At a glance
SPXL charges 0.84% a year. It has $6.73B in assets, the largest of that group; it paid 0.51% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +26.4% with distributions reinvested (S&P 500: +11.5%), 2nd of those 6 funds; over three years it returned +62.6% a year. At its worst it fell 63.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months after the low. Its ten largest positions make up 28.2% of the fund, out of 504 in all.
The short version
Direxion Daily S&P 500 Bull 3X Shares (SPXL) is a leveraged ETF. It aims to return 300% of the S&P 500's move over a single day, using stocks plus swaps and futures. Because it resets that exposure daily, longer-term returns can differ sharply from three times the index. Its expense ratio is 0.84%. It was the largest of six similar leveraged S&P 500 funds by assets.
Price history
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SPXL +26.4% 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 | |
|---|---|---|---|---|---|---|
| SPXL official prospectus, to Dec 31, 2025 | — | +32.07% | — | +25.80% | +27.86% | — |
| SPXL price data to Oct 27, 2026 | +30.4% | +26.4% | +62.6% | +18.8% | — | +35.8% |
- Over the year to Oct 27, 2026, SPXL returned +26.4%, 2nd of 6 among similar funds.
- Its 5-year annualized return was +18.8%.
- Its worst full calendar year was 2022 (-56.5%); its best was 2021 (+98.7%).
- The deepest fall in its price history was 63.8% (Jan 3, 2022 to Oct 12, 2022), recovered by Jun 12, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +30.4% | — |
| 2025 | +31.9% | +32.07% |
| 2024 | +63.6% | +63.56% |
| 2023 | +69.4% | +69.19% |
| 2022 | -56.5% | -56.50% |
| 2021 | +98.7% | +98.19% |
| 2020 | — | +9.73% |
| 2019 | — | +103.29% |
| 2018 | — | -24.86% |
| 2017 | — | +70.89% |
| 2016 | — | +29.37% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 63.8% over that stretch · deepest drop along the way 63.8%, back to its old high 20 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2800 | |
| 2025 | $1.5100 | +21.8% |
| 2024 | $1.2400 | +22.8% |
| 2023 | $1.0100 | +405.0% |
| 2022 | $0.2000 | +33.3% |
| 2021 | $0.1500 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (22.84% of net assets), with its exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 5.65% | |
| APPLE INC | 5.27% | |
| MICROSOFT CORP | 4.01% | |
| AMAZON.COM INC | 3.09% | |
| ALPHABET INC Class A | 2.43% | |
| BROADCOM INC | 2.14% | |
| ALPHABET INC Class C | 1.96% | |
| META PLATFORMS INC | 1.42% | |
| JP MORGAN CHASE & COMPANY | 1.10% | |
| BERKSHIRE HATHAWAY INC | 1.09% | |
| MICRON TECHNOLOGY INC | 1.08% | |
| ELI LILLY & COMPANY | 1.06% | |
| TESLA INC | 1.02% | |
| ADVANCED MICRO DEVICES INC | 0.90% | |
| EXXONMOBIL HOLDINGS CORP | 0.75% |
By country
United States 74.76%Netherlands 0.07%By asset type
Stocks 74.83%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $284.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +15.42%, -4.33%, -1.38%.
How it works
SPXL follows the S&P 500. S&P Dow Jones Indices picks 500 leading large US companies based on size, financial health, sector mix, public float (shares available to trade) and liquidity. Bigger companies get bigger weights. The index is rebalanced quarterly. As of December 31, 2025, it had 503 members and was concentrated in information technology. As of July 31, 2026, the fund's largest stocks were NVIDIA (5.7%), Apple (5.3%) and Microsoft (4.0%). The top 10 made up 28% of assets.
Stocks provide only part of the 3X exposure. As of July 31, 2026, stocks were about 75% of net assets and cash about 23%. The extra exposure comes mainly from S&P 500 index swaps and from futures. A swap is a contract in which a bank agrees to pay the fund the index's return. If one of the fund's limited number of counterparties fails to pay, the fund loses money.
At each market close, Rafferty Asset Management resets the fund's exposure to 3X. It adds exposure after up days and cuts it after down days. Returns over weeks or years build up from these daily results and will very likely differ from 3X the index. The prospectus warns the fund can lose money if the index ends flat, or even while the index rises. Portfolio turnover was 71%.
What it really costs
- SPXL charges 0.84% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.11% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $86 in the first year and $1,156 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPXL | $86 | $292 | $515 | $1,156 |
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
Its 3X exposure resets every day, and the prospectus says it does not aim for 3X results over any period longer than one trading day.
SPXL magnifies S&P 500 losses as well as gains. In the 2022 bear market it fell 63.8% between January 3 and October 12, 2022. It didn't regain its old high until June 12, 2024, about 20 months after the low. Its worst calendar year was 2022, at −56.5%. Its worst quarter, which ended March 31, 2020 during the COVID crash, was −60.54%. The price history used here starts in June 2020, so it doesn't cover 2008. A retiree taking money out after drops like these would lock in deep losses.
Income is small. The trailing yield was 0.51% as of October 27, 2026, paid quarterly. Costs are 0.84% a year, or $86 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.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want 3X the S&P 500's daily move and can watch positions every day, since exposure resets at each close.
- Short-term traders seeking a large 3X S&P 500 fund; it held about $6.7 billion in net assets as of July 31, 2026.
- Experienced investors who understand daily compounding and swap counterparty risk, and can tolerate drops like the 63.8% fall in 2022.
Look elsewhere if
- Retirees and long-term holders wanting steady S&P 500 exposure; the daily reset means multi-year returns can differ sharply from 3X the index.
- Investors seeking income; the trailing yield was just 0.51% as of October 27, 2026, paid quarterly.
- Anyone who may need cash in a downturn; after 2022's 63.8% fall, the fund took until June 12, 2024 to recover.
Close alternatives
Matched by leveraged/inverse funds on the same index (s&p 500), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPXL this fund | 3× | 0.84% | $6.73B | +26.4% | +62.6% |
| UPRO ProShares UltraPro S&P500 | 3× | — | $3.30B | +25.9% | +62.3% |
| HIBL Direxion Daily S&P 500 High Beta Bull 3X Sh… | 3× | — | $32.2M | +34.8% | +65.9% |
| SSO ProShares Ultra S&P 500 | 2× | — | $4.80B | +20.1% | +13.9% |
| SPYU MAX S&P 500 4X Leveraged ETN | 4× | — | $157.7M | +15.3% | — |
| SPUU Direxion Daily S&P 500 Bull 2x Shares | 2× | — | $116.8M | +20.8% | +44.0% |
Questions investors ask
Is SPXL good for retirement?
SPXL is built for short-term trading, not retirement savings. It aims for 3X the S&P 500's return over one day only and resets its exposure daily. It lost 56.5% in calendar year 2022. From January to October 2022 it fell 63.8%, and it didn't regain its high until June 12, 2024. Its trailing yield was only 0.51% as of October 27, 2026. Anyone who needs cash during a downturn could face steep losses.
What's the difference between SPXL and UPRO?
They are very similar. Both aim for 3X the S&P 500's daily return and reset every day. SPXL comes from Direxion, with Rafferty Asset Management as adviser. UPRO comes from ProShares. Results have been close. As of October 27, 2026, SPXL returned 26.4% over one year, against 25.9% for UPRO. Over three years they returned 62.6% and 62.3% a year. SPXL's expense ratio is 0.84%, and UPRO's own prospectus lists its fee for comparison.
Can SPXL lose money if the S&P 500 goes up?
Yes. SPXL resets to 3X exposure every day, so its results over longer periods build up from many daily returns. The prospectus says the fund will lose money if the index ends flat over time. It can even lose money while the index rises, especially when the index swings up and down a lot. Over one day it aims for 300% of the index's move, before fees. Over weeks or years, its results will very likely differ.
Does SPXL pay dividends?
Yes, but the payouts are small. SPXL pays distributions quarterly. Over the 12 months through October 27, 2026, it paid $1.45 per share, a yield of 0.51%. As of July 31, 2026, stocks made up about 75% of the fund's net assets and cash about 23%. Much of its leveraged exposure comes from swaps, which don't pay dividends the way stocks do. Fund expenses, 0.84% a year, also come out before investors are paid.
How much does SPXL cost per year?
SPXL's expense ratio is 0.84%, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, total costs would be about $86 after one year, $292 after three years, $515 after five years and $1,156 after ten years. The daily rebalancing also means a lot of trading, with portfolio turnover of 71%.