Direxion Daily MSCI India Bull 2X Shares

Direxion Daily MSCI India Bull 2X Shares (INDL) is a leveraged ETF. It aims to deliver twice the daily return of an MSCI index of large and mid-sized Indian companies, using the iShares MSCI India ETF (INDA) plus swaps. Its exposure resets every day, so returns over months or years can stray far from 2x the index. It charges 1.23% a year and is built for short-term trading, not buy-and-hold.

• Over the year to Oct 27, 2026, INDL returned -32.9%.
• Its 5-year annualized return was -7.6% and its 10-year -2.6%.
• In the 2020 COVID crash it fell 86% and regained its old high 21.7 months after the low.
• Its worst full calendar year was 2011 (-67.2%); its best was 2017 (+128.0%).
• The deepest fall in its price history was 95.7% (Nov 5, 2010 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 (47.53% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.

• Over the three months to Jul 31, 2026, investors withdrew a net $2.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -4.15%, +2.74%, +1.01%.

INDL follows the MSCI India index. The index tracks the large- and mid-sized companies in the Indian stock market, covering about 85% of it. The index provider classifies India as an emerging market, meaning a developing economy with less mature financial markets. As of December 31, 2025, the index had 164 stocks and leaned heavily toward financial companies. It is rebalanced twice a year. INDL concentrates in the same industries the index does, and it is "non-diversified," so a small number of holdings can drive results.

The fund generally does not buy Indian stocks directly. It holds ETFs that track the index and enters into swaps, which are contracts in which a bank agrees to pay the fund the return of an asset. As of July 31, 2026, the iShares MSCI India ETF (INDA) made up 59.5% of net assets, and cash and short-term holdings made up about 47.5%. The fund also held four swaps on INDA. If a swap partner fails to pay, the fund can lose money.

At each day's market close, Rafferty Asset Management resets the fund's exposure back to 2x. That means adding exposure after up days and cutting it after down days, which led to 61% portfolio turnover. Because each day's return compounds, results over longer periods will very likely differ from 2x the index. The prospectus warns that the fund loses money if the index is flat over time. It can even lose money while the index rises.

• INDL charges 1.23% 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 $125 in the first year and $1,489 over 10 years (assuming a 5% annual return).

The prospectus says INDL targets 2x returns for a single day only, and its daily reset has led to deep, long-lasting losses.

INDL launched in 2010, so it has no record from the 2008 financial crisis. In the 2020 COVID crash it fell 86% and took about 22 months to recover. In 2022 it dropped 38.1% and needed about 23 months to get back to its earlier high. Its worst calendar year was 2011, with a loss of 67.2%. Its deepest decline was 95.7%, from November 2010 to March 2020, and the fund had still not regained that 2010 peak as of October 27, 2026. A retiree forced to sell during a slump like these would lock in heavy losses.

Its trailing 12-month yield was 1.3% as of October 27, 2026, paid quarterly. That income is small next to its 1.23% expense ratio and its wide price swings. Past results don't predict future returns, 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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