Direxion Daily Biotech Top 5 Bull 2X ETF (TBXU)

The Direxion Daily Biotech Top 5 Bull 2X ETF (TBXU) is a leveraged exchange-traded fund from Direxion that seeks daily investment results equal to 200% of the daily performance of an index composed of five leading biotechnology companies.

The fund obtains its leverage primarily through swap agreements and similar derivatives referencing the underlying index, whose holdings are large U.S.-listed biotechnology stocks. Because the index contains only five names, the fund's exposure is highly concentrated.

The 2x objective applies to a single day only. Over longer periods, daily compounding means the fund's returns can differ substantially from twice the index's return, so it is designed as a short-term trading tool rather than a long-term holding.