(SPXL) Direxion Daily S&P500 Bull - Ratings and Ratios

Direxion Daily S&P 500® Bull 3X Shares (SPXL) seeks to deliver three times the daily performance of the S&P 500 index by investing at least 80 % of its net assets-augmented with borrowing-in swaps, index securities, and ETFs that together provide 3× leveraged exposure. Because the fund is classified as non-diversified, it concentrates risk in a single market segment (large-cap U.S. equities) and must be rebalanced daily to maintain its target leverage.

Key quantitative points (as of early 2026):
• Expense ratio: 0.95 % (higher than unleveraged S&P 500 ETFs, reflecting the cost of leverage and daily rebalancing).
• Assets under management: roughly $5 billion, with average daily volume exceeding 30 million shares, indicating strong liquidity for intraday traders.
• Historical volatility: ~30 % annualized, roughly three times that of the underlying index, and a beta of ~3.0 relative to the S&P 500.
These metrics underscore that SPXL’s performance diverges sharply from the index over longer horizons due to compounding effects, making it unsuitable for buy-and-hold strategies.

Primary drivers of SPXL’s returns are macro-level factors that move the S&P 500: U.S. monetary-policy stance, corporate earnings trends, and sector weightings (e.g., technology and consumer discretionary dominate the index). A rapid shift in Fed policy or a prolonged earnings slowdown can amplify losses because the fund’s 3× exposure magnifies both upside and downside moves on a daily basis.

For a deeper, data-driven look at SPXL’s risk-adjusted performance across different market regimes, the ValueRay platform offers granular analytics that can help you validate whether this leveraged product fits your trading thesis.