Category Review
Tactical funds ranged from a 32.2% gain to a 12.5% loss
Direxion Daily S&P 500 Bull 3X Shares
CThis 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.
$297.370.00 (0.00%)
- 0.95%
- $7.4B
- +50.7%
- 0.49%
- 1.7M sh
- $298.05
- low $168.04high $303.18
The ETF.net SPXL Grade
C
Score 40 out of 100
- 6 of 9
Score 40 of 100 falls in the C 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.F23 out of 100Rank 7 of 9Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D39 out of 100Rank 8 of 9Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B65 out of 100Rank 3 of 9Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A72 out of 100Rank 2 of 9
Our read on SPXL
COne of the original 3x S&P 500 vehicles, running since 2008. It aims for 300% of the index's daily move, resets that exposure every day, and trades actively enough to be a fast in-and-out instrument rather than a buy-and-forget one.
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 job is one line: 300% of the S&P 500's daily move, before fees and expenses. No stock picking, no discretion, just triple the day's swing across about 500 large US names.direxion.com
- A multi-billion-dollar fund that trades actively, which is the trait that matters most in a product designed to be entered and exited quickly.
- Live since 2008, so its daily-reset machinery has run through crashes, melt-ups and circuit breakers. Long operating histories are scarce in leveraged land.sec.gov
Worth knowing
- At 0.95% a year it is the pricier way to get 3x on this index: rival UPRO carries the same daily multiple at 0.89%, and 2x SPUU lists at 0.66%.
- Hold beyond a single day and results come from each day's compounded return, which the prospectus says will very likely differ from 300% of the index over that stretch.sec.gov
- Leverage cuts both ways. The same 3x that magnifies an up day magnifies a down one, and the filings flag volatile, choppy markets as the harshest terrain for a daily reset.sec.gov
SPXL Holdings
- Stocks
- 514
- 78%
- Spx Swap Asset Leg (Spxmll)
Sectors
- Technology45.4%
- Financials10.3%
- Consumer Discretionary9.1%
- Industrials8.7%
- Consumer Staples7.5%
- Health Care7.0%
- Real Estate3.2%
- Energy2.7%
- Communication2.7%
- Utilities2.1%
- Materials1.4%
Geography
- United States97.97%
- Ireland1.17%
- United Kingdom0.41%
- Switzerland0.29%
- Netherlands0.08%
- Bermuda0.07%
- Canada0.01%
SPXL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
SPXL$15,067
Returns run to the Oct 12, 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.
| Period | SPXL |
|---|---|
| Year to date | +35.5% |
| 1 month | +5.2% |
| 3 months | +6.6% |
| 1 year | +50.7% |
| 3 years | +55.4% |
| 5 years | +22.9% |
| 10 years | +30.2% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SPXL |
|---|---|---|
| 2026 YTD | +35.5% | |
| 2025 | +31.9% | |
| 2024 | +63.6% | |
| 2023 | +69.5% | |
| 2022 | −56.6% | |
| 2021 | +98.7% | |
| 2020 | +9.6% |
SPXL in the news
SPXL Dividends
- 0.49%
- $1.45
- $0.31 per share
- Quarterly
Distribution history
SPXL 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.
- 39.2%
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.
- 1.20
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.
- −63.8%
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.
- 3.03
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SPXL Cost
0.95%
SPXL0.95%
- The middle half of 2x/3x Long S&P 500 funds
- Median 0.88%
Every other 2x/3x Long S&P 500 fund charges less.
Other funds in 2x/3x Long S&P 500
- BSPUUDirexion Daily S&P 500 Bull 2X ETFExpense ratio 0.66%1 year return +35.9%
- CMVPLMiller Value Partners Leverage ETFExpense ratio 0.88%1 year return +31.0%
- CUPROProShares - UltraPro S&P500Expense ratio 0.89%1 year return +50.1%
- CUSGXCorgi U.S. Growth 2x Daily ETFExpense ratio 0.45%1 year return —
- CUSLXCorgi U.S. Large-Cap 2x Daily ETFExpense ratio 0.20%1 year return —