At a glance
NAIL charges 0.96% a year. It has $532.2M in assets; it paid 1.11% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −53.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned −8.5% a year. At its worst it fell 93.1% in the 2020 crash (S&P 500: 33.7%) and 82.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 20 months after the lows. Its ten largest positions make up 51.3% of the fund, out of 43 in all.
The short version
Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL) aims to return three times (300%) the daily move of an index of U.S. homebuilders and building-supply companies, before fees. Its leverage resets every trading day, so results over weeks or years can differ sharply from three times the index. It is built for short-term trading. It fell 93.1% from February 20 to March 23, 2020, and charges 0.96% a year.
Price history
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NAIL -53.2% 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 | |
|---|---|---|---|---|---|---|
| NAIL official prospectus, to Dec 31, 2025 | — | -40.38% | — | +1.89% | +6.29% | — |
| NAIL price data to Oct 27, 2026 | -37.8% | -53.2% | -8.5% | -17.2% | +4.7% | -1.9% |
- Over the year to Oct 27, 2026, NAIL returned -53.2%.
- Its 5-year annualized return was -17.2% and its 10-year +4.7%.
- In the 2020 COVID crash it fell 93.1% and regained its old high 13.2 months after the low.
- Its worst full calendar year was 2022 (-75.2%); its best was 2017 (+268.7%).
- The deepest fall in its price history was 93.8% (Jan 22, 2018 to Mar 23, 2020), recovered by May 7, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -37.8% | — |
| 2025 | -40.4% | -40.38% |
| 2024 | -22.8% | -22.84% |
| 2023 | +259.6% | +259.67% |
| 2022 | -75.2% | -75.20% |
| 2021 | +168.2% | +167.64% |
| 2020 | -32.1% | -32.13% |
| 2019 | +184.6% | +183.58% |
| 2018 | -74.0% | -73.87% |
| 2017 | +268.7% | +270.43% |
| 2016 | -12.2% | -10.00% |
| 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 92.9% over that stretch · deepest drop along the way 93.1%, back to its old high 13.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 79.2% over that stretch · deepest drop along the way 82.7%, back to its old high 19.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2900 | |
| 2025 | $0.7700 | +45.3% |
| 2024 | $0.5300 | +120.8% |
| 2023 | $0.2400 | +4700.0% |
| 2020 | $0.0050 | -95.5% |
| 2019 | $0.1100 | +37.5% |
| 2018 | $0.0800 | -93.0% |
| 2017 | $1.1500 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (30.37% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| D.R. HORTON INC | 12.38% | |
| PULTEGROUP INC | 7.90% | |
| LENNAR CORP | 5.82% | |
| NVR INC | 5.44% | |
| SHERWIN-WILLIAMS COMPANY (THE) | 4.03% | |
| TOLL BROTHERS INC | 3.99% | |
| HOME DEPOT INC (THE) | 3.74% | |
| LOWE'S COMPANIES INC | 3.45% | |
| MASCO CORP | 2.38% | |
| LENNOX INTERNATIONAL INC | 2.17% | |
| OWENS CORNING | 1.85% | |
| INSTALLED BUILDING PRODUCTS INC | 1.67% | |
| MERITAGE HOMES CORP | 1.56% | |
| CHAMPION HOMES INC | 1.47% | |
| CAVCO INDUSTRIES INC | 1.41% |
By country
United States 75.3%By asset type
Stocks 75.3%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $17.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -13.24%, +35.68%, -29.01%.
How it works
NAIL follows an index of U.S. homebuilding companies. The index includes home builders, makers and sellers of building materials, furnishings and fixtures, and home improvement retailers. Stocks must meet minimum size and trading-volume rules. No company may top 22.5% of the index, and any excess is spread among the rest. Companies above 4.5% are capped at 45% combined. Materials, furnishings and home improvement retailers are capped at 35% combined. The index rebalances every three months and had 46 members as of December 31, 2025. As of July 31, 2026, the fund's largest stock positions were D.R. Horton (12.4%), PulteGroup (7.9%), Lennar (5.8%) and NVR (5.4%).
To get three times the index's daily move, Rafferty Asset Management combines stocks with futures and swaps. A swap is a contract in which another party pays the fund the index's return. As of July 31, 2026, stocks made up 75.3% of net assets and cash and similar holdings 30.4%. The fund also held swaps on the Dow Jones U.S. Select Home Builders Index. At each day's close, Rafferty raises exposure after a rising day and cuts it after a falling one. This drives portfolio turnover of 63%.
Because exposure resets daily, returns over longer periods compound and will very likely differ from three times the index. The prospectus warns that the fund will lose money if the index is flat over time, and that it can lose money even while the index rises.
What it really costs
- NAIL charges 0.96% 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 $98 in the first year and $1,178 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NAIL | $98 | $306 | $531 | $1,178 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
NAIL resets its 3x leverage daily, and its prospectus says it does not seek its goal over any period longer than one trading day.
NAIL launched in 2015, so it has no record from the 2008 crisis. It fell 93.1% in the 2020 COVID crash, between February 20 and March 23, 2020, and took about 13 months to recover. In the 2022 bear market it fell 82.7% by June 17, 2022, and did not recover until February 12, 2024. Its worst calendar year was 2022, at -75.2%. Its deepest drop was 93.8%, from January 2018 to March 2020, and it took more than three years to get back to its old peak. Anyone forced to cash out in years like those would lock in losses.
Income is small: the trailing yield was 1.11% as of October 27, 2026, paid quarterly. Under the SEC's standard example, $10,000 costs $98 in fees in the first year. 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 short-term, three-times daily exposure to homebuilders like D.R. Horton, PulteGroup and Lennar, and who check positions every day.
- Experienced investors who understand daily leverage resets and can accept drops like the 82.7% fall from January to June 2022.
- Traders taking a short-term view on housing who accept a 0.96% expense ratio and the risk that a swap counterparty fails to pay.
Look elsewhere if
- Retirees or near-retirees who may need cash during a downturn; NAIL fell 93.1% in about a month in early 2020.
- Buy-and-hold investors, since daily compounding means NAIL can lose money over time even when its homebuilder index rises.
- Income seekers: the trailing yield was 1.11% as of October 27, 2026, small next to one-year volatility of 86.3%.
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 NAIL a good long-term investment?
NAIL is not built for long-term holding. Its prospectus says it seeks 300% of its index's return for a single trading day only. Its long-term record has been uneven. As of December 31, 2025, its average annual return was 6.29% over 10 years, 1.89% over five years and -40.38% over one year. It also fell 93.8% from January 2018 to March 2020. Holding it for years has meant living through very deep, repeated losses.
Can NAIL lose money if homebuilder stocks go up?
Yes. NAIL resets its leverage every trading day, so its return over weeks or years comes from compounding each day's result. It does not simply triple the index's total move. The prospectus says the fund will lose money if the index is flat over time, and it can lose money even while the index rises. This is most likely when prices swing sharply. NAIL's one-year volatility was 86.3% as of October 27, 2026, so those swings have been large.
Does NAIL pay dividends?
Yes. NAIL pays distributions every quarter, but they are small. Its trailing 12-month yield was 1.11% as of October 27, 2026, about $0.34 per share. Income is not part of its objective, which is stated only in terms of daily returns. The fund lost 37.8% in 2026 through October 27, so the payments did little to offset its price swings.
What stocks does NAIL hold?
As of July 31, 2026, NAIL's largest stock positions were D.R. Horton (12.4%), PulteGroup (7.9%), Lennar (5.8%), NVR (5.4%), Sherwin-Williams (4.0%), Toll Brothers (4.0%), Home Depot (3.7%) and Lowe's (3.4%). Stocks made up 75.3% of net assets, and cash and similar holdings made up 30.4%. Swap contracts on the Dow Jones U.S. Select Home Builders Index supplied the rest of its three-times exposure.
What is NAIL's expense ratio?
NAIL's expense ratio is 0.96% a year, which includes a 0.75% management fee, according to its prospectus filed February 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period. On that basis, costs would total about $98 after one year, $306 after three, $531 after five and $1,178 after 10. Daily rebalancing also drives 63% portfolio turnover, and the trading costs from that are not in the expense ratio.