Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares (GUSH) aims to return twice (2X) the daily move of the S&P Oil & Gas Exploration & Production Select Industry Index. That index gives roughly equal weight to about 51 US oil, gas and refining stocks. The fund resets its exposure every day, so over longer periods its results can drift far from 2X the index. It charges 0.94% a year, and it lost 97% in 2020.

• Over the year to Oct 27, 2026, GUSH returned +120.6%, 7th of 7 among similar funds.
• Its 5-year annualized return was +14.9% and its 10-year -32.9%.
• In the 2020 COVID crash it fell 98.2%, and had not regained its old high by the end of the data.
• Its worst full calendar year was 2020 (-96.9%); its best was 2021 (+129.9%).
• The deepest fall in its price history was 100% (Jun 10, 2015 to Mar 23, 2020), not yet recovered.

As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (30.6% of net assets), with its exposure coming from 6 swap and futures positions rather than from owning the stocks outright.

• Over the three months to Jul 31, 2026, investors withdrew a net $33.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -16.59%, -11.70%, +30.93%.

S&P Dow Jones Indices builds the index from the S&P Total Market Index. It picks US companies that the Global Industry Classification Standard (GICS, a system that sorts companies by their main business) places in integrated oil and gas, exploration and production, or refining and marketing. Each stock must pass size and trading tests, such as a float-adjusted market value above $300 million (counting only shares available to trade) combined with enough trading volume. The index is modified equal-weighted, so smaller companies get roughly the same slice as giants. It rebalances quarterly and keeps at least 22 stocks. As of July 31, 2026, the 10 largest positions made up 20.36% of the fund, led by refiners PBF Energy (2.7%), Par Pacific (2.4%) and Delek US (2.2%).

To get 2X exposure, the fund holds the index stocks plus swap agreements, which are contracts with banks that pay the index's return. As of July 31, 2026, stocks equaled about 68% of net assets. The rest sat in swaps, cash and short-term instruments. If a swap bank fails to pay, the fund loses money.

At each day's close, Rafferty Asset Management resets the fund's exposure. It adds exposure after up days and cuts it after down days. Because of this daily compounding, the fund can lose money when the index ends flat, or even when the index rises.

• GUSH charges 0.94% 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 $96 in the first year and $1,155 over 10 years (assuming a 5% annual return).

The fund is built to deliver 2X a single day's index move, and its long-term record includes a near-total loss.

GUSH launched in 2015, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 98.2% in about a month. Its full decline from June 10, 2015, to March 23, 2020, was close to 100%, and it had not recovered as of October 27, 2026. Even in 2022, when it gained 66% while the broad market fell, it dropped 57% between June 7 and July 6. Someone who has to sell shares after a drop like that locks in the loss. Its prospectus shows an average annual return of -38.7% for the 10 years to December 31, 2025. It pays income quarterly, but the trailing yield was just 0.96% as of October 27, 2026. Costs are 0.94% a year. In the SEC's standard example, $10,000 would cost $1,155 over 10 years. 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 (energy), same direction.