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NFXL

GradeBNASDAQ Global Market

Direxion Daily NFLX Bull 2X Shares

Leveraged · Single-Stock Leveraged · Direxion · Inception 2024-10-03

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.

$14.67−0.27 (−1.78%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Oct 3, 2024.
Intraday session: down, 59 prints from 14.94 to 14.67. Range 14.53 to 14.94. Use the arrow keys to read each point.$14.50$14.60$14.80$14.9010 AM12 PM2 PM4 PM
Expense ratio
1.06%
Fund size
$129M
1Y return
−73.0%
Yield · Last 12 months
14.46%
Volume · 30D
1.2M sh
NAV per share
$16.47
52W range
low $12.57high $60.20

The ETF.net NFXL Grade

B

56/ 100

Rank 58 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for NFXL. Scores out of 100: Cost 43, Risk 45, Mission 100, Tradability 85, Holdings not scored, Durability 83. Strongest: Mission (100). Weakest: Cost (43). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 56 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.
    CScore 43
    Category rank219/380 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank1/147 · top 1%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 45
    Category rank161/285 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 85
    Category rank38/380 · top 10%

  • 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.
    AScore 83
    Category rank9/380 · top 2%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on NFXL

ETF.net Research

BA one-day dial on Netflix. NFXL aims to deliver 200% of NFLX's daily move, then resets overnight. Direxion launched it in 2024 alongside a bear twin, and it lands on that daily target tightly.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of Netflix common shares.

Why people hold it

  1. 01Hits its stated 200% daily objective closely, one of the tighter implementations in a crowded field of leveraged single-stock funds.
  2. 02Actively traded, which is exactly what a same-day instrument needs: you can get in and out without the fund itself being the bottleneck.
  3. 03Direxion runs the Netflix bull and bear as a matched pair, so the same mechanics and the same issuer cover a view in either direction.direxion.comdirexion.com
  4. 04The leverage sits inside a registered 1940 Act fund, not a note or a partnership.

Worth knowing

  1. 01Leverage resets daily. Hold longer and your result follows the path of Netflix's daily moves, not 2x the period move, so choppy stretches grind on value.direxion.com
  2. 02The 1.06% fee sits just above the leveraged single-stock median and above 2x peers such as AAPU (0.96%) and UNHG (0.75%).
  3. 03One stock, doubled: earnings night and single headlines arrive at 2x with nothing to cushion them. The fund is also young, launched in 2024.

NFXL Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Stocks
Holdings
—
Top-10 weight
100%
Largest holding
NFLX SWAP ASSET LEG (NFLXGSL)24.8%

Sectors

  • Communication100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—NFLX SWAP ASSET LEG (NFLXGSL)24.79%1,308,707$96M1
002—NFLX SWAP ASSET LEG (NFLXBCL)18.96%1,000,838$73M1
003—NFLX SWAP ASSET LEG (NFLXMLL)12.97%684,607$50M1
004—DREYFUS TRSRY SECURITIES CASH MGMT10.60%41,031,481$41M82
005—GOLDMAN SACHS FIN GOV 465 INSTITUT8.73%33,800,000$34M75
006—DREYFUS GOVT CASH MAN INS7.37%28,553,382$29M108
007NFLXNETFLIX INC5.92%312,493$23M493
008—GOLDMAN FINL SQ TRSRY INST 5065.38%20,818,769$21M100
009—NFLX SWAP ASSET LEG (NFLXNML)3.42%180,514$13M1
010—NFLX SWAP ASSET LEG (NFLXCTL)1.86%98,419$7M1

Showing 1–10 of 10 holdings

NFXL Performance

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

NFXL$2,704
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. NFXL $2,704. SPY $11,723. Use the arrow keys to read each point.$1,739$7,122$12,504Sep 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 NFXL. Periods over one year show the average yearly return.
PeriodNFXL
Year to date−50.7%
1 month−20.1%
3 months−8.6%
1 year−73.0%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—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 NFXL
YearReturn barNFXL
2026 YTD−50.7%
2025−11.7%
2024+51.0%

Since listing, Oct 3, 2024

NFXL in the news

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

NFXL 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.
14.46%Last 12 months
Payout per share
$2.16Last 12 months
Last payment
$0.08 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2024–2026

One bar per payment. 9 payments from 2024 to 2026 YTD. Dec 12, 2024 $0.06; Dec 23, 2024 $0.16; Mar 25, 2025 $0.20; Jun 24, 2025 $0.35; Sep 23, 2025 $0.36; Dec 10, 2025 $1.36; Dec 23, 2025 $0.17; Mar 24, 2026 $0.19; Jun 23, 2026 $0.08. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Jun 23, 2026Jun 30, 2026$0.08
Mar 24, 2026Mar 31, 2026$0.19
Dec 23, 2025Dec 31, 2025$0.17
Dec 10, 2025Dec 17, 2025$1.36
Sep 23, 2025Sep 30, 2025$0.36
Jun 24, 2025Jul 1, 2025$0.35
Mar 25, 2025Apr 1, 2025$0.20
Dec 23, 2024Dec 31, 2024$0.16
Dec 12, 2024Dec 19, 2024$0.06

NFXL 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.
72.5%
Annualised · 22 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.
0.07
vs 3-month T-bills · 22 months 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.
−80.1%
23 months · trough Jul 2026
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.
0.79
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.

NFXL Cost

Expense ratio1.06%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

216 of the 329 Single-Stock Long Leveraged funds charge less.

NFXL costs $106.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.