SOXL seeks to deliver three times the daily return of the NYSE Semiconductor Index and resets its leverage daily. Semiconductor stocks are already volatile and cyclical, and triple leverage magnifies both gains and losses. Daily compounding means returns over periods longer than a day can differ substantially from three times the index return, and the fund has had declines of more than 80 percent in downturns. It is intended for short-term trading, not long-term holding.
