LMTL, the Direxion Daily LMT Bull 2X ETF, is a $6 million ETF whose main story is the defense trade. Over the past year it returned −10.7%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The defense trade →
Defense contractors, defense technology and the industrial companies around them, paid from government budgets.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLI | 38.8% | $29.83bn | +11.5% | 0.08% |
| 2 | ITA | 15.8% | $12.14bn | −0.5% | 0.37% |
| 3 | VIS | 11.1% | $8.52bn | +11.0% | 0.09% |
| 4 | PPA | 9.6% | $7.40bn | +0.1% | 0.58% |
| 5 | XAR | 7.2% | $5.54bn | −1.9% | 0.35% |
| 62 other ETFs | 17.5% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 67 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| LMTL | −10.7% | −16.9% | −2.6% | −10.7% | – | – |
| The defense tradeits narrative | −3.2% | −10.2% | +4.9% | +5.2% | +24.3% | +14.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on August 6, 2025: +14.9% a year.
$10,000 invested August 31, 2025
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
LMTL moves largely apart from the market. When the market has moved 1%, LMTL has tended to move 0.18%.
LMTL moves partly with the defense trade. When the defense trade has moved 1%, LMTL has tended to move 1.93%.
Weekly returns over 60 weeks. The narrative is measured without LMTL in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The defense trade
Each dot is one of 25 unlevered ETFs whose main narrative is the defense trade, placed by its return (up) and how much it swung (right) over the last year. LMTL is levered or inverse, so it is shown against them but not counted among them.
Risk
How it is built
Seeks 2x the daily return of its exposure. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Common questions
What story is LMTL selling?
LMTL’s main story is the defense trade, which covers defense contractors, defense technology and the industrial companies around them, paid from government budgets.
Which ETFs compete with LMTL?
The ETFs whose weekly returns move most like LMTL’s over the past 3 years are SHLD (0.65), WDGF (0.63) and PPA (0.62).
How has LMTL performed against its story?
Over the past year LMTL returned −10.7%, the ETFs carrying the defense trade +5.2% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.51 with the story. Past performance only.
Run an ETF in the defense trade? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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