Direxion Daily S&P Expanded Tech Software Sector Bull 2X Shares
SWAR
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- Direxion Daily S&P Expanded Tech Software Sector Bull 2X Shares (SWAR) is an exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 200% of the performance of the S&P North American Expanded Technology Software Index. The fund provides leveraged exposure to U.S. and Canadian stocks classified in the Global Industry Classification Standard information technology sector's application software, systems software, and home entertainment software sub-industries, as well as eligible supplemental stocks; the index is float-adjusted market capitalization weighted at quarterly rebalances, subject to diversification caps where no single constituent exceeds 8.5% and the aggregate weight of components above 4.5% does not exceed 45%. Top holdings historically include Microsoft Corp., Salesforce Inc., Adobe Inc., Intuit Inc., and Oracle Corp., with the portfolio concentrated in information technology at approximately 93% and communication services at 7%; the fund employs derivatives such as swaps and futures to achieve its leveraged objective and targets sophisticated investors for short-term trading. Launched on December 16, 2021, and headquartered with its sponsor Direxion in New York, the ETF operates primarily in North American markets with assets under management recently around $3.4-$4.5 million and a net expense ratio of 0.98-1.07%. In a major operational change, Direxion announced the closure and liquidation of SWAR effective April 21, 2023, distributing cash pro rata to shareholders on or about April 27, 2023, amid a series of eight ETF terminations; the sponsor has since expanded its leveraged and inverse offerings, launching new single-stock and sector-specific funds including Titans Leveraged & Inverse ETFs in October 2025 targeting top firms in technology, semiconductors, biotech, and energy, as well as pairs on Berkshire Hathaway and Palantir in December 2024.