Symbols

SPXL

Direxion Daily S&P 500 Bull 3X ETF·ARCA

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Key Stats

Assets Under Management

4.91BUSD

Fund Flow (1Y)

-1.16BUSD

Dividend Yield

1.35%

Discount / Premium to NAV

-0.09%

Shares Outstanding

24.75M

Expense Ratio

0.84%

About Direxion Daily S&P 500 Bull 3X ETF

Issuer

Rafferty Asset Management, LLC

Brand

Direxion

Home Page

https://www.direxion.com/product/daily-sp-500-bull-bear-3x-etfs

Inception Date

Nov 5, 2008

Structure

Open-Ended Fund

Index Tracked

S&P 500

Management Style

Passive

Dividend Treatment

Distributes

Distribution Tax Treatment

Ordinary income

Income Tax Type

Capital Gains

Max ST Capital Gains Rate

39.60%

Max LT Capital Gains Rate

20.00%

Primary Advisor

Rafferty Asset Management LLC

Distributor

Foreside Fund Services LLC

SPXL, as a levered product, is not a buy-and-hold ETF, it's a short-term tactical instrument for getting 3x exposure to the S&P 500. The fund gets the added exposure by using futures contracts and other derivatives. The underlying companies are among the biggest and most well-known in the world. Importantly, the implication of SPXL's daily rebalancing is that holding-period returns longer than a day are unlikely to resemble 3x exposure to the S&P 500. Shorter holding periods increase the importance of trading costs relative to yearly management costs, which are fairly high but average for this segment. Over longer periods, returns can vary significantly from 2x exposure to its underlying index