At a glance
NFXL charges 1.05% a year. It has $136.1M in assets; it paid 17.52% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −74.2% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily NFLX Bull 2X Shares (NFXL) aims to deliver twice the daily return of Netflix (NFLX) stock, before fees. It gets that exposure mainly through swap agreements with large banks. It resets its leverage every day, so returns over weeks or months can differ sharply from twice Netflix's return. It costs 1.05% a year, is built for short-term trading and fell 74.2% in the year through October 27, 2026.
Price history
The interactive chart needs JavaScript.
NFXL -74.2% 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 | |
|---|---|---|---|---|---|---|
| NFXL official prospectus, to Dec 31, 2025 | — | -11.81% | — | — | — | +24.62% |
| NFXL price data to Oct 27, 2026 | -63.5% | -74.2% | — | — | — | -29.5% |
- Over the year to Oct 27, 2026, NFXL returned -74.2%.
- Its worst full calendar year was 2025 (-11.7%); its best was 2025 (-11.7%).
- The deepest fall in its price history was 83.9% (Jun 30, 2025 to Oct 27, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -63.5% | — |
| 2025 | -11.7% | -11.81% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3900 | |
| 2025 | $2.4400 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (101.97% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| NETFLIX INC | 15.11% |
By country
United States 15.11%By asset type
Stocks 15.11%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $51.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -16.70%, -32.46%, -1.38%.
How it works
NFXL is managed by Rafferty Asset Management. It seeks 200% of the daily performance of Netflix stock (NFLX), before fees and expenses. Here, "daily" means from one market close to the next. The fund mostly uses swaps. A swap is a contract in which a large financial institution agrees to pay the fund Netflix's return on an amount equal to twice the fund's net assets. As of July 31, 2026, the fund had $136.1 million in net assets. It held Netflix shares worth about 15% of that, five swap contracts, and cash and short-term holdings of about 102% backing them.
At each market close, the adviser rebalances to keep exposure at 2×. It adds exposure after Netflix rises and cuts it after Netflix falls. Each day's return compounds on the last, so results over weeks or months will very likely differ from twice Netflix's return. The prospectus warns that the fund will lose money if Netflix is flat over time. It can even lose money while Netflix rises, especially when the stock swings sharply.
The fund is non-diversified, which means it can put most of its money into one company. It is concentrated in a single stock and in the entertainment industry. It relies on a limited number of swap counterparties, so if one fails to pay, the fund can lose money. Its board can change the fund's objective without a shareholder vote.
What it really costs
- NFXL charges 1.05% 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 $107 in the first year and $1,293 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NFXL | $107 | $336 | $584 | $1,293 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The prospectus says the fund targets twice Netflix's return for a single trading day only, and daily compounding can wear down value over longer holding periods.
NFXL launched on October 3, 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned -11.81%, with one quarter up 95.13% and another down 42.52%. From its June 30, 2025 peak, it fell 83.9% through October 27, 2026, and had not recovered. Anyone who had to sell shares or draw money in a slump like that would lock in most of the loss.
The trailing 12-month yield was 17.52% as of October 27, 2026, with payments made quarterly. That figure looks high partly because the share price fell so steeply, and it is not a dependable income stream. Costs are high at 1.05% a year, or $1,293 over 10 years in the SEC's standard $10,000 example. 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 twice Netflix's daily move for a day or a few days and who watch their positions closely.
- Traders who understand swaps, daily resets and compounding, and who accept the prospectus warning that they could lose all their money.
- People seeking short-term, magnified Netflix exposure without using a margin account, who accept a 1.05% annual expense ratio.
Look elsewhere if
- Long-term savers and retirees: NFXL fell 74.2% in the year to October 27, 2026, and was 83.9% below its June 2025 peak.
- Investors seeking diversification: the fund tracks one company, Netflix, and is concentrated in the entertainment industry.
- Income seekers: its 17.52% trailing yield came alongside steep price losses, and payouts from a leveraged fund like this can swing widely.
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 NFXL a good long-term investment?
NFXL isn't designed to be held for the long term. Its prospectus says it seeks 200% of Netflix's return for a single trading day only. Over longer periods, compounding can make its results differ sharply from twice Netflix's return. The fund can lose money even if Netflix rises over time. As of October 27, 2026, NFXL had dropped 74.2% over one year and sat 83.9% below its June 30, 2025 peak.
Does NFXL pay dividends?
Yes. NFXL has made quarterly distributions. Over the 12 months through October 27, 2026, it paid $1.92 per share, a trailing yield of 17.52%. That yield looks high partly because the share price fell so far over the same period. Payouts from a leveraged fund can vary widely from year to year. Those payments were also small next to the fund's 74.2% one-year price decline.
What is the NFXL expense ratio?
NFXL's expense ratio is 1.05% a year, according to the prospectus filed February 26, 2026. That includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs come to $107 after one year, $336 after three years, $584 after five years and $1,293 after ten years.
How does NFXL get 2x leverage on Netflix?
NFXL gets its leverage mainly through swap agreements with major global financial institutions. Under these contracts, the institutions pay the fund Netflix's return on an amount equal to 200% of the fund's net assets. As of July 31, 2026, the fund held Netflix shares worth about 15% of net assets, five swap contracts, and cash and short-term holdings of about 102%. Each day at market close, the adviser adjusts exposure back to 2×. If a counterparty fails to pay, the fund can lose money.
What's the difference between NFXL and buying Netflix stock?
Owning Netflix (NFLX) shares gives the stock's actual return with no fund fee. NFXL instead aims for twice Netflix's daily move. It charges 1.05% a year, relies on swap counterparties and resets its leverage daily. Because of that, its long-run results can drift far from twice Netflix's return, and it can lose money even when Netflix is flat. Both can fall in value, but NFXL magnifies daily declines, and its prospectus warns that holders could lose all their money.