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Monthly Leveraged Mutual Funds


The Direxion Monthly High Yield Bull 1.2X Fund seeks monthly investment results, before fees and expenses, of 120% of the calendar month performance of the Solactive High Yield Beta Index. There is no guarantee the fund will meet its stated investment objective.

NAVas of Jun 08, 2023
1 Day NAV Changeas of Jun 08, 2023
$0.12(0.74 %)


Fund Information

Fund SymbolDaily TargetBenchmark IndexSecurity IdentifierExpense Ratio (gross/net %)Inception Date
DXHYX120%SOLHYB2549391271.74 / 1.68*Feb 17, 2016

Direxion’s Leveraged Index-based Funds seek to provide monthly returns which are a multiple of the returns of the relevant benchmark. In practice, this means that Leveraged Index-based Funds react to gains by increasing market exposure and react to losses by decreasing market exposure.

Documents & Downloads

Strategy & Benefits

You know that TRADING is different than investing. But the opportunity to take advantage of short-term trends is only won, if you get the direction right.

Whether you’re a bull or a bear, Direxion is with you. Our leveraged and inverse Mutual Funds are tools built to help you:

  • Provide monthly targeted magnified exposure to a diversified set of benchmark indexes
  • Use precise derivative options to seek to optimize benchmark trading accuracy
  • Seek to reduce the impact of compounding through the use of monthly rebalancing

Leveraged mutual funds pursue monthly leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek to magnify the returns of their benchmarks on a monthly basis and should not be expected to track the underlying index over periods longer than one month. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments.

Target Index

The Solactive High Yield Beta Index (SOLHYB) is a rules-based, systematic strategy index that provides exposure to an equal-weighted portfolio of three high-yield ETFs. The allocation to each US High Yield Corporate Bond ETF is adjusted on a monthly basis. The Index is calculated and distributed by Solactive AG and is calculated and published in US Dollars. One cannot directly invest in an index.

Index Sector Weightings Comparison – Solactive High Yield Beta Index (SOLHYB) vs. BofA Merrill Lynch US High Yield Index (H0A0)

Sector SOLHYB H0A0
Consumer, Cyclical 23.42 23.36
Communications 17.09 16.12
Consumer, Non-cyclical 14.59 14.67
Financial 11.38 10.48
Industrial 11.10 11.14
Energy 11.06 12.23
Technology 3.59 4.00
Basic Materials 3.23 4.85
Utilities 2.42 2.63
Diversified 0.03 0.03

Index data as of 3/31/2023 Source: Bloomberg. Index sector weightings and top holdings are subject to change.

BofA Merrill Lynch US High Yield Index (H0A0) is a commonly used benchmark for high-yield corporate bonds. The Index tracks the performance of US dollar denominated below investment corporate debt publicly issued in the US domestic market.


Index Comparison % – Solactive High Yield Beta Index (SOLHYB) vs. BofA Merrill Lynch US High Yield Index (H0A0)

Annualized Returns 4.10 4.93
Annualized Standard Deviation 7.86 5.27
Maximum Drawdown -21.92 -21.54
Return/Risk 0.52 0.93
Correlation 0.97

Past performance does not guarantee future results. Index returns and are historical and are not representative of any fund performance. Total returns of the index include reinvested dividends. One cannot invest directly in an index.
Standard Deviation is a measure of the dispersion of a set of data from its mean.
Maximum Drawdown is the greatest percent decline from a previous high.
Return/Risk is a calculation of the annualized return over standard deviation.
Correlation is a measure of the similarity of performance, and is calculated on using daily values.


Pricing & Performance

NAV and Market Price information as of June 08, 2023. Line chart shows pricing trend over the last 30 days.

Net asset value (NAV)
  • 16.36
    NAV $
  • 0.12
    Change $
  • 0.74
    Change %
monthly1M %3M %YTD %1Y %3Y %5Y %10Y %Since InceptionInception DateExpense Ratio*
(Gross / Net %)
NAV-1.44 0.42 2.23 -3.84 0.12 0.20 3.52 02/17/20161.74 / 1.68*
As of May 31, 2023
quarterly1M %3M %YTD %1Y %3Y %5Y %10Y %Since InceptionInception DateExpense Ratio*
(Gross / Net %)
NAV1.89 3.73 3.73 -5.69 3.61 0.59 3.82 02/17/20161.74 / 1.68*
SOLHYB1.83 3.76 3.76 -2.25 5.23 2.63 5.17 -
As of March 31, 2023

* The Net Expense Ratio includes management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 1.35%. The Funds’ Adviser, Rafferty Asset Management, LLC (“Rafferty”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2024, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 1.35% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses). If these expenses were included, the net expense ratio would be higher.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized.

Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund’s prospectus.


Record DateEx DatePay DateIncome DividendShort-Term Capital GainLong-Term Capital Gain
05/15/202305/16/2023 05/16/2023 0.14742
04/17/202304/18/2023 04/18/2023 0.14382
03/15/202303/16/2023 03/16/2023 0.27672
02/15/202302/16/2023 02/16/2023 0.10618
01/17/202301/18/2023 01/18/2023 0.10316
11/15/202211/16/2022 11/16/2022 0.09514
10/17/202210/18/2022 10/18/2022 0.00295
09/15/202209/16/2022 09/16/2022 0.19621
08/15/202208/16/2022 08/16/2022 0.03512
06/15/202206/16/2022 06/16/2022 0.54664
04/18/202204/19/2022 04/19/2022 0.05522
03/15/202203/16/2022 03/16/2022 0.19165
02/15/202202/16/2022 02/16/2022 0.78832
01/18/202201/19/2022 01/19/2022 0.09112
11/15/202111/16/2021 11/16/2021 0.01181
10/15/202110/18/2021 10/18/2021 0.05567
09/15/202109/16/2021 09/16/2021 0.04669
08/16/202108/17/2021 08/17/2021 0.04355
07/15/202107/16/2021 07/16/2021 0.03545
06/15/202106/16/2021 06/16/2021 0.02943

Tax Documents

Supplemental Tax Documents

  • Ordinary Income from U.S. Government Obligations (2017) (2016)
  • Form 8937 (2022)