Direxion Daily Pharmaceutical & Medical Bull 3X ETF

Frequently Asked Questions About PILL

What does PILL invest in?

PILL seeks to deliver investment results of 3x the daily performance of the S&P Pharmaceuticals Select Industry Index, a modified equal-weighted index that measures the performance of pharmaceutical companies, as defined by GICS, on the S&P Total Market Index. The fund uses derivatives and swaps to achieve its target exposure. As a levered product with daily resets, PILL is designed as a short-term trading tool and not a long-term investment vehicle. As a result, long-term returns could materially differ from those of the underlying index due to daily compounding. Prior to August 2, 2019, the fund aimed to provide 3x leveraged exposure to the Dynamic Pharmaceutical Intellidex Index. Effective February 27, 2026, the fund replaced the term Shares in its name with ETF.

What is the expense ratio of PILL?

Direxion Daily Pharmaceutical & Medical Bull 3X ETF (PILL) charges an expense ratio of 1.22%. This is the annual fee deducted from fund assets to cover management and operations.

Is PILL a good long-term hold?

PILL is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple — typically negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.

How does PILL's daily reset work?

PILL rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level — so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets.

How big is PILL?

Direxion Daily Pharmaceutical & Medical Bull 3X ETF (PILL) manages $21.5M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is PILL actively managed or an index fund?

PILL's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.