Direxion Daily Industrials Bull 3X Shares

Direxion Daily Industrials Bull 3X Shares (DUSL) aims to deliver three times the daily return of the Industrial Select Sector Index, which tracks industrials companies in the S&P 500, such as General Electric and Caterpillar. It uses swaps and resets its leverage every day, so returns over months or years can drift far from three times the index. It charges 0.97% a year and is built for short-term traders.

• Over the year to Oct 27, 2026, DUSL returned -2.9%.
• Its 5-year annualized return was +13.3%.
• In the 2020 COVID crash it fell 84.7% and regained its old high 12.4 months after the low.
• Its worst full calendar year was 2018 (-46.3%); its best was 2019 (+90.8%).
• The deepest fall in its price history was 85.7% (Jan 26, 2018 to Mar 23, 2020), recovered by Apr 23, 2021.

As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (24.88% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.

• Over the three months to Jul 31, 2026, investors added a net $503K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -3.90%, +20.78%, -10.18%.

The fund's benchmark is the Industrial Select Sector Index from S&P Dow Jones Indices. It includes only S&P 500 companies in the industrials sector under GICS, a system that sorts companies mainly by revenue. That covers aerospace and defense, machinery, ground transportation, airlines, electrical equipment, building products and more. Weights follow company size, with caps on single large stocks to meet tax rules. The index had 80 members as of December 31, 2025, and rebalances quarterly.

To get 3X exposure, the fund's adviser, Rafferty Asset Management, combines stocks with swaps (contracts in which a bank agrees to pay the index's return) and sometimes futures. As of July 31, 2026, stocks made up about 73% of net assets, led by GE (4.9%), Caterpillar (4.9%) and RTX (3.8%). Five index swaps made up about 19%, and cash about 25%. Swaps carry counterparty risk: if a bank fails to pay, the fund loses money.

At each market close, Rafferty resets the fund's exposure. It adds exposure after up days and trims it after down days. Because each day's return compounds, results over longer periods will very likely differ from 3X the index's return. The prospectus warns that the fund can lose money even while the index rises over time, and that investors could lose everything they put in.

• DUSL charges 0.97% 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 $99 in the first year and $1,200 over 10 years (assuming a 5% annual return).

It resets 3X leverage every day, and its prospectus says it does not aim to hit its target over any period longer than one trading day.

DUSL launched in 2017, so it has no record from 2008. It fell 84.7% in the 2020 COVID crash (February 19 to March 23, 2020) and took 12.4 months to recover. In the 2022 bear market it dropped 58.1% and needed 16.5 months to get back to its peak. Its worst calendar year was 2018, at −44.91%. Its deepest drop, 85.7% from January 2018 to March 2020, took 13 months to recover. Anyone who had to draw cash during drops like these would lock in deep losses.

The fund yielded 0.32% over the 12 months to October 27, 2026, paid quarterly, so it offers little income. It costs 0.97% a year, or $99 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.

Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).

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