At a glance
CWEB charges 1.27% a year. It has $255.2M in assets; it paid 9.25% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −69.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned −17.8% a year. At its worst it fell 43.1% in the 2020 crash (S&P 500: 33.7%) and 77.1% in the 2022 bear market (S&P 500: 24.5%).
The short version
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) aims for twice the daily return of an index of China-based internet companies listed outside mainland China. It gets that exposure mostly through the KraneShares CSI China Internet ETF (KWEB) and swaps. It is a short-term trading tool: its leverage resets every day, so returns over longer periods can differ sharply from 2x the index. It charges 1.27% a year, and from its February 2021 peak through October 27, 2026, it fell 98.3%.
Price history
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CWEB -69.1% 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 | |
|---|---|---|---|---|---|---|
| CWEB official prospectus, to Dec 31, 2025 | — | +28.70% | — | -40.81% | — | -16.82% |
| CWEB price data to Oct 27, 2026 | -58.9% | -69.1% | -17.8% | -38.8% | — | -22.5% |
- Over the year to Oct 27, 2026, CWEB returned -69.1%.
- Its 5-year annualized return was -38.8%.
- In the 2020 COVID crash it fell 43.1% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2021 (-79.3%); its best was 2017 (+165.8%).
- The deepest fall in its price history was 98.3% (Feb 17, 2021 to Oct 27, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -58.9% | — |
| 2025 | +29.1% | +28.70% |
| 2024 | +0.1% | +0.31% |
| 2023 | -32.9% | -32.91% |
| 2022 | -59.4% | -59.39% |
| 2021 | -79.3% | -79.35% |
| 2020 | +116.4% | +115.96% |
| 2019 | +51.3% | +50.53% |
| 2018 | -63.0% | -62.79% |
| 2017 | +165.8% | +167.97% |
| 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 | Lost 38.9% over that stretch · deepest drop along the way 43.1%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 73.9% over that stretch · deepest drop along the way 77.1%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3900 | |
| 2025 | $1.1100 | -24.5% |
| 2024 | $1.4700 | +67.0% |
| 2023 | $0.8800 | -53.7% |
| 2019 | $1.9000 | -36.7% |
| 2018 | $3.0000 | -80.3% |
| 2017 | $15.2000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (54.14% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| KRANESHARES CSI CHINA INTERN | 53.56% |
By country
United States 53.56%By asset type
Stocks 53.56%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $21.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -14.95%, -17.26%, +33.90%.
How it works
The fund tracks an index run by China Securities Index Co. The index covers internet companies that are China-based, meaning they are incorporated in mainland China, have their headquarters there, or earn at least 50% of their revenue there. The companies must be listed outside mainland China, for example in Hong Kong. Stocks that traded less than $3 million a day on average, or that averaged under $2 billion in market value, are removed. The rest are weighted by free-float market value, which counts only shares available to trade, and no stock can be more than 10% of the index. The index rebalances twice a year. As of December 31, 2025, it held 32 stocks.
Direxion's adviser, Rafferty Asset Management, generally does not buy Chinese shares directly. As of July 31, 2026, 53.6% of net assets was in KWEB, an ETF that tracks the index. The fund also had five swaps on KWEB. A swap is a contract in which a bank pays the fund the return on an asset. If that bank fails to pay, the fund can lose money. The rest of the fund sits in cash and similar holdings.
At each day's close, Rafferty resets the fund's exposure back to 2x. It adds exposure after the index rises and cuts it after the index falls. That daily reset caused 81% portfolio turnover. Because daily returns compound, the fund can lose money over time even if the index ends up flat.
What it really costs
- CWEB charges 1.27% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $129 in the first year and $1,534 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CWEB | $129 | $403 | $697 | $1,534 |
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
Its 2x leverage resets every day, and holding it for long periods has led to deep losses that have not been recovered.
CWEB launched in November 2016, so it has no record from 2008. In the 2020 COVID crash it fell 43.1%, but it was back to its prior high by June 2, 2020, about 2.5 months later. In the 2022 bear market it fell 77.1%, and as of October 27, 2026, it had not recovered that loss. Its worst calendar year was 2021, when it lost 79.35%. As of October 27, 2026, it was 98.3% below its February 2021 peak. Anyone who had to sell shares during a slump like that would turn a temporary drop into a permanent loss.
The fund pays distributions quarterly, and its trailing yield was 9.25% as of October 27, 2026. Payouts like these can swing widely and don't make up for losses in the share price. It costs 1.27% a year, or $129 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a 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 a magnified one-day bet on Chinese internet stocks, watch their positions daily, and accept a 1.27% expense ratio.
- Experienced traders who understand swaps, daily resets and compounding, and can stomach drops like the 57.76% loss in the third quarter of 2021.
- Short-term traders who want 2x exposure to the same index KWEB tracks, without borrowing on margin themselves.
Look elsewhere if
- Long-term holders and retirees: the fund lost 91% in total over the five years through October 27, 2026.
- Investors seeking dependable income: the 9.25% trailing yield as of October 27, 2026, comes from a fund that can lose most of its value.
- Investors who want diversification: the fund bets on one industry in one country, through an index of about 32 stocks.
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 CWEB a good long-term investment?
Its record and its design both point to no. The fund targets 2x the index for a single day, and the prospectus says longer-term returns will very likely differ from 2x the index. As of December 31, 2025, its average annual return was -40.81% over five years and -16.82% since its 2016 launch. Because of daily compounding, the fund can lose money even when the index ends up flat.
What's the difference between CWEB and KWEB?
KWEB is the unleveraged KraneShares ETF that tracks the CSI China internet index. CWEB uses KWEB to double the index's daily moves. As of July 31, 2026, KWEB made up 53.6% of CWEB's net assets, and CWEB also held swaps on KWEB. CWEB charges 1.27% a year. Over weeks or months, CWEB's return can be very different from twice KWEB's return, and in choppy markets it is often worse.
Does CWEB pay dividends?
Yes. CWEB pays distributions quarterly. Over the 12 months through October 27, 2026, it paid $1.50 per share, a trailing yield of 9.25%. Payouts from a leveraged fund can change a lot from year to year. Over the same 12 months, the share price fell 69.1%, far more than the distributions.
Why has CWEB lost so much money?
Chinese internet stocks fell hard, and 2x leverage doubled each day's drop. Daily compounding in volatile markets added to the losses. The prospectus shows calendar-year losses of 79.35% in 2021, 59.39% in 2022 and 32.91% in 2023. As of October 27, 2026, the fund was 98.3% below its February 2021 peak and had lost 58.9% so far in 2026.
What is CWEB's expense ratio?
CWEB's expense ratio is 1.27% a year, which includes a 0.75% management fee, according to the prospectus filed February 26, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost $129 after one year, $403 after three years, $697 after five years and $1,534 after ten years. Shareholders also indirectly pay part of the expenses of the ETFs the fund owns.