# PYPU (Direxion Daily PYPL Bull 2X ETF)

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: PYPU returned +29.8% where its own daily promise gave +34.1%, 4.3 points short.

## Key facts

- PYPU, what PYPL did: +19.5%, as of Sep 30, 2026.
- PYPU, what 2 times a day gives: +34.1%, as of Sep 30, 2026.
- PYPU, what the fund returned: +29.8%, as of Sep 30, 2026.
- PYPU, the fund itself cost: −4.3 pts, as of Sep 30, 2026.
- PYPU, net assets: $1m (issuer page, as of Sep 30, 2026).
- PYPU, expense ratio: 0.97% (485BPOS XBRL, Feb 26, 2026).

## PYPU over each window to Sep 30, 2026

| Window | Fund | PYPL | +2x the move | Difference | PYPL moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −1.8% | 0.0% | 0.0% | −1.8 pts | 35% |
| 3 months | +29.8% | +19.5% | +39.0% | −9.2 pts | 51% |
| 6 months | +20.4% | +18.4% | +36.8% | −16.4 pts | 43% |
| Since launch | +18.6% | +17.8% | +35.6% | −17.0 pts | 43% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of PYPL, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.53 times, against +2 stated | ETFIQ |
| Underlying | PYPL | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $1m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.97% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Mar 25, 2026 | ETFIQ |
| Underlying volatility over the window | 51% annualized | ETFIQ |

## Questions

### Did PYPU return +2 times PYPL?

Over the window to Sep 30, 2026, PYPL moved +19.5% and PYPU returned +29.8%. 2 times that move is +39.0%, so the fund came out 9.2 points short of it.

### Why does PYPU not return +2 times over a year?

Because it resets daily. PYPU aims at +2 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 +2 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.

### Which +2x PYPL ETF tracked its stated multiple most closely?

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 2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.


## Cite this page

ETFIQ, PYPU, data as of Sep 30, 2026. https://etfiq.com/funds/pypu
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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