Direxion Daily S&P Biotech Bull 3X Shares
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- Direxion Daily S&P Biotech Bull 3X Shares (LABU) is a leveraged exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 300% of the performance of the S&P Biotechnology Select Industry Index, a modified equal-weighted benchmark tracking domestic U.S. biotechnology companies classified under the Global Industry Classification Standards (GICS) biotechnology sub-industry; the fund achieves this objective through investments in swaps, futures contracts, options, exchange-traded funds, and other financial instruments, with significant allocations to cash equivalents and biotechnology sector holdings such as Alnylam Pharmaceuticals, Exelixis, and Insmed. LABU forms part of Direxion Shares ETF Trust, issued and managed by Direxion, a provider of leveraged and inverse ETFs founded in 1997 and headquartered in New York, New York, with additional offices in Boston, Massachusetts, and Hong Kong; the fund, launched on May 28, 2015, trades on the NYSE Arca exchange and targets sophisticated investors seeking amplified short-term exposure to the biotechnology sector, which comprises 100% of the underlying index's weightings. In November 2023, LABU underwent a 1-for-20 reverse stock split effective December 4, 2023, to adjust share count and net asset value while preserving total market value, excluding fractional share redemptions; more recently, Direxion has expanded its lineup with new single-stock leveraged and inverse ETF launches including those tied to Berkshire Hathaway and Palantir in December 2024, Cisco and Qualcomm in June 2025, alongside operational enhancements like a text-based ETF alert service introduced in January 2024, though LABU itself remains active without closure amid the firm's ongoing product rationalizations such as liquidations of other low-asset funds in October 2025. The fund maintains a net expense ratio of 0.93%, quarterly income distributions, and assets under management around $762 million, serving traders focused on North American biotechnology markets amid volatile sector trends.
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