Skip to content
etf.net

Launched · SEC filings

Direxion Daily S&P 500 Bull 3X Shares

SPXLNYSE ArcaDirexionBThis 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.

$266.32−4.03 (−1.49%)

At close: Nov 2, 2026, 4:00 PM ET

B55/ 100

Rank 3 of 9 in 2x/3x Long S&P 500

B55/100Rank 3 of 9in2x/3x Long S&P 500
Intraday session: down, 79 prints from 270.35 to 266.32. Range 266.32 to 278.33. Use the arrow keys to read each point.272.50275.00277.5010 AM12 PM2 PM4 PM
Expense ratio
0.84%*
Fund size
$6.63B
1Y total return
+19.5%
Yield · Last 12 months
0.55%
Holdings
514
Avg volume · 30D
1.62M sh
52W range
low $168.04high $303.18
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 1, 2027. Without it: 0.95%.

The ETF.net SPXL Grade

Based on 4 of 6 pillars

B

Score 55 out of 100

Category
2x/3x Long S&P 500⁠
Rank
3 of 9
Six-pillar profile for SPXL. Scores out of 100: Cost 59, Risk 41, Mission not scored, Tradability 60, Holdings not scored, Durability 72. Strongest: Durability (72). Weakest: Risk (41). Based on 4 of 6 pillars.

Score 55 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B59 out of 100
    Rank 4 of 9

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C41 out of 100
    Rank 7 of 9

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B60 out of 100
    Rank 3 of 9

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A72 out of 100
    Rank 2 of 9

Our read on SPXL

ETF.net Research

In short

BThe original 3x S&P 500 ETF. Direxion launched SPXL in November 2008, months ahead of its closest rival, and it still aims to deliver 300% of the index's daily move, at 0.84% net of a waiver through September 1, 2027.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to 300% of the performance of the S&P 500 Index.

Why people hold it

  • The elder of the 3x S&P 500 funds: live since November 5, 2008, about seven months before UPRO, the other 3x option, arrived.stockanalysis.com
  • 0.84% net of a waiver through September 1, 2027 undercuts UPRO's 0.88% for the same 3x job, and matches SSO's 0.84% (net of a waiver through September 30, 2027) for half the leverage.
  • A multi-billion-dollar fund that trades actively. Depth matters most in a product whose objective resets every single day.

Worth knowing

  • The 300% target is a one-day target. Hold longer and results can drift well away from 3x the index's move over that stretch, because each day compounds off a new base.sec.gov
  • Leverage is symmetric: the fund is built to move about three times as far as the S&P 500 on down days too, before fees.sec.gov
  • The sticker price is 0.95%; the 0.84% you pay depends on a waiver running through September 1, 2027.

SPXL Performance

Launched Nov 5, 2008

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

SPXL$11,951
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. SPXL $11,951. SPY $11,146. Use the arrow keys to read each point.$8,000$10,000$12,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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 SPXL. Periods over one year show the average yearly return.
PeriodSPXL
Year to date+21.4%
1 month−7.7%
3 months−0.6%
1 year+19.5%
3 yearsper year+51.5%
5 yearsper year+15.9%
10 yearsper year+29.6%

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 SPXL
YearReturn barSPXL
2026 YTD+21.4%
2025+31.9%
2024+63.6%
2023+69.5%
2022−56.6%
2021+98.7%
2020+9.6%

SPXL in the news

SPXL 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 Nov 2, 2026.
0.55%Last 12 months
Payout per share
$1.45Last 12 months
Last payment
$0.31 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. 28 payments from 2017 to 2026 YTD. Dec 13, 2017 $1.60; Dec 19, 2017 $0.12; Jun 19, 2018 $0.01; Sep 25, 2018 $0.11; Dec 27, 2018 $0.21; Jun 25, 2019 $0.29; Dec 23, 2019 $0.26; Jun 23, 2020 $0.05; Dec 22, 2020 $0.12; Jun 22, 2021 $0.04; Dec 21, 2021 $0.11; Jun 22, 2022 $0.08; Dec 20, 2022 $0.12; Mar 21, 2023 $0.26; Jun 21, 2023 $0.26; Sep 19, 2023 $0.19; Dec 21, 2023 $0.30; Mar 19, 2024 $0.39; Jun 25, 2024 $0.34; Sep 24, 2024 $0.19; Dec 23, 2024 $0.32; Mar 25, 2025 $0.49; Jun 24, 2025 $0.57; Sep 23, 2025 $0.28; Dec 23, 2025 $0.17; Mar 24, 2026 $0.45; Jun 23, 2026 $0.52; Sep 22, 2026 $0.31. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Sep 29, 2026$0.31
Jun 23, 2026Jun 30, 2026$0.52
Mar 24, 2026Mar 31, 2026$0.45
Dec 23, 2025Dec 31, 2025$0.17
Sep 23, 2025Sep 30, 2025$0.28
Jun 24, 2025Jul 1, 2025$0.57
Mar 25, 2025Apr 1, 2025$0.49
Dec 23, 2024Dec 31, 2024$0.32
Sep 24, 2024Oct 1, 2024$0.19
Jun 25, 2024Jul 2, 2024$0.34
Mar 19, 2024Mar 26, 2024$0.39
Dec 21, 2023Dec 29, 2023$0.30

See all 37 payments⁠

$10,000 in SPXL 10 years ago paid $3,787 in dividends.⁠

SPXL Risk

Risk pillarC41 out of 100Rank 7 of 9 in 2x/3x Long S&P 500

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.
38.9%
Annualised · 36 months to Oct 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.
1.24
vs 3-month T-bills · to Oct 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.
−63.8%
Trough Oct 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.
3.02
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.

FMP measures it over up to five years of monthly returns.

SPXL Cost

Compare SPXL and USLX

Overpaying vs USLX, cheapest in 2x/3x Long S&P 500

$11,874

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SPXL 0.84%

    $16,029

  • USLX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • SPXL 0.84%
  • USLX 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SPXL $16,029USLX $4,155

Year by year

YearSPXLUSLXOverpaying
10$1,491$365$1,126
20$5,643$1,421$4,222
30$16,029$4,155$11,874
How the 0.84% is worked out

Full fee 0.95%− waiver 0.11%= you pay 0.84%

The waiver ends Sep 1, 2027. After that the fee is 0.95% unless Direxion renews it. Source: prospectus, Mar 2026.

Other funds in 2x/3x Long S&P 500

See others