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Launched

Direxion Daily Silver Bull 2X ETF

USLVNYSE ArcaDThis 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.

$13.01−0.42 (−3.11%)

At close: Oct 13, 2026, 4:00 PM

D37/ 100

Rank 72 of 99 in Leveraged Long (2x & Other)

D37/100Rank 72 of 99inLeveraged Long (2x & Other)
Intraday session: down, 43 prints from 13.43 to 13.01. Range 12.90 to 13.40. Use the arrow keys to read each point.12.9013.1013.2013.3010 AM12 PM2 PM4 PM
Expense ratio
1.12%
Fund size
$27M
1Y total return
—
Yield · Last 12 months
Data unavailable
Holdings
7
Avg volume · 30D
0.1M sh
NAV per share
$13.65
52W range
low $11.97high $24.49
Launched

The ETF.net USLV Grade

Based on 4 of 6 pillars

D

Score 37 out of 100

Category
Leveraged Long (2x & Other)⁠
Rank
72 of 99
Six-pillar profile for USLV. Scores out of 100: Cost 39, Risk 22, Mission not scored, Tradability 48, Holdings not scored, Durability 45. Strongest: Tradability (48). Weakest: Risk (22). Based on 4 of 6 pillars.

Score 37 of 100 falls in the D 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.
    D39 out of 100
    Rank 60 of 99

  • 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.
    F22 out of 100
    Rank 83 of 96

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C48 out of 100
    Rank 55 of 99

  • 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.
    C45 out of 100
    Rank 56 of 99

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 Oct 13, 2026
Asset class
Other
Holdings
7
Top-10 weight
100%
Largest holding
Slv Swap Asset Leg (Slvgsl)39.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Slv Swap Asset Leg (Slvgsl)39.02%570,142$31M1
002—Slv Swap Asset Leg (Slvctl)20.02%292,543$16M1
003—Dreyfus Trsry Securities Cash Mgmt15.23%12,188,569$12M84
004—Goldman Finl Sq Trsry Inst 50610.34%8,276,044$8M98
005—Dreyfus Govt Cash Man Ins7.92%6,339,257$6M108
006—Slv Swap Asset Leg (Slvmll)6.10%89,085$5M1
007—Slv Swap Asset Leg (Slvjpl)1.37%20,000$1M1

Showing 1–7 of 7 holdings

USLV Performance

Launched May 27, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
USLV$9,490
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. USLV $9,490. SPY $10,332. Use the arrow keys to read each point.$8,308$10,932$13,557Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

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.

Trailing total return for USLV. Periods over one year show the average yearly return.
PeriodUSLV
Year to dateFund launched this year—
1 month−14.4%
3 months−5.1%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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−42.2%

Since listing, May 27, 2026

USLV in the news

Filtered to USLV · Leveraged Long (2x & Other)

USLV Dividends

Last payment
$0.07 per share
Paid 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, 2026Sep 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 1.00%

59 of the 95 Leveraged Long (2x & Other) funds charge less.

USLV costs $112.00 a year on $10,000. The median Leveraged Long (2x & Other) fund costs $100.00.

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