# Direxion Daily S&P 500 Bull 3X Shares (SPXL): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/spxl for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Direxion · Asset class: Equity - Strategy: Leveraged · Inception: 2008-11-05 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 t... ## Key Facts | Metric | Value | |---|---| | Price | $286.21 | | Expense Ratio | 0.95% | | Assets Under Management | $6.84B | | NAV | $275.67 | | Holdings Count | 516 | | Distribution Yield (TTM) | 0.51% | | Annual Distribution (TTM) | $1.45 /share | | Distribution Frequency | Quarterly | | 52-Week Range | $168.04 – $303.18 | | Beta | 3.03 | ## Latest Distribution - Amount: $0.3103 /share - Ex-date: 2026-09-22 - Pay date: 2026-09-29 ## Frequently Asked Questions ### What does SPXL invest in? 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 Effective February 27, 2026, the fund replaced the term Shares in its name with ETF. ### What is the expense ratio of SPXL? Direxion Daily S&P 500 Bull 3X Shares (SPXL) charges an expense ratio of 0.95%. This is the annual fee deducted from fund assets to cover management and operations. ### Is SPXL a good long-term hold? SPXL 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 with 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 SPXL's daily reset work? SPXL 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 SPXL? Direxion Daily S&P 500 Bull 3X Shares (SPXL) manages $6.84B 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 SPXL actively managed or an index fund? SPXL's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### Does SPXL pay a dividend? Direxion Daily S&P 500 Bull 3X Shares (SPXL) currently distributes little or no income. Trailing-twelve-month yield is 0.51%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does SPXL pay dividends? Direxion Daily S&P 500 Bull 3X Shares pays dividends Quarterly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is SPXL's dividend yield? SPXL's trailing-twelve-month yield is 0.51%, calculated from the sum of dividends over the past year divided by the current price. ### When is SPXL's next ex-dividend date? The most recently announced ex-dividend date for SPXL was 2026-09-22. The next ex-date typically follows Quarterly; once announced it appears at the top of the dividend history table on this page. ### How much will SPXL's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.95% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does SPXL charge its expense ratio? The expense ratio is deducted in tiny daily slices from SPXL's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does SPXL cost more than a fund like VOO? SPXL is a leveraged fund (current expense ratio 0.95%). Daily-reset leverage products carry swap and financing costs that don't exist on a plain-vanilla equity ETF. The Cost Verdict card compares against the leveraged/inverse cohort where these costs are the norm. ### Are there cheaper alternatives to SPXL? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as SPXL (0.95%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/spxl - Distribution history: https://www.dividenddata.com/funds/spxl/dividend - Holdings & diversification: https://www.dividenddata.com/funds/spxl/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/spxl/expenses - Peer comparison: https://www.dividenddata.com/funds/spxl/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.