Direxion Daily Semiconductor Bull 3X Shares (SOXL) perpetual market

SOXL is the Direxion Daily Semiconductor Bull 3X Shares, a leveraged exchange-traded fund managed by Rafferty Asset Management under the Direxion brand and launched in 2010. It seeks daily investment results, before fees and expenses, equal to three times the daily performance of the ICE Semiconductor Index, a basket of the largest United States listed semiconductor companies. The fund uses swaps and other derivatives to obtain this amplified exposure, and its leverage is reset each day. Because of that daily reset and compounding, returns over periods longer than a single day can differ substantially from three times the index's cumulative return, especially in volatile markets. SOXL is designed as a short-term trading tool for sophisticated investors seeking magnified exposure to the semiconductor sector, and it carries correspondingly high risk from both the leverage and the concentration in chip stocks.