The short version
- SOXL, the Direxion Daily Semiconductor Bull 3X Shares, reported 42 positions on its latest Form N-PORT (as of 2026-04-30). They fall into three sleeves: 30 semiconductor stocks worth 56.7% of net assets, eight total-return swaps on the ICE Semiconductor Index, and four Treasury money-market funds worth 39.0%.
- The 3x is in the swaps. Their combined notional is $41.24 billion against net assets of $16.95 billion — 243.3%. Add the stocks' 56.7% and the fund's exposure is 300.0% of net assets, which is what "3X" means and what the filing shows.
- The swaps' value in the filing is only $7.91 billion (46.7% of net assets), because a swap is carried at its unrealised gain, not its exposure. Anyone summing the position values to find the leverage gets the wrong answer; the notional is the number.
- The 30 stocks are the index: AMD, Broadcom, Micron, NVIDIA, Intel and Marvell lead, and the sleeve behaves like 20.4 equally weighted holdings — almost exactly SOXX's 20.3, the unleveraged iShares semiconductor ETF with 33 holdings.
- Our fund page marks SOXL not comparable on the concentration measure, and this essay is the reason in full: 32.8% of its filed value is derivative exposure where value and exposure are different quantities.
What the filing lists
Every figure below is from SOXL's N-PORT filing for the period ending 2026-04-30 (primary_doc.xml on EDGAR). Percentages are of net assets, as the filing reports them.
| Sleeve | Positions | Value | % of net assets | What it is |
|---|---|---|---|---|
| Semiconductor stocks | 30 | $9.61B | 56.7% | Direct holdings of the index constituents |
| Index swaps | 8 | $7.91B (mark-to-market) | 46.7% | Total-return swaps on the ICE Semiconductor Index; notional $41.24B |
| Treasury money funds | 4 | $6.61B | 39.0% | Cash held against the swaps |
| Total filed long value | 42 | $24.13B | 142.3% | Liabilities of $7.18B (42.4%) bring net assets to $16.95B |
The long positions sum to 142% of net assets because the swap gains and the cash both sit on the asset side while the corresponding obligations sit in liabilities. That is normal for a swap-based fund; it is also why a "holdings count" for SOXL is not the same kind of number as one for a plain index fund.
Where the 3x comes from
| Swap | Notional | Value (unrealised gain) | Termination |
|---|---|---|---|
| ICE Semiconductor Index swap 1 | $10.80B | $0.02B | 2049-12-31 |
| ICE Semiconductor Index swap 2 | $9.73B | $3.13B | 2049-12-31 |
| ICE Semiconductor Index swap 3 | $7.58B | $0.84B | 2049-12-31 |
| ICE Semiconductor Index swap 4 | $4.38B | $1.32B | 2049-12-31 |
| ICE Semiconductor Index swap 5 | $3.25B | $1.19B | 2049-12-31 |
| ICE Semiconductor Index swap 6 | $2.67B | $0.56B | 2049-12-31 |
| ICE Semiconductor Index swap 7 | $2.60B | $0.77B | 2049-12-31 |
| ICE Semiconductor Index swap 8 | $0.24B | $0.08B | 2049-12-31 |
| Total | $41.24B | $7.91B |
Notional divided by net assets: 243.3%. Stocks: 56.7%. Together: 300.0%. The filing balances to the product's name to one decimal place.
The counterparties named in the filing are Bank of America N.A., Barclays Bank PLC, BNP Paribas, Citibank N.A., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Societe Generale S.A. and UBS AG — eight banks, which is how the fund spreads the credit exposure that a swap creates. All eight swaps are carried at fair-value Level 2 (priced from observable inputs, not a quoted market price).
Note the largest swap by notional, $10.80 billion, carries a value of only $0.02 billion. A swap that was reset recently has almost no unrealised gain regardless of its size. This is the clearest illustration of why the filing's value column says nothing about exposure.
What the stocks are
The 30 direct holdings, largest first (% of net assets):
| Stock | % | Stock | % | Stock | % |
|---|---|---|---|---|---|
| Advanced Micro Devices | 4.56 | KLA | 1.98 | Entegris | 0.76 |
| Broadcom | 4.51 | Analog Devices | 1.95 | MACOM Technology | 0.67 |
| Micron Technology | 4.33 | Lam Research | 1.90 | ASE Technology | 0.58 |
| NVIDIA | 3.89 | Teradyne | 1.85 | Nova | 0.57 |
| Intel | 3.57 | Microchip Technology | 1.76 | Rambus | 0.44 |
| Marvell Technology | 3.49 | Taiwan Semiconductor (ADR) | 1.68 | STMicroelectronics | 0.40 |
| Applied Materials | 2.73 | ASML (NY shares) | 1.57 | Skyworks Solutions | 0.38 |
| Monolithic Power Systems | 2.45 | ON Semiconductor | 1.41 | United Microelectronics | 0.33 |
| Texas Instruments | 2.29 | Credo Technology | 1.00 | Arm Holdings (ADR) | 0.32 |
| NXP Semiconductors | 2.23 | Astera Labs | 0.94 | ||
| Qualcomm | 2.18 |
Weighted within the sleeve, the top ten are 60.0% of the stock money and the sleeve behaves like 20.4 equally weighted holdings. For comparison, on this site's measure SOXX reports 33 holdings and behaves like 20.3 (as of 2026-06-30), and SMH reports 26 and behaves like 13.9. SOXL's stock sleeve is, in concentration terms, SOXX.
Why our page says "not comparable"
On SOXL's fund page the headline concentration figure is flagged rather than compared with other funds. Computed on all 42 filed positions it comes out at 8.5 — but that number is produced by treating a 19.5% money-market position and eight swap marks as if they were portfolio weights, which they are not. The rule that fires is the one for derivative exposure: 32.8% of the filed value is derivatives, where position value and economic exposure are different quantities. The figure stays published with that reason attached; the sleeve-level numbers above are the ones that mean something.
What this can and cannot tell you
- This is what SOXL held on 2026-04-30. A daily-reset 3x fund rebalances its swap notional every day to keep exposure at 300% of that day's net assets, so the notionals, the cash balance and even the counterparty split change constantly. The structure is stable; the numbers are a snapshot.
- Nothing here is a view on whether to hold SOXL. The arithmetic of daily resets — why a 3x fund's return over weeks is not three times the index's return over the same weeks — is covered separately in the math of leveraged ETF decay and QLD vs SSO.
- The swap values are Level 2 fair values reported by the fund; we have not independently priced them, and cannot.
- Positions below 0.001% of net assets are not kept in our copy of the filing; none of the 42 here is near that threshold.
Sources: the filing linked above, which carries the swap notionals and counterparties; the stock and cash sleeves are reproducible from our position-level copy and the fund's row in concentration.json.