US-listed · NYSE Arca · FIF-eligible (above NZ$50K)
Direxion SPXL Direxion Daily S&P 500 Bull 3X Shares
Designed to deliver 3× the daily return of the S&P 500 Index. Direxion sibling to ProShares UPRO. Daily rebalancing produces volatility decay over multi-day holds.
Updated Reviewed quarterly
SPXL is a 3× leveraged ETF designed by Direxion for daily-cycle trading by sophisticated investors — not for buy-and-hold portfolios. Same daily-reset volatility decay applies as for UPRO, TQQQ, SOXL. Multi-year buy-and-hold returns historically underperform unleveraged S&P 500 holdings on a risk-adjusted basis after fees + decay + tax. ASIC and the US SEC have issued investor alerts on this product class. Read our full leveraged-ETF risk explainer at /learn/leveraged-etfs-risk-nz/ before considering this fund.
About this fund
What is SPXL?
SPXL is the US-listed ticker for Direxion Daily S&P 500 Bull 3X Shares, issued by Direxion. Designed to deliver 3× the daily return of the S&P 500 Index. Direxion sibling to ProShares UPRO. Daily rebalancing produces volatility decay over multi-day holds. TER is 0.91% per year. Distributions are paid quarterly.
How to buy
Where can I buy SPXL from New Zealand?
Hatch NZ-built. US$3 flat per trade, ~0.5% FX.
Stake Commission-free US shares; ~0.7% FX.
Sharesies NZ + AU + US in one account; tiered subscription pricing.
Interactive Brokers Tiered commissions; FX margin ~0.002% (lowest published of platforms reviewed).
See the full platform comparison for fees, minimums, and supported markets across all 11 NZ-accessible brokers.
NZ tax
How is SPXL taxed for NZ investors?
SPXL is US-listed, so it sits in the Foreign Investment Fund (FIF) regime once your overseas-share holdings exceed NZ$50,000 cost basis. Below that threshold, the FIF regime does not apply and you pay tax on dividends only.
Above NZ$50K cost basis, most NZ retail investors use the Fair Dividend Rate (FDR) method — deemed income = 5% × opening market value × your marginal tax rate. FDR vs CV method →
Tax outcomes depend on your portfolio size, marginal rate, and FDR-vs-CV election. See PIE vs FIF for the full comparison and consult a registered NZ tax adviser for personalised guidance.
FAQ
Common questions about SPXL
What is the SPXL ETF? ⌄
SPXL is the Direxion Daily S&P 500 Bull 3X Shares — a leveraged ETF designed to deliver 3× the daily return of the S&P 500 Index. The 3× exposure resets every trading day at market close. TER is 0.91%. Direxion explicitly markets SPXL for "short-term tactical positions" and "daily trading objectives" — not for buy-and-hold portfolios.
SPXL vs UPRO — what's the difference? ⌄
Both target 3× the daily S&P 500 return; both have ~0.91% TER. SPXL is Direxion; UPRO is ProShares. Holdings + daily-return profiles are nearly identical. Choice is operational (broker availability, liquidity on the day you trade). Neither is a buy-and-hold instrument.
Can NZ residents buy SPXL? ⌄
Yes. SPXL is available via Hatch, Stake, Sharesies (US market), and Interactive Brokers. Above NZ$50,000 cost basis FIF rules apply. Like UPRO and TQQQ, the leverage decay + FDR floor combination produces poor after-tax outcomes for NZ buy-and-hold investors. See our risk explainer.
Should I hold SPXL for the long term? ⌄
No. Like UPRO, the popular "3× S&P 500 over decades" thesis is mathematically broken for daily-rebalanced leveraged products. Multi-year buy-and-hold returns historically underperform unleveraged S&P 500 holdings on a risk-adjusted basis after fees + decay + tax. Read the worked-example arithmetic.
Related ETFs and resources
Leveraged ETFs — risk explainer (READ FIRST)
Why SPXL / UPRO / TQQQ are not buy-and-hold instruments.
UPRO — ProShares 3× S&P 500 (sibling)
Same daily 3× S&P 500 mechanic; choice is operational.
VOO — Vanguard S&P 500 (unleveraged)
Buy-and-hold-friendly S&P 500 at 0.03% TER.
TQQQ — 3× Nasdaq-100
Same leverage approach, broader-tech index.
FIF tax explained
How FIF interacts with leveraged ETFs.