At a glance
FNGG charges 0.97% a year. It has $120.9M in assets; it paid 9.74% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +66.2% a year. At its worst it fell 84.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 35 months after the low.
The short version
Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) aims to deliver twice the one-day return of the NYSE FANG+ Index. The index is an equal-weighted basket of 10 large tech and tech-enabled stocks, including Microsoft, Nvidia and Apple. The fund uses swaps and resets its leverage every day, so results over longer periods can differ sharply from 2× the index. It lost 87.1% in 2022 and charges 0.97% a year.
Price history
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FNGG +8.3% 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 | |
|---|---|---|---|---|---|---|
| FNGG official prospectus, to Dec 31, 2025 | — | +26.54% | — | — | — | -0.55% |
| FNGG price data to Oct 27, 2026 | +24.1% | +8.3% | +66.2% | +1.0% | — | +3.3% |
- Over the year to Oct 27, 2026, FNGG returned +8.3%.
- Its 5-year annualized return was +1.0%.
- Its worst full calendar year was 2022 (-87.2%); its best was 2023 (+204.2%).
- The deepest fall in its price history was 91.3% (Nov 16, 2021 to Jan 5, 2023), recovered by Sep 21, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +24.1% | — |
| 2025 | +27.2% | +26.54% |
| 2024 | +98.7% | +99.41% |
| 2023 | +204.2% | +203.32% |
| 2022 | -87.2% | -87.10% |
| 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 | Lost 83.9% over that stretch · deepest drop along the way 84%, back to its old high 34.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.8200 | |
| 2025 | $24.5200 | +1614.7% |
| 2024 | $1.4300 | +76.5% |
| 2023 | $0.8100 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (62.88% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| MICROSOFT CORP | 4.22% | |
| AMAZON.COM INC | 3.93% | |
| APPLE INC | 3.59% | |
| BROADCOM INC | 3.41% | |
| NVIDIA CORP | 3.37% | |
| META PLATFORMS INC | 3.37% | |
| ALPHABET INC | 3.37% | |
| PALANTIR TECHNOLOGIES INC | 3.24% | |
| NETFLIX INC | 3.20% | |
| MICRON TECHNOLOGY INC | 2.71% |
By country
United States 34.4%By asset type
Stocks 34.4%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $21.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +27.75%, -16.73%, +3.26%.
How it works
FNGG tracks the NYSE FANG+ Index, which is run by ICE Data Indices. The index aims to always include six "FAANMG" companies: Meta, Apple, Amazon, Netflix, Microsoft and Alphabet. The other four slots go to U.S. tech, media or consumer companies worth at least $5 billion that trade at least $50 million of stock a day on average. These are ranked by market value (35%), trading volume (35%), price-to-sales ratio (15%) and sales growth (15%). As of December 31, 2025, those four were CrowdStrike, Nvidia, Palantir and Broadcom. Every quarter, the index is rebuilt and each stock is reset to a 10% weight.
Rafferty Asset Management, the fund's adviser, aims for 200% of the index's daily return. As of July 31, 2026, the fund owned the stocks directly for 34.4% of net assets, and Micron was among them. It got the rest of its exposure through swap agreements on the index and held 62.88% in cash. A swap is a contract in which a counterparty pays the index's return. If one of the fund's few counterparties failed to pay, the fund could lose money.
At each market close, the fund adjusts its exposure. It adds exposure after an up day and cuts it after a down day. This daily reset drives heavy trading (63% portfolio turnover). It also means that returns over weeks or years compound and can stray far from 2× the index, usually for the worse in choppy markets.
What it really costs
- FNGG charges 0.97% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $99 in the first year and $1,190 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FNGG | $99 | $309 | $536 | $1,190 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The fund seeks 2× the index's return for a single day only, and its daily reset and history of near-total losses make it a poor fit for long holding periods.
FNGG launched on September 30, 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell 84%. Its deepest drop was 91.3%, from November 2021 to January 2023. It took about 44.5 months to get back to its old peak, on September 21, 2026. Anyone forced to cash out during a stretch like that would lock in deep losses. The trailing 12-month yield was 9.74% as of October 27, 2026, paid quarterly. But payouts from a leveraged fund can vary widely from year to year. Costs are 0.97% a year, or $99 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a 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 the one-day move of 10 big tech stocks like Nvidia, Microsoft and Apple, and who watch positions daily.
- Experienced investors who understand daily-reset compounding and can tolerate drops like its 91.3% fall between November 2021 and January 2023.
- Traders making short-term bets on equal-weighted mega-cap tech who accept a 0.97% expense ratio and swap counterparty risk.
Look elsewhere if
- Retirees or people near retirement who may need to draw on savings; the fund lost 87.1% in 2022 and took years to recover.
- Long-term holders: over periods longer than a day, compounding can push returns far from 2× the index, especially in choppy markets.
- Investors wanting broad diversification; the index holds just 10 stocks, concentrated in tech, communication services and consumer discretionary.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is FNGG a good long-term investment?
It isn't built for long holding periods. FNGG seeks 200% of the NYSE FANG+ Index's return for a single day and resets every day, so returns over longer periods can differ sharply from twice the index. As of December 31, 2025, its average annual return since its September 2021 launch was -0.55%. That is despite gains of 203.32% in 2023 and 99.41% in 2024, because it lost 87.1% in 2022.
What stocks are in FNGG?
FNGG tracks the NYSE FANG+ Index, which holds 10 stocks, each reset to a 10% weight every quarter. The six core names are Meta, Apple, Amazon, Netflix, Microsoft and Alphabet. As of July 31, 2026, the fund's direct stock holdings also included Broadcom, Nvidia, Palantir and Micron. Those shares made up 34.4% of net assets. Most of the rest was cash, and swap contracts on the index provided the extra exposure.
Does FNGG pay dividends?
Yes, FNGG has made quarterly distributions. Its trailing 12-month yield was 9.74% as of October 27, 2026, or about $24.73 per share. Treat that figure with caution. Payouts from leveraged funds can include capital gains and can vary widely from year to year. Past payouts are a weak guide to future income, especially from a fund this volatile.
How much did FNGG lose in 2022?
FNGG lost 87.1% in calendar 2022, according to its prospectus. Its worst quarter ended June 30, 2022, with a loss of 63.65%. From its peak on November 16, 2021, to its low on January 5, 2023, it fell 91.3%. It didn't regain that peak until September 21, 2026, about 44.5 months later. Leverage magnifies the index's declines, and daily compounding can deepen losses in falling markets.
What is FNGG's expense ratio?
FNGG's expense ratio is 0.97% a year, which includes a 0.75% management fee, according to its prospectus filed February 26, 2026. Under the SEC's standard example, $10,000 invested with a 5% annual return would cost about $99 after one year, $309 after three years, $536 after five years and $1,190 after ten. Unleveraged index funds generally charge much less.