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USLV

GradeDNew York Stock Exchange Arca

Direxion Daily Silver Bull 2X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2026-05-27

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.

$15.69−1.39 (−8.14%)

As of Sep 23, 2026, 2:11 PM EDT

History starts May 27, 2026.History starts May 27, 2026.History starts May 27, 2026.
Intraday session: down, 35 prints from 17.08 to 15.69. Range 15.56 to 16.00. Use the arrow keys to read each point.$15.60$15.80$15.90$16.0010 AM12 PM2 PM4 PM
Expense ratio
1.12%
Fund size
$15M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0.1M sh
NAV per share
$16.15
52W range
low $11.97high $24.49

The ETF.net USLV Grade

D

37/ 100

Rank 70 of 99 in Leveraged Long (2x & Other)⁠

Confidence Medium

Six-pillar profile for USLV. Scores out of 100: Cost 39, Risk 23, Mission not scored, Tradability 49, Holdings not scored, Durability 44. Strongest: Tradability (49). Weakest: Risk (23). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 37 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.
    DScore 39
    Category rank62/99 · mid-pack

  • 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.
    FScore 23
    Category rank82/94 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 49
    Category rank50/99 · 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 44
    Category rank59/99 · mid-pack

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

Our read on USLV

ETF.net Research

DA 2X daily bull on silver that references SLV, the largest spot silver ETP, instead of futures. Direxion's 2026 move into leveraged metals: one-day leverage, no K-1, reset every close.

Stated mandate

The fund seeks daily investment results equal to 200% of Silver's price performance before fees and expenses.

Why people hold it

  1. 01Aims for 200% of silver's daily price move using swaps on spot silver ETPs, with SLV as the initial reference, so there is no futures roll to manage.direxion.comsec.gov
  2. 02Structured as a 1940 Act ETF: it trades in an ordinary brokerage account and skips the K-1 paperwork that comes with many commodity partnerships.direxion.com
  3. 03Part of Direxion's May 2026 launch that extended its 2X daily bull lineup beyond equities into precious metals and digital assets.direxion.com

Worth knowing

  1. 01Daily reset means compounding. Held longer than a day, results can diverge from 200% of silver's move, and the fund can lose money even if silver is flat.sec.gov
  2. 02The prospectus is blunt: a single-day drop of more than 50% in the reference ETP could wipe out the full investment.sec.gov
  3. 03Fees run 1.12% including the acquired fund fees of the ETP it references (0.95% without), above long-running 2X bull peers like QLD at 0.98% and DDM at 0.96%.direxion.com

USLV Holdings

As of Sep 22, 2026, 10:03 PM
Asset class
Other
Holdings
—
Top-10 weight
100%
Largest holding
SLV SWAP ASSET LEG (SLVCTL)30.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SLV SWAP ASSET LEG (SLVCTL)30.90%232,216$14M1
002—SLV SWAP ASSET LEG (SLVGSL)22.64%170,142$10M1
003—GOLDMAN FINL SQ TRSRY INST 50615.91%7,127,974$7M100
004—SLV SWAP ASSET LEG (SLVMLL)11.85%89,085$5M1
005—DREYFUS TRSRY SECURITIES CASH MGMT9.14%4,096,376$4M82
006—DREYFUS GOVT CASH MAN INS6.89%3,089,242$3M108
007—SLV SWAP ASSET LEG (SLVJPL)2.66%20,000$1M1

Showing 1–7 of 7 holdings

USLV Performance

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

USLV$9,920
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. USLV $9,920. SPY $10,415. Use the arrow keys to read each point.$6,829$8,986$11,143Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – 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 USLV. Periods over one year show the average yearly return.
PeriodUSLV
Year to dateFund launched this year—
1 month−8.5%
3 months−0.8%
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 USLV
YearReturn barUSLV
2026 YTD−26.5%

Since listing, May 27, 2026

USLV in the news

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

USLV 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
$0.07 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 2 payments in 2026 YTD. Jun 23, 2026 $0.04; Sep 22, 2026 $0.07. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.07
Jun 23, 2026Jun 30, 2026$0.04

USLV 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 May 2026; 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 May 2026; 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 May 2026; 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.
0.00
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.

USLV Cost

Expense ratio1.12%
  • The middle half of Leveraged Long (2x & Other) funds
  • Median 0.99%

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

USLV costs $112.00 a year on $10,000. The median Leveraged Long (2x & Other) fund costs $99.00.