Direxion Daily FTSE Europe Bull 3x Shares

Direxion Daily FTSE Europe Bull 3x Shares (EURL) is a leveraged ETF that aims to deliver 300% of the daily return of a FTSE index of developed European stocks, before fees and expenses. Its exposure resets every day, so results over weeks or years can differ sharply from three times the index. It charges 1.04% a year and is designed for short-term trading, not buy-and-hold investing.

• Over the year to Oct 27, 2026, EURL returned +10.7%.
• Its 5-year annualized return was +4.4% and its 10-year +10.0%.
• In the 2020 COVID crash it fell 79.3% and regained its old high 12.9 months after the low.
• Its worst full calendar year was 2022 (-54.4%); its best was 2025 (+105.8%).
• The deepest fall in its price history was 84.6% (Jan 26, 2018 to Mar 18, 2020), recovered by Dec 22, 2025.

As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (82.16% 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 withdrew a net $13.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +4.64%, +0.92%, +5.62%.

EURL follows a FTSE index of large, mid-size and small companies in 16 developed European countries, including the United Kingdom, Switzerland, Germany, France and Poland. The index is weighted by market capitalization, which means bigger companies count for more. As of December 31, 2025, it had 1,206 stocks, concentrated in healthcare, financials and industrials. The index is rebalanced twice a year.

The fund generally does not buy European shares directly. Instead, it holds shares of the Vanguard FTSE Europe ETF (VGK) and swaps tied to VGK. A swap is a contract in which a bank agrees to pay the fund the return of an asset. As of July 31, 2026, VGK made up 45.6% of net assets, alongside five VGK swap contracts. Most of the rest sat in cash and short-term, high-quality debt. If a swap bank fails to pay, the fund can lose money.

At each market close, the adviser, Rafferty Asset Management, resets the fund's exposure back to 3x. After an up day it adds exposure, and after a down day it cuts exposure. Because of this daily reset, returns compound day by day. The prospectus warns that the fund will lose money if the index ends a period flat. It can even lose money while the index rises, especially when markets swing back and forth. Portfolio turnover was 41%.

• EURL charges 1.04% 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 $106 in the first year and $1,282 over 10 years (assuming a 5% annual return).

EURL resets 3x leverage daily, and its losses in past downturns took years to recover, so it is designed for traders rather than long-term savers.

EURL has fallen much harder than European stocks themselves. Between February 19 and March 18, 2020, it dropped 79.3% and needed 12.9 months to recover. In the 2022 bear market it lost 74% and did not regain its earlier peak until July 9, 2025, 32.9 months later. Its deepest drop was 84.6%, from January 2018 to March 2020, and recovery took 69.2 months. The fund launched in 2014, so it has no record from 2008. Its worst calendar year was 2022, at −54.28%. Anyone who had to sell shares or draw income during slumps like these would have locked in large losses. The yield was 1.98% as of October 27, 2026, paid quarterly. The fund costs 1.04% a year, or $106 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a 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).

No close alternatives found.