At a glance
WEBL charges 0.96% a year. It has $93.5M in assets; it paid 0.17% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −22.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +48.4% a year. At its worst it fell 89.8% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 39.4% of the fund, out of 41 in all.
The short version
Direxion Daily Dow Jones Internet Bull 3X Shares (WEBL), run by Rafferty Asset Management, aims to deliver three times the daily return of the Dow Jones Internet Composite Index. That index holds about 40 US internet stocks, led by Amazon, Meta and Cisco. The 3X exposure resets every day, so over months WEBL can drift far from three times the index. It lost about 91% in 2022. It costs 0.96% a year and is built for short-term trading.
Price history
The interactive chart needs JavaScript.
WEBL -22.8% 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 | |
|---|---|---|---|---|---|---|
| WEBL official prospectus, to Dec 31, 2025 | — | +2.50% | — | -15.01% | — | +2.26% |
| WEBL price data to Oct 27, 2026 | -4.7% | -22.8% | +48.4% | -20.1% | — | -3.8% |
- Over the year to Oct 27, 2026, WEBL returned -22.8%.
- Its 5-year annualized return was -20.1%.
- Its worst full calendar year was 2022 (-91.0%); its best was 2023 (+165.5%).
- The deepest fall in its price history was 94.4% (Sep 7, 2021 to Dec 28, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -4.7% | — |
| 2025 | +2.3% | +2.50% |
| 2024 | +76.8% | +76.62% |
| 2023 | +165.5% | +165.62% |
| 2022 | -91.0% | -91.03% |
| 2021 | +3.0% | +2.80% |
| 2020 | — | +131.84% |
| 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 89.6% over that stretch · deepest drop along the way 89.8%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0440 | |
| 2025 | $0.0600 | +59900.0% |
| 2023 | $0.0001 | -100.0% |
| 2021 | $3.0500 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (31.63% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| AMAZON.COM INC | 7.08% | |
| META PLATFORMS INC | 6.05% | |
| CISCO SYSTEMS INC | 5.25% | |
| ALPHABET INC Class A | 3.45% | |
| BOOKING HOLDINGS INC | 3.35% | |
| ARISTA NETWORKS INC | 3.32% | |
| SALESFORCE INC | 3.01% | |
| ALPHABET INC Class C | 2.78% | |
| SNOWFLAKE INC | 2.59% | |
| ORACLE CORP | 2.53% | |
| NETFLIX INC | 2.44% | |
| CLOUDFLARE INC | 2.28% | |
| DATADOG INC | 2.26% | |
| DOORDASH INC | 1.90% | |
| AIRBNB INC | 1.62% |
By country
United States 64.11%Ireland 0.46%By asset type
Stocks 64.57%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $27.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +22.90%, -20.44%, +9.81%.
How it works
WEBL tracks an index from S&P Dow Jones Indices made up of companies that earn at least 50% of their revenue from the internet. The companies fall into two groups. Internet commerce covers online retail, search, social media and travel platforms. Internet services covers cloud computing, enterprise software and networking. Each stock needs at least three months of trading history and a three-month average market value of at least $100 million. Stocks are ranked by float-adjusted market capitalization, meaning the value of shares available to trade, and the index rebalances quarterly. As of December 31, 2025, it had 41 stocks, concentrated in information technology.
The fund gets its 3X exposure from a mix of index stocks and swaps. A swap is a contract in which a bank agrees to pay the fund the index's return. As of July 31, 2026, stocks made up about 65% of assets and cash and similar holdings about 32%. The largest stocks were Amazon (7.1%), Meta (6.0%) and Cisco (5.3%). Swaps add counterparty risk, the chance that a bank fails to pay.
At each market close, Rafferty resets exposure to 3X. It adds exposure after the index rises and cuts it after the index falls. Because of this daily reset, the prospectus warns that the fund will lose money if the index stays flat over time. It can even lose money while the index rises.
What it really costs
- WEBL 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 |
|---|---|---|---|---|
| WEBL | $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
Its 3X exposure resets daily, and the prospectus says it does not aim to deliver 3X the index over any period longer than one trading day.
WEBL offers a large, short-lived bet on internet stocks, and its record shows how hard that bet can go wrong. It fell 89.6% during the 2022 bear market and lost 91.03% in calendar year 2022. Its deepest drop was 94.4%, from September 7, 2021 to December 28, 2022. As of October 27, 2026, it had not recovered, even after gains of 165.62% in 2023 and 76.62% in 2024. Its price history here starts in June 2020, so it doesn't cover the 2008 crisis or the 2020 crash. Anyone who needed cash in a year like 2022 would have locked in near-total losses. Income is minimal: the yield was 0.17% as of October 27, 2026, paid twice a year. The expense ratio is 0.96%, or $1,178 over 10 years in the SEC's $10,000 example. Past results don't predict the future, and a plan has to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day bet on US internet stocks such as Amazon, Meta and Cisco, and who check their positions daily.
- Experienced investors who understand the daily reset and compounding, and who could absorb a loss like the 91% drop in 2022.
- Short-term traders who would rather get 3X exposure through a fund, which uses swaps and stocks for 0.96% a year, than through margin borrowing.
Look elsewhere if
- Long-term savers and retirees: a 94.4% drop that began in September 2021 had still not recovered as of October 27, 2026.
- Income seekers: the yield was 0.17% as of October 27, 2026, paid twice a year.
- Investors who want diversification: the fund is non-diversified, holds about 40 internet stocks concentrated in information technology, and depends on swap counterparties.
Close alternatives
Matched by leveraged/inverse funds on the same index (dow), same direction.
No close alternatives found.
Questions investors ask
Is WEBL good for retirement or long-term investing?
WEBL is built for one-day trading, not long holding periods. It aims for 3 times the daily move of the Dow Jones Internet Composite Index and resets that exposure every trading day. Over longer stretches, its results have swung hard. The fund lost 91.03% in 2022, then gained 165.62% in 2023. It lost an average of 15.01% a year over the five years to December 31, 2025. As of October 27, 2026, it had not recovered from a 94.4% peak-to-trough drop that bottomed on December 28, 2022.
Why doesn't WEBL return 3x the internet index over a year?
Because it resets its leverage every trading day. WEBL targets 300% of the index's return for a single day, mostly through swaps and futures. These are contracts whose value is tied to the index. Over longer periods, each day's result compounds on the last, so the total can differ sharply from 3 times the index. The gap is usually worse in choppy markets. The prospectus warns that the fund will lose money if the index is flat over time and can lose money even while the index rises.
What stocks does WEBL hold?
As of July 31, 2026, its largest stock positions were Amazon (7.1% of net assets), Meta Platforms (6.0%), Cisco Systems (5.3%), Alphabet Class A shares (3.4%), Booking Holdings (3.4%) and Arista Networks (3.3%). The 10 largest positions made up 39.41% of net assets. Stocks were about 65% of the fund and cash about 32%. Swap agreements on the Dow Jones Internet Composite Index supply the extra exposure the fund needs to reach 3 times the index's daily move.
What is WEBL's expense ratio?
WEBL's expense ratio is 0.96% a year, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $98 after one year, $306 after three years, $531 after five and $1,178 after ten. Portfolio turnover, the share of holdings traded in a year, was 60%, mostly because of daily rebalancing. Trading costs from that turnover are not included in the expense ratio.
Does WEBL pay dividends?
Yes, but very little. WEBL pays distributions semiannually, meaning twice a year. Its trailing yield, based on the past year's payouts, was 0.17% as of October 27, 2026, or about $0.044 per share. As of July 31, 2026, about 32% of net assets sat in cash and short-term holdings rather than stocks. For retirement income, that payout is tiny next to the fund's price swings. Its annualized volatility, a measure of how widely returns vary, was 63.7% over the year to October 27, 2026.