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TBXU

GradeDNew York Stock Exchange Arca

Direxion Daily Biotech Top 5 Bull 2X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2025-10-01

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.

$40.17−0.48 (−1.18%)

As of Sep 23, 2026, 11:25 AM EDT

History starts Oct 1, 2025.History starts Oct 1, 2025.
Intraday session: down, 4 prints from 40.65 to 40.17. Range 40.12 to 40.65. Use the arrow keys to read each point.$40.40$40.6010 AM12 PM2 PM4 PM
Expense ratio
6.27%
Fund size
$3M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$39.62
52W range
low $25.71high $45.88

The ETF.net TBXU Grade

D

27/ 100

Rank 89 of 99 in Leveraged Long (2x & Other)⁠

Confidence Medium

Six-pillar profile for TBXU. Scores out of 100: Cost 2, Risk 65, Mission not scored, Tradability 38, Holdings not scored, Durability 40. Strongest: Risk (65). Weakest: Cost (2). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 27 of 100 sits in the D 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.
    FScore 2
    Category rank97/99 · bottom quartile

  • 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 65
    Category rank23/94 · top 24%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 38
    Category rank66/99 · mid-pack

  • 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 40
    Category rank66/99 · mid-pack

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

Our read on TBXU

ETF.net Research

DMost leveraged funds double a whole sector. This one doubles the daily move of just five biotech names, equally weighted. A 2025 Direxion launch built for very short holding periods, with a fee to match its narrowness.

Stated mandate

The fund seeks daily results equal to 200% of the NYSE Biotechnology Top 5 Equal Weight Index before fees and expenses.

Why people hold it

  1. 01Concentration by design: it aims for 200% of the daily move of an index of five biotech names, so you get the sector's household names without a long tail of micro caps.direxion.com
  2. 02Equal weighting means each of the five stocks carries the same load, so one giant does not quietly become the whole fund.direxion.com
  3. 03The mandate is spelled out in the fund's own documents: a rules-based index (BIOEW5), a stated 2x daily multiple, and a standard 1940 Act fund wrapper.

Worth knowing

  1. 01Cost is the headline trade-off: a 6.27% expense ratio, while the largest leveraged funds (FAS, QLD) sit near 1%.
  2. 02The 2x target resets daily. Hold past a day and compounding takes over, so multi-day results can diverge widely from twice the index.
  3. 03Small and thinly traded since its 2025 launch, which can mean wider spreads and a short record to judge it on.

TBXU Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Stocks
Holdings
—
Top-10 weight
98%
Largest holding
BIOEW5 SWAP ASSET LEG (BIOEW5BCL)24.0%

Geography

  • United States80.40%
  • Netherlands19.60%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—BIOEW5 SWAP ASSET LEG (BIOEW5BCL)23.96%6,261$2M1
002—BIOEW5 SWAP ASSET LEG (BIOEW5MLL)19.30%5,044$1M1
003—BIOEW5 SWAP ASSET LEG (BIOEW5CTL)15.77%4,120$1M1
004—DREYFUS GOVT CASH MAN INS8.98%663,158$663K108
005—GOLDMAN FINL SQ TRSRY INST 5067.73%571,319$571K100
006GILDGILEAD SCIENCES INC4.53%2,224$335K482
007AMGNAMGEN INC4.51%847$333K470
008REGNREGENERON PHARMACEUTICALS4.43%410$327K401
009ARGXARGENX SE - ADR4.33%324$320K68
010VRTXVERTEX PHARMACEUTICALS INC4.29%621$317K417
011—GOLDMAN SACHS FIN GOV 465 INSTITUT2.17%160,000$160K75

Showing 1–11 of 11 holdings

TBXU Performance

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

TBXU$13,329
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. TBXU $13,329. SPY $11,430. Use the arrow keys to read each point.$8,269$11,810$15,350Dec 2025May 2026Sep 2026

Dec 31, 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 TBXU. Periods over one year show the average yearly return.
PeriodTBXU
Year to date+33.3%
1 month−7.4%
3 months+36.6%
1 yearFund is under 1 year old—
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 TBXU
YearReturn barTBXU
2026 YTD+33.3%
2025+18.2%

Since listing, Oct 1, 2025

TBXU in the news

TBXU 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.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Upcoming payment
$0.14 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 5 payments from 2025 to 2026 YTD. Dec 10, 2025 $0.31; Dec 23, 2025 $0.10; Mar 24, 2026 $0.10; Jun 23, 2026 $0.11; Sep 22, 2026 $0.14. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.14
Jun 23, 2026Jun 30, 2026$0.11
Mar 24, 2026Mar 31, 2026$0.10
Dec 23, 2025Dec 31, 2025$0.10
Dec 10, 2025Dec 17, 2025$0.31

TBXU 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.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
−0.18
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.

TBXU Cost

Expense ratio6.27%
  • The middle half of Leveraged Long (2x & Other) funds
  • Median 0.99%

90 of the 93 Leveraged Long (2x & Other) funds charge less.

TBXU costs $627.00 a year on $10,000. The median Leveraged Long (2x & Other) fund costs $99.00.