETROLEUM CORP1.38%19,141$8M391
013PSXPHILLIPS 661.38%29,318$8M368
014WMBWILLIAMS COS INC1.31%101,738$7M361
015SLBSLB LTD1.18%127,521$7M233

Showing 1–15 of 28 holdings

ERX Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

ERX$18,855
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. ERX $18,855. SPY $11,723. Use the arrow keys to read each point.$8,585$15,444$22,303Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for ERX. Periods over one year show the average yearly return.
PeriodERX
Year to date+82.9%
1 month−5.6%
3 months+28.4%
1 year+88.5%
3 years+18.3%per year
5 years+37.9%per year
10 years−8.6%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ERX
YearReturn barERX
2026 YTD+82.9%
2025+2.8%
2024+1.1%
2023−12.3%
2022+130.7%
2021+111.8%
2020−91.6%

ERX in the news

ETF.net Research hasn’t filed on ERX yet — coverage lands here as it’s written.

ERX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
1.39%Last 12 months
Payout per share
$1.41Last 12 months
Last payment
$0.24 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 34 payments from 2017 to 2026 YTD. Mar 21, 2017 $0.20; Jun 20, 2017 $0.64; Dec 19, 2017 $2.14; Jun 19, 2018 $2.74; Sep 25, 2018 $1.14; Dec 27, 2018 $0.82; Mar 19, 2019 $1.28; Sep 24, 2019 $0.71; Dec 23, 2019 $0.74; Jun 23, 2020 $0.16; Sep 22, 2020 $0.10; Dec 22, 2020 $0.07; Mar 23, 2021 $0.12; Jun 22, 2021 $0.16; Sep 21, 2021 $0.17; Dec 21, 2021 $0.19; Mar 22, 2022 $0.36; Jun 22, 2022 $0.38; Sep 20, 2022 $0.42; Dec 20, 2022 $0.33; Mar 21, 2023 $0.50; Jun 21, 2023 $0.47; Sep 19, 2023 $0.45; Dec 21, 2023 $0.37; Mar 19, 2024 $0.51; Jun 25, 2024 $0.41; Sep 24, 2024 $0.39; Dec 23, 2024 $0.32; Mar 25, 2025 $0.45; Jun 24, 2025 $0.32; Sep 23, 2025 $0.38; Dec 23, 2025 $0.27; Mar 24, 2026 $0.52; Jun 23, 2026 $0.24. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Jun 23, 2026Jun 30, 2026$0.24
Mar 24, 2026Mar 31, 2026$0.52
Dec 23, 2025Dec 31, 2025$0.27
Sep 23, 2025Sep 30, 2025$0.38
Jun 24, 2025Jul 1, 2025$0.32
Mar 25, 2025Apr 1, 2025$0.45
Dec 23, 2024Dec 31, 2024$0.32
Sep 24, 2024Oct 1, 2024$0.39
Jun 25, 2024Jul 2, 2024$0.41
Mar 19, 2024Mar 26, 2024$0.51
Dec 21, 2023Dec 29, 2023$0.37
Sep 19, 2023Sep 26, 2023$0.45

ERX Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
41.4%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.57
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−46.9%
Trough Jul 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.03
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

ERX Cost

Expense ratio0.91%
  • The middle half of 2x/3x Long Energy funds
  • Median 0.94%

1 of the 6 2x/3x Long Energy funds charge less.

ERX costs $91.00 a year on $10,000. The median 2x/3x Long Energy fund costs $94.50.