At a glance
AVL charges 1.0% a year. It has $187.7M in assets; it paid 39.1% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −34.4% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily AVGO Bull 2X Shares (AVL) aims to deliver twice the daily return of a single stock, Broadcom (AVGO), before fees. It gets most of that exposure through swap agreements. Because its leverage resets every day, results over weeks or months can drift far from 2× Broadcom's return. It charges 1.00% a year and is built for short-term traders betting on Broadcom, not for long-term holders.
Price history
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AVL -34.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AVL official prospectus, to Dec 31, 2025 | — | +53.12% | — | — | — | +85.65% |
| AVL price data to Oct 27, 2026 | -23.3% | -34.4% | — | — | — | +27.6% |
- Over the year to Oct 27, 2026, AVL returned -34.4%.
- Its worst full calendar year was 2025 (+53.3%); its best was 2025 (+53.3%).
- The deepest fall in its price history was 70.6% (Dec 16, 2024 to Apr 4, 2025), recovered by Jul 17, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -23.3% | — |
| 2025 | +53.3% | +53.12% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6600 | |
| 2025 | $12.8000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (96.11% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| BROADCOM INC | 17.78% |
By country
United States 17.78%By asset type
Stocks 17.78%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $68.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.26%, -32.31%, +3.55%.
How it works
AVL does not track an index. It aims to deliver 200% of the daily return of one stock: Broadcom Inc. (AVGO), which designs and supplies semiconductors and infrastructure software. Under normal conditions, it puts at least 80% of net assets into Broadcom shares and into derivatives that together give it 2× daily exposure. Derivatives are contracts whose value comes from another asset. The fund's main tool is the swap agreement, a contract with a major global financial institution that pays the fund Broadcom's return on an agreed amount. As of July 31, 2026, Broadcom shares made up about 17.8% of net assets. Cash and similar short-term holdings made up about 96.1%. The swaps supply the rest of the exposure.
At each day's market close, the adviser, Rafferty Asset Management, rebalances the fund to bring exposure back to 2× net assets. After Broadcom rises, it adds exposure. After a fall, it cuts back. Because of this daily reset, returns compound day by day. Over weeks or months, they can differ sharply from 2× Broadcom's move. The fund can even lose money while Broadcom ends flat or higher.
The fund is non-diversified, meaning it can put a large share of its assets in very few holdings, and it is concentrated in the semiconductor industry. It relies on a small number of swap counterparties to pay on time. It may lend out up to one-third of its assets, and its board can change the objective without a shareholder vote.
What it really costs
- AVL charges 1% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $102 in the first year and $1,235 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AVL | $102 | $321 | $557 | $1,235 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The fund targets 2× Broadcom's return for a single day only, and its daily reset and extreme swings make it a poor fit for buy-and-hold savings.
AVL launched on October 10, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its own short history is harsh enough. Shares fell 70.6% from December 16, 2024, to April 4, 2025, then recovered by July 17, 2025, about 3.4 months later. Anyone who had to sell near that low would have locked in most of the loss. Its only full calendar year, 2025, returned 53.1%. For 2026 through October 27, it was down 23.3%.
Distributions over the prior 12 months equaled a 39.1% yield as of October 27, 2026. They are paid quarterly but are irregular, not a dependable income stream. The 1.00% expense ratio works out to about $102 in the first year on $10,000. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want magnified one-day exposure to Broadcom and can monitor their position every trading day.
- Experienced investors who can stomach swings like the 70.6% drop between December 2024 and April 2025.
- Traders who want short-term leverage on Broadcom without a margin account and who accept a 1.00% expense ratio.
Look elsewhere if
- Buy-and-hold savers and retirees: daily resets can erode returns over months, even while Broadcom's stock rises.
- Investors seeking diversification: the fund's exposure rests on one company in the semiconductor industry, plus a few swap counterparties.
- Anyone wanting dependable income: the 39.1% trailing payout as of October 27, 2026, is irregular, not a steady dividend.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is AVL good for long-term investing?
Not for most long-term investors. The prospectus says AVL seeks 200% of Broadcom's daily return and does not aim to hit that target over any longer period. Because its exposure resets every day, returns compound in ways that can lag 2× Broadcom, especially in choppy markets. The fund can lose money even if Broadcom's price is flat or rises over time. Annualized volatility was 89.4% over the year to October 27, 2026.
What does AVL actually hold?
AVL holds mostly cash and similar short-term assets, plus swap agreements and some Broadcom shares. As of July 31, 2026, Broadcom stock made up about 17.8% of net assets, and cash and short-term holdings about 96.1%. Swap agreements with large financial institutions supply the rest of the 2× exposure. Their combined value that day was about -12.2% of net assets. Net assets totaled about $187.7 million.
What's the difference between AVL and buying AVGO stock?
Broadcom shares give 1× exposure that can be held for years with no fund fee. AVL aims for 2× Broadcom's move each day, charges 1.00% a year and resets daily, so its long-run return can differ sharply from double the stock's. AVL's 1-year price return was -34.4% through October 27, 2026, and its deepest drop was 70.6%. It also carries swap counterparty risk, which direct shareholders don't face.
What is AVL's expense ratio?
AVL's expense ratio is 1.00% a year, according to its prospectus filed February 26, 2026, and it includes a 0.75% management fee. In the SEC's standard example, $10,000 is invested and earns 5% a year. Costs would total about $102 after one year, $321 after three, $557 after five and $1,235 after ten. Trading costs from daily rebalancing come on top of that. Portfolio turnover was 37%.
Does AVL pay dividends?
Yes, AVL has made quarterly distributions. Over the 12 months to October 27, 2026, they totaled about $13 per share, a 39.1% trailing yield. That figure is not a steady dividend. Payouts from leveraged funds often come from realized trading gains and interest on cash, so they can change sharply or stop. Each payout also lowers the share price by the same amount. In a taxable account, it may be taxed.