DRN +3x Direxion Daily Real Estate Bull 3X ETF

BULL ETF extreme · Issuer Direxion · Tracks Real Estate (IYR) · Listed 2009-07-16

Quote & options All leveraged ETFs

Implied AUM

$34.3M

shares out × price

Last close

$8.16

20261001

30-day avg volume

1,626,154

options listed →

DRN realized

—

what holders actually earned

Theoretical +3x

—

+3x × Real Estate's return

Decay gap

—

realized minus theoretical

Realized vs theoretical +3x Real Estate

Cumulative return of DRN against a clean +3x of Real Estate's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: DRV (-3x bear, Direxion Daily Real Estate Bear 3X ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Real Estate

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
URE	+2x	BULL	ProShares	ProShares Ultra Real Estate	$46.8M	1,501	✓
SRS	-2x	BEAR	ProShares	ProShares UltraShort Real Estate	$17.6M	15,521	✓
DRV	-3x	BEAR	Direxion	Direxion Daily Real Estate Bear 3X ETF	$32.8M	132,457	✓

How DRN works

DRN targets +3x the daily return of Real Estate — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from +3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a +3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.