At a glance
AMUU charges 1.06% a year, above the 0.42% average of the 3 funds most like it (the most expensive of 4). It has $82.0M in assets, the 4th largest of that group; it paid 3.57% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +164.7% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds.
The short version
Direxion Daily AMD Bull 2X Shares ETF (AMUU) aims to return twice the daily performance of Advanced Micro Devices (AMD) stock. It gets that exposure mainly through swap agreements and resets its leverage every trading day. It tracks a single company and charges a 1.06% expense ratio, compared with a 0.42% average for the unleveraged semiconductor ETFs it was matched against. It fell 56.6% within weeks of its February 2025 launch.
Price history
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AMUU +164.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AMUU price data to Oct 27, 2026 | +318.5% | +164.7% | — | — | — | +292.3% |
- Over the year to Oct 27, 2026, AMUU returned +164.7%, 1st of 4 among similar funds.
- The deepest fall in its price history was 56.6% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 16, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +318.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0800 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 17.25% of assets, and 135.8% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| ADVANCED MICRO DEVICES INC | 17.25% |
By country
United States 17.25%By asset type
Stocks 17.25%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $29.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +98.13%, +18.98%, -37.29%.
How it works
AMUU doesn't track an index. It follows one stock: the fund seeks 200% of the daily performance of Advanced Micro Devices (AMD), before fees, for a single trading day, from one market close to the next. It puts at least 80% of net assets in AMD shares and financial instruments that together provide that 2X exposure. Its main tool is the swap agreement, a contract in which a large bank agrees to pay the fund AMD's return on an agreed amount. As of July 31, 2026, AMD shares held directly made up about 17% of net assets. Swaps supplied the rest of the exposure, backed by cash and short-term holdings worth about 136% of net assets.
At each market close, the adviser, Rafferty Asset Management, rebalances. After AMD rises, the fund adds exposure. After it falls, the fund cuts exposure. Because of this daily reset, returns over longer periods compound and will very likely differ from twice AMD's return. The prospectus warns that the fund will lose money if AMD is flat over time. It could even lose money while AMD rises.
The fund is non-diversified and concentrated in one semiconductor company. It relies on a limited number of swap counterparties and may lend up to one-third of its assets. Its board can change its objective without a shareholder vote.
What it really costs
- AMUU charges 1.06% a year, versus an average of 0.42% for the similar funds below (4th of 4, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.1% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $108 in the first year and $1,400 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMUU | $108 | $359 | $629 | $1,400 |
In a retirement portfolio
It seeks twice AMD's return for a single day, so results over longer holding periods can drift far from that target, and a total loss is possible.
AMUU launched on February 12, 2025. It has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market, and no full calendar year of returns. From February 19 to April 8, 2025, it fell 56.6%. It took about 2.3 months to recover, reaching its old high on June 16, 2025. Over the year to October 27, 2026, its annualized volatility (a measure of how widely returns swing) was 133.3%. Anyone who needs cash during a bad stretch could be forced to cash out near a low.
Its trailing 12-month yield was 3.57% as of October 27, 2026, paid quarterly, but payouts from a swap-based fund can vary widely. The 1.06% expense ratio comes to $108 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future. Any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want twice AMD's daily move for a day or a few days and can watch their positions closely.
- Traders who understand swaps, daily rebalancing and compounding, and accept a 1.06% expense ratio for leveraged exposure to a single stock.
- Experienced investors who use small, closely watched positions to act on a short-term view of AMD and can tolerate drops like the 56.6% fall in 2025.
Look elsewhere if
- Retirees and long-term savers who want a fund to hold for years, since daily resets can push long-run results far from twice AMD's return.
- Investors who want diversified, unleveraged chip exposure. SOXX and SMH hold many semiconductor companies and charge 0.35%.
- Anyone uneasy with big swings: annualized volatility was 133.3% over the year to October 27, 2026, and the prospectus warns of possible total loss.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Can you hold AMUU long term?
You can, but the fund isn't designed for it. AMUU targets 200% of AMD's return for a single trading day only. Because it resets its leverage daily, returns over weeks or months compound and will very likely differ from twice AMD's return. The prospectus warns that the fund will lose money if AMD is flat over time, and could even lose money while AMD rises. Leveraged single-stock funds like this one generally need close, frequent monitoring.
Can you lose all your money in AMUU?
Yes. The prospectus says there is a risk you could lose all of the money you invest in the fund. Because it seeks twice AMD's daily move, one very large daily drop in AMD could wipe out most or all of its value. The fund also relies on swap agreements with a limited number of banks, so a counterparty failure could cause losses. Its deepest drop so far was 56.6%, from February 19 to April 8, 2025.
What's the difference between AMUU and SOXX?
AMUU aims for twice the daily return of one stock, AMD, mostly through swaps. The iShares Semiconductor ETF (SOXX) holds many chip companies with no leverage, and its holdings overlap with AMUU's by only about 8%. SOXX charges 0.35% a year, compared with AMUU's 1.06%. Over one year, AMUU returned 164.7% through October 27, 2026, and SOXX returned 54.9% through October 30, 2026. But AMUU's swings and risk of loss are far greater.
Does AMUU pay dividends?
Yes, AMUU has made quarterly distributions. As of October 27, 2026, its trailing 12-month yield was 3.57%, or about $8.10 per share. The fund holds mostly cash, short-term debt and swaps rather than a basket of dividend-paying stocks. Its payouts may therefore vary widely from year to year. They aren't designed as steady income, and the price swings can easily outweigh them.
What is AMUU's expense ratio?
AMUU's expense ratio is 1.06%, which includes a 0.75% management fee, according to its prospectus filed February 26, 2026. That is well above the 0.42% average of the semiconductor ETFs it was compared with, and it ranks 4th of 4 on cost. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs total about $108 after one year, $629 after five years and $1,400 after ten.