SPXL is Direxion's 3x long S&P 500 fund, the direct competitor to ProShares' UPRO. It seeks 300% of the index's daily move, using swaps and futures, and resets that exposure every session.
Direxion Daily S&P 500 Bull 3X Shares (SPXL) is currently trading at $284.07. Over the past 52 weeks, SPXL has traded between a low of $168.04 and a high of $303.18. Recent daily volume is around 1.4M. These figures update live as the market moves.
The fund gets its exposure through total return swaps rather than by holding three dollars of stock for every dollar invested. Exposure is rebalanced at the close so the next day starts at 3x again. The consequence is path dependence: two markets that finish a month at the same level can leave SPXL in very different places depending on how bumpy the ride was.
Traders who want broad-market upside with a smaller capital outlay, and swing traders working multi-day momentum in the index. It is a common alternative to buying S&P call options — no expiry, no theta, but a decay of a different kind through the daily reset.
Anything that moves the S&P 500 moves SPXL three times harder: Fed decision days, CPI mornings, and the opening minutes after a major macro surprise. Pair it with SPXS, its inverse twin, to see how sharply the same news cuts in both directions.