SPUU vs SPXL: Grades, Fees and Holdings Compared

Direxion Daily S&P 500 Bull 2X ETF

SPUUBNYSE Arca

Direxion Daily S&P 500 Bull 3X Shares

SPXLBNYSE Arca

Overlap

52.4%by weight

Expense ratio

SPUU −0.24pt a year

SPUU0.60%SPXL0.84%

Avg volume · 30D

SPXL 88.2×the volume

SPUU18.4KSPXL1.62M

10Y return · a year

SPXL +5.1pt

SPUU+24.2%SPXL+29.3%

SPUU vs SPXL Performance

Oct 29, 2021 – Oct 30, 2026

+108.8%SPUU+115.8%SPXL

Expense ratio: SPUU 0.60%, better; SPXL 0.84%
Fund size: SPUU $300M; SPXL $7.05B
1Y total return: SPUU +17.5%; SPXL +21.3%, better
Yield (12M): SPUU 1.34%, better; SPXL 0.54%
Holdings: SPUU 509; SPXL 514
Avg volume (30D): SPUU 18.4K sh; SPXL 1.62M sh, better
NAV per share: SPUU $224.77; SPXL $285.90
52W range

ETF.net Grade

Pillar letters and Scores for SPUU, SPXL, with each pillar’s weight
Pillar	SPUU	SPXL
Cost30% weight	A74Higher	B59
Mission25% weight	Not scored	Not scored
Risk15% weight	B63Higher	C41
Tradability15% weight	C44	B60Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	B62	A72Higher

Rank among 2x/3x Long S&P 500 funds

How we build Categories ›

Same Category. SPUU and SPXL are both graded against the same 7 2x/3x Long S&P 500 funds, so their Grades compare head to head.

2x/3x Long S&P 500⁠

Category · 7 funds

See all 7 ›

SPUU ranks 2nd and SPXL 3rd of 7 funds in the 2x/3x Long S&P 500 Category.

Rank 1BSSOProShares Ultra S&P500Score 66
Rank 2BSPUUDirexion Daily S&P 500 Bull 2X ETFScore 63
Rank 3BSPXLDirexion Daily S&P 500 Bull 3X SharesScore 55
Rank 3CUPROProShares UltraPro S&P500Score 55

Our read on each fund

ETF.net Research

SPUUBDirexion Daily S&P 500 Bull 2X ETF

SPXLBDirexion Daily S&P 500 Bull 3X Shares

In short

SPUU Two times the daily move of the S&P 500, for 0.60% net of a waiver through September 1, 2027: the lowest fee on the S&P 500 bull-leverage shelf. The trade-off is a quieter ticker than the category's household name.

SPXL The 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

SPUU The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of the S&P 500® Index.

SPXL 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

SPUU 0.60% net of a waiver through September 1, 2027 (0.66% gross) undercuts the category median and rival SSO, at 0.84% net of its own waiver through September 30, 2027.
Aims for 200% of the S&P 500's daily move, reset every day, built on roughly 500 large-cap stocks plus swaps. No guesswork about the exposure.direxion.com
Listed in 2014, making it one of the longer-running 2x S&P 500 funds, and it rates among the stronger builds in a small peer group.direxion.com

SPXL 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

SPUU The daily reset is the whole story: over stretches longer than a day, results can drift from 2x the index's cumulative move, and choppy markets widen that gap.direxion.com
Thinly traded next to the biggest names in the aisle, which can show up as wider bid-ask spreads.
Leverage is symmetric. A 1% down day in the S&P 500 lands as roughly 2% here, before fees.

SPXL 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.

Full SPUU profile⁠

Full SPXL profile⁠

SPUU vs SPXL Holdings

How SPUU and SPXL differ

Overlap by weight

52.4%

Shared holdings make up 100% of SPUU and 57.1% of SPXL.

Level by level

Holdings504 in both52.4%
Asset classEquity100%
Countryby domicile100%

Sector

No Sector split for SPUU and SPXL.

Country, concentration and asset class

Country by domicile

Country weights in SPUU and SPXL, widest gap first
Country	More in SPUUMore in SPXL	SPUU	SPXL
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SPUU69.2%
SPXL77.4%

Securities held

SPUU504
SPXL505

Asset class

SPUU: Equity
SPXL: Equity

Holdings

Only in SPUU0
In both504
Only in SPXL1

Only in SPUU

0 securities, 0.0% of SPUU by weight

Only in SPXL

1 security, 1.1% of SPXL by weight

Jp Morgan 100 Us Trsy Capital 31631.07%

Weight gaps

The 100 widest of 504 Holdings in both funds.

Holding weights in SPUU and SPXL, widest gap first
Holding	More in SPUUMore in SPXL	SPUU	SPXL
NVIDIA CorpNVDA	SPUU +1.72 points	3.40%	1.68%
Apple IncAAPL	SPUU +1.69 points	3.34%	1.65%
Goldman Finl Sq Trsry Inst 506	SPXL +1.50 points	0.15%	1.65%
Microsoft CorpMSFT	SPUU +1.30 points	2.58%	1.28%
Amazon.com IncAMZN	SPUU +0.79 points	1.57%	0.78%
Alphabet Inc-Cl AGOOGL	SPUU +0.55 points	1.09%	0.54%
Broadcom IncAVGO	SPUU +0.55 points	1.08%	0.53%
Meta Platforms Inc-Class AMETA	SPUU +0.45 points	0.90%	0.45%
Alphabet Inc-Cl CGOOG	SPUU +0.44 points	0.88%	0.44%
Tesla IncTSLA	SPUU +0.38 points	0.75%	0.37%
Eli Lilly & CoLLY	SPUU +0.36 points	0.72%	0.36%
Micron Technology IncMU	SPUU +0.35 points	0.69%	0.34%
Berkshire Hathaway Inc-Cl BBRK.B	SPUU +0.33 points	0.66%	0.33%
Advanced Micro DevicesAMD	SPUU +0.31 points	0.61%	0.30%
JPMorgan Chase & CoJPM	SPUU +0.30 points	0.60%	0.30%
Exxonmobil Holdings CorpXOM	SPUU +0.25 points	0.49%	0.24%
Visa Inc-Class A SharesV	SPUU +0.23 points	0.46%	0.23%
Johnson & JohnsonJNJ	SPUU +0.22 points	0.44%	0.22%
Walmart IncWMT	SPUU +0.17 points	0.35%	0.18%
AbbVie IncABBV	SPUU +0.17 points	0.34%	0.17%
Mastercard Inc - AMA	SPUU +0.17 points	0.34%	0.17%
Intel CorpINTC	SPUU +0.15 points	0.30%	0.15%
Chevron CorpCVX	SPUU +0.15 points	0.30%	0.15%
Palantir Technologies Inc-APLTR	SPUU +0.15 points	0.30%	0.15%
Costco Wholesale CorpCOST	SPUU +0.15 points	0.29%	0.14%
Cisco Systems IncCSCO	SPUU +0.14 points	0.28%	0.14%
Procter & Gamble Co/ThePG	SPUU +0.13 points	0.25%	0.12%
UnitedHealth Group IncUNH	SPUU +0.12 points	0.24%	0.12%
Merck & Co. Inc.MRK	SPUU +0.12 points	0.24%	0.12%
Coca-Cola Co/TheKO	SPUU +0.12 points	0.24%	0.12%
Applied Materials IncAMAT	SPUU +0.11 points	0.22%	0.11%
Bank of America CorpBAC	SPUU +0.11 points	0.22%	0.11%
Home Depot IncHD	SPUU +0.11 points	0.22%	0.11%
General ElectricGE	SPUU +0.10 points	0.21%	0.11%
Philip Morris InternationalPM	SPUU +0.10 points	0.21%	0.11%
Lam Research CorpLRCX	SPUU +0.11 points	0.21%	0.10%
Palo Alto Networks IncPANW	SPUU +0.10 points	0.20%	0.10%
Caterpillar IncCAT	SPUU +0.10 points	0.20%	0.10%
Texas Instruments IncTXN	SPUU +0.10 points	0.19%	0.09%
Goldman Sachs Group IncGS	SPUU +0.09 points	0.18%	0.09%
Rtx CorpRTX	SPUU +0.09 points	0.18%	0.09%
Crowdstrike Holdings Inc - ACRWD	SPUU +0.08 points	0.17%	0.09%
Thermo Fisher Scientific IncTMO	SPUU +0.08 points	0.17%	0.09%
Netflix IncNFLX	SPUU +0.09 points	0.17%	0.08%
Wells Fargo & CoWFC	SPUU +0.09 points	0.17%	0.08%
Amgen IncAMGN	SPUU +0.08 points	0.16%	0.08%
Intl Business Machines CorpIBM	SPUU +0.08 points	0.16%	0.08%
Oracle CorpORCL	SPUU +0.08 points	0.16%	0.08%
Ge Vernova IncGEV	SPUU +0.08 points	0.16%	0.08%
Linde PLCLIN	SPUU +0.07 points	0.15%	0.08%
Morgan StanleyMS	SPUU +0.08 points	0.15%	0.07%
Kla CorpKLAC	SPUU +0.07 points	0.14%	0.07%
Analog Devices IncADI	SPUU +0.07 points	0.14%	0.07%
Citigroup IncC	SPUU +0.07 points	0.14%	0.07%
Gilead Sciences IncGILD	SPUU +0.06 points	0.13%	0.07%
Amphenol Corp-Cl AAPH	SPUU +0.06 points	0.13%	0.07%
Qualcomm IncQCOM	SPUU +0.07 points	0.13%	0.06%
Sandisk CorpSNDK	SPUU +0.07 points	0.13%	0.06%
Arista Networks IncANET	SPUU +0.07 points	0.13%	0.06%
Walt Disney Co/TheDIS	SPUU +0.07 points	0.13%	0.06%
Marvell Technology IncMRVL	SPUU +0.07 points	0.13%	0.06%
Salesforce IncCRM	SPUU +0.06 points	0.12%	0.06%
Pepsico IncPEP	SPUU +0.06 points	0.12%	0.06%
Mcdonald's CorpMCD	SPUU +0.06 points	0.12%	0.06%
Verizon Communications IncVZ	SPUU +0.06 points	0.12%	0.06%
Abbott LaboratoriesABT	SPUU +0.06 points	0.12%	0.06%
ConocophillipsCOP	SPUU +0.06 points	0.12%	0.06%
Union Pacific CorpUNP	SPUU +0.06 points	0.12%	0.06%
Nextera Energy IncNEE	SPUU +0.05 points	0.11%	0.06%
American Express CoAXP	SPUU +0.05 points	0.11%	0.06%
Pfizer IncPFE	SPUU +0.05 points	0.11%	0.06%
BlackRock IncBLK	SPUU +0.05 points	0.11%	0.06%
Welltower IncWELL	SPUU +0.06 points	0.11%	0.05%
Deere & CoDE	SPUU +0.06 points	0.11%	0.05%
Seagate Technology HoldingsSTX	SPUU +0.05 points	0.10%	0.05%
Intuitive Surgical IncISRG	SPUU +0.05 points	0.10%	0.05%
Tjx Companies IncTJX	SPUU +0.05 points	0.10%	0.05%
Eaton Corp PLCETN	SPUU +0.05 points	0.10%	0.05%
Accenture Plc-Cl AACN	SPUU +0.05 points	0.10%	0.05%
Danaher CorpDHR	SPUU +0.05 points	0.10%	0.05%
Schwab (Charles) CorpSCHW	SPUU +0.05 points	0.10%	0.05%
Dell Technologies -CDELL	SPUU +0.04 points	0.09%	0.05%
AT&T IncT	SPUU +0.04 points	0.09%	0.05%
Western Digital CorpWDC	SPUU +0.04 points	0.09%	0.05%
S&P Global IncSPGI	SPUU +0.04 points	0.09%	0.05%
Vertex Pharmaceuticals IncVRTX	SPUU +0.05 points	0.09%	0.04%
Boeing Co/TheBA	SPUU +0.05 points	0.09%	0.04%
Uber Technologies IncUBER	SPUU +0.05 points	0.09%	0.04%
Progressive CorpPGR	SPUU +0.05 points	0.09%	0.04%
Lockheed Martin CorpLMT	SPUU +0.05 points	0.09%	0.04%
Altria Group IncMO	SPUU +0.04 points	0.08%	0.04%
Capital One Financial CorpCOF	SPUU +0.04 points	0.08%	0.04%
Chubb LtdCB	SPUU +0.04 points	0.08%	0.04%
Bristol-Myers Squibb CoBMY	SPUU +0.04 points	0.08%	0.04%
Marathon Petroleum CorpMPC	SPUU +0.04 points	0.08%	0.04%
Prologis IncPLD	SPUU +0.04 points	0.08%	0.04%
Starbucks CorpSBUX	SPUU +0.04 points	0.08%	0.04%
Medtronic PLCMDT	SPUU +0.04 points	0.08%	0.04%
Newmont CorpNEM	SPUU +0.04 points	0.08%	0.04%
Parker Hannifin CorpPH	SPUU +0.04 points	0.08%	0.04%

All 510 SPUU holdings⁠All 516 SPXL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPUU vs SPXL Cost

Overpaying SPXL vs SPUU

$4,212

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

SPUU 0.60%
$11,817
SPXL 0.84%
$16,029

Amount$10,000

Years30 years

Cost over time

SPUU 0.60%
SPXL 0.84%
Overpaying

Year by year

Year	SPUU	SPXL	Overpaying
10	$1,076	$1,491	$415
20	$4,116	$5,643	$1,527
30	$11,817	$16,029	$4,212

Expense ratio

0.60%SPUU, cheaper
0.84%SPXL

SPUU0.60%SPXL0.84%

0.20%1.72%

Middle half of 2x/3x Long S&P 500 funds
Median 0.84%

SPUU 3rd cheapest of 7 funds

SPXL 4th cheapest of 7 funds

SPUU vs SPXL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPUU 1.34%, better; SPXL 0.54%
Payout (12M): SPUU $2.90; SPXL $1.45
Last payment: SPUU $0.26; SPXL $0.31
Ex-dividend: SPUU Sep 22, 2026; SPXL Sep 22, 2026
Paid on: SPUU Sep 29, 2026; SPXL Sep 29, 2026
Frequency: SPUU Quarterly; SPXL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPUUQuarterly · 31 paymentsAll SPUU payments⁠

SPXLQuarterly · 28 paymentsAll SPXL payments⁠

SPUU vs SPXL Risk

Fall from peak · 5 years

SPUU
SPXL

Risk facts

VolatilityStd dev, 3 years: SPUU 25.1%, betterSPXL 38.9%
Return per unit of riskSharpe ratio, 3 years: SPUU 1.32, betterSPXL 1.24
Worst fallMax drawdown, 5 years: SPUU −46.6%, betterSPXL −63.8%
Market sensitivityBeta, 5 years: SPUU 2.01SPXL 3.03; Market = 1

SPUU and SPXL in the news

All news⁠

Category Review
Tactical funds ranged from a 32.2% gain to a 12.5% loss
Updated Sep 29, 2026SPXL

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SPUU vs SPXL

In short

Stated mandate

Why people hold it

Worth knowing

How SPUU and SPXL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPUU

Only in SPXL

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Tactical funds ranged from a 32.2% gain to a 12.5% loss

How SPUU and SPXL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPUU

Only in SPXL

Weight gaps