{
 "ticker": "SPXL",
 "name": "Direxion Daily S&P 500(R) Bull 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/SPXL",
 "html": "https://etfiq.com/funds/SPXL",
 "markdown": "https://etfiq.com/funds/SPXL.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: SPXL returned +6.5% where its own daily promise gave +9.0%, 2.6 points short.",
 "key_facts": [
  {
   "key": "what_spy_did",
   "label": "What SPY did",
   "value": "+3.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SPXL, what SPY did: +3.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What +3 times a day gives",
   "value": "+9.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SPXL, what +3 times a day gives: +9.0%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+6.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SPXL, what the fund returned: +6.5%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22122.6 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SPXL, the fund itself cost: \u22122.6 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5.9bn",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "SPXL, net assets: $5.9bn (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.84%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "SPXL, expense ratio: 0.84% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+3 times the daily move of SPY, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "SPY moved +3.3% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SPY",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, us large cap",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5.9bn",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.84%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "12% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22124.2%",
   "SPY": "\u22121.1%",
   "+3x the move": "\u22123.2%",
   "Difference": "\u22121.1 pts",
   "SPY moved about": "9%"
  },
  {
   "window": "3 months",
   "Fund": "+6.5%",
   "SPY": "+3.3%",
   "+3x the move": "+9.9%",
   "Difference": "\u22123.4 pts",
   "SPY moved about": "12%"
  },
  {
   "window": "6 months",
   "Fund": "+44.7%",
   "SPY": "+16.0%",
   "+3x the move": "+48.1%",
   "Difference": "\u22123.3 pts",
   "SPY moved about": "14%"
  },
  {
   "window": "1 year",
   "Fund": "+39.8%",
   "SPY": "+17.5%",
   "+3x the move": "+52.5%",
   "Difference": "\u221212.7 pts",
   "SPY moved about": "13%"
  },
  {
   "window": "3 years",
   "Fund": "+226.8%",
   "SPY": "+77.9%",
   "+3x the move": "+233.6%",
   "Difference": "\u22126.8 pts",
   "SPY moved about": "15%"
  },
  {
   "window": "Since launch",
   "Fund": "+6862.6%",
   "SPY": "+804.4%",
   "+3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "SPY moved about": "17%"
  }
 ],
 "questions": [
  {
   "q": "Did SPXL return +3 times SPY?",
   "a": "Over the window to Sep 11, 2026, SPY moved +3.3% and SPXL returned +6.5%. 3 times that move is +9.9%, so the fund came out 3.4 points short of it."
  },
  {
   "q": "Why does SPXL not return +3 times over a year?",
   "a": "Because it resets daily. SPXL aims at +3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  },
  {
   "q": "Which +3x SPY ETF tracked its stated multiple most closely?",
   "a": "2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 3 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}