DXELX — Direxion Monthly Emerging Markets Bull 2X Fund
Data updated: 2022-07-29
DXELX — Direxion Monthly Emerging Markets Bull 2X Fund. Leveraged · $2.54M AUM · 1.44% expense ratio. Holdings, fees, performance and SEC filings.
DXELX Fund Overview
DXELX — Direxion Monthly Emerging Markets Bull 2X Fund is a US mutual fund managed by Direxion Funds, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Direxion Funds
- Category: Leveraged
- Assets under management: $2.54M
- 1-year return: -39.6%
- Ticker: DXELX
- SEC CIK: 0001040587
- SEC series ID: S000007037
- Share class ID: C000019214
DXELX Investment Objective and Strategy
Direxion Monthly Emerging Markets Bull 2X Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Direxion Funds.
Investment objective
The Fund seeks monthly investment results, before fees and expenses, of 200% of the calendar month performance of the Index. The Fund does not seek to achieve its stated investment objective for a period of time different than a full calendar month.
Principal investment strategy
The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments that provide monthly leveraged exposure to the Index and/or exchange-traded funds (ETFs) that track the Index. The financial instruments in which the Fund normally invests include swap agreements and futures contracts which are intended to produce economically leveraged investment results. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The term emerging market refers to an economy that is in the initial stages of industrialization and has been historically marked by low per capita income and a lack of capital market transparency, but appears to be implementing political and/or market reforms resulting in greater capital market transparency, increased access for foreign investors and generally improved economic conditions.
Investments in emerging markets have the potential for significantly higher or lower rates of return and carry greater risks than investments in more developed economies. The Index is a free float-adjusted market capitalization weighted index that is designed to represent the performance of large- and mid-capitalizations securities across the following 24 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The Index is reconstituted semi-annually. As of October 31, 2017, the Index consisted of 838 constituents, which had an average market capitalization of $6.2 billion, total market capitalizations ranging from $513 million to $255 billion and were concentrated in the information technology and financials sectors.
The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries ( i.e. , hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. The Fund may invest in the securities of the Index, an ETF that tracks the Index, or utilize derivatives such as swaps on the Index, swaps on an ETF that tracks the same Index or a substantially similar index as the Fund, or futures contracts to obtain leveraged exposure to the securities or a representative sample of the securities in the Index that have aggregate characteristics similar to those of the Index. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes.
Certain of the derivative instruments in which the Fund may invest may be traded in the over-the-counter market, which generally provides for less transparency than exchange-traded derivative instruments. The Fund seeks to remain fully invested at all times consistent with its stated investment objective. At the close of the markets on the last trading day of each month, Rafferty positions the Funds portfolio so that its exposure to the Index is consistent with the Funds investment objective. The impact of the Indexs movements during the month will affect whether the Funds portfolio needs to be re-positioned. For example, if the Index has risen over the course of a given month, net assets of the Fund should rise, meaning that the Funds exposure will need to be increased. Conversely, if the Index has fallen over the course of a given month, net assets of the Fund should fall, meaning the Funds exposure will need to be reduced.
Because a significant portion of the assets of the Fund may come from investors using asset allocation and market timing investment strategies, the Fund may engage in frequent trading. The Fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.
DXELX Performance
Total returns for DXELX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -39.6% |
| 3 years (annualised) | 2.7% |
DXELX Risk Information
Risk metrics for DXELX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 21.4%
DXELX Costs and Fees
DXELX costs about $144 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.44%
- Gross expense ratio: 1.92%
- Portfolio turnover: 0%
- Brokerage commissions: 22.97 bps of average net assets (SEC N-CEN)
DXELX Cashflows
Over the 12 months to 2022-05, Direxion Monthly Emerging Markets Bull 2X Fund had net inflows of $18.84M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2022-05 | $603.54K |
| 2022-04 | $882.87K |
| 2022-03 | $1.71M |
| 2022-02 | $507.23K |
| 2022-01 | $1.71M |
| 2021-12 | $709.90K |
DXELX Debt Constituents
No individual debt constituents are reported in Direxion Monthly Emerging Markets Bull 2X Fund's latest SEC N-PORT filing.
DXELX Prospectus and SEC Filings
Official Direxion Monthly Emerging Markets Bull 2X Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2021-12-22
- Prospectus (485BPOS) — filed 2020-12-22
- Prospectus (485BPOS) — filed 2020-01-10
- Portfolio holdings (N-PORT) — filed 2022-07-29
- Portfolio holdings (N-PORT) — filed 2022-04-28
- Portfolio holdings (N-PORT) — filed 2022-01-31
- Annual census (N-CEN) — filed 2021-10-29
- Annual census (N-CEN) — filed 2020-11-16
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Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.