At a glance
METU charges 1.02% a year. It has $363.5M in assets; it paid 3.73% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −48.5% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily META Bull 2X Shares (METU) aims to deliver 200% of the daily move in Meta Platforms stock. It gets most of that exposure through swap agreements and resets its leverage every trading day. Because of that daily reset, it is a short-term trading tool, and over longer periods its returns can drift far from twice Meta's. It costs 1.02% a year. Over the year to October 27, 2026, its annualized price swings (volatility) were 84.5%.
Price history
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METU -48.5% 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 | |
|---|---|---|---|---|---|---|
| METU official prospectus, to Dec 31, 2025 | — | -0.94% | — | — | — | +20.25% |
| METU price data to Oct 27, 2026 | -30.2% | -48.5% | — | — | — | -5.8% |
- Over the year to Oct 27, 2026, METU returned -48.5%.
- Its worst full calendar year was 2025 (-1.0%); its best was 2025 (-1.0%).
- The deepest fall in its price history was 63.9% (Feb 14, 2025 to Jul 30, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -30.2% | — |
| 2025 | -1.0% | -0.94% |
| 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) | $0.5000 | |
| 2025 | $0.9600 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (105.31% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| META PLATFORMS INC | 18.44% |
By country
United States 18.44%By asset type
Stocks 18.44%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $25.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.57%, -22.55%, -6.01%.
How it works
METU follows a single stock, Meta Platforms, not an index. Meta runs social media platforms and sells online advertising. Under normal conditions, the fund puts at least 80% of its net assets into Meta shares and financial instruments, such as swaps and options, that together aim for twice Meta's daily return. A swap is a contract in which a large financial institution agrees to pay the fund Meta's return on an amount equal to 200% of the fund's net assets. As of July 31, 2026, the fund held Meta shares worth about 18% of its net assets. Five swap contracts supplied the rest of the exposure, backed by cash and short-term, high-quality holdings.
The adviser, Rafferty Asset Management, rebalances the fund at each market close. If Meta rose that day, the fund adds exposure. If Meta fell, it cuts back. Trading every day like this produced the 62% portfolio turnover reported in the prospectus. It also means returns compound day by day. Over weeks or months, results will very likely differ from twice Meta's return. The fund can lose money if Meta ends flat, or even if Meta rises.
Anyone who buys during the trading day gets exposure that differs from 2X until the next close. The fund is non-diversified, meaning it can put most of its money into one company. It also relies on a limited number of swap partners and may lend up to one-third of its assets. Its board can change the fund's objective without a shareholder vote.
What it really costs
- METU charges 1.02% 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 $104 in the first year and $1,248 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| METU | $104 | $325 | $563 | $1,248 |
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 prospectus says METU seeks 2X Meta's return for a single day only, and daily compounding can make longer-term results drift far from that.
METU launched on June 5, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. In its only full calendar year, 2025, it returned -0.94%, even though it gained 50.33% in one quarter along the way. Its deepest drop was 63.9%, from February 14, 2025 to July 30, 2026, and it had not recovered as of October 27, 2026. Anyone who had to sell during that stretch would have locked in heavy losses, and daily compounding can make the climb back harder. The fund pays quarterly, with a trailing 12-month yield of 3.73% as of October 27, 2026. That income is small next to the price swings. Costs run 1.02% a year, or $104 in the first year in the SEC's standard $10,000 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 Meta Platforms' daily move for a day or a few days, and who check their positions often.
- Experienced investors who understand swaps, daily leverage resets and compounding, and accept the prospectus warning that they could lose all their money.
- Traders who want leveraged Meta exposure without borrowing on margin, and who accept a 1.02% expense ratio and annualized volatility of 84.5%.
Look elsewhere if
- Buy-and-hold savers and retirees. A 63.9% drop starting February 14, 2025 had not recovered as of October 27, 2026.
- Investors who want dependable income. The 3.73% trailing yield is small next to a 48.5% price loss over the year to October 27, 2026.
- Anyone who wants diversification. The fund is tied to one company, Meta Platforms, and concentrated in a single industry, interactive media and services.
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 METU good for long-term investing?
It isn't designed for it. The prospectus says METU seeks 200% of Meta's daily return and does not aim for that target over any longer period. Because leverage resets every day, returns compound and can drift far from twice Meta's move. The fund can even lose money while Meta rises. Its price return was -48.5% over the year to October 27, 2026. Its deepest drop, 63.9%, had not recovered by that date.
What's the difference between METU and buying META stock?
Meta stock gives one-for-one exposure. METU aims for twice Meta's daily move, mainly through swaps with large financial institutions plus some Meta shares. That doubles daily losses as well as gains. It also adds the risk that a swap partner fails to pay, and it costs 1.02% a year. Over any period longer than a day, METU's return will very likely differ from 200% of Meta's. No similar leveraged funds were matched for comparison.
Does METU pay dividends?
Yes. METU pays distributions quarterly. Its trailing 12-month yield was 3.73% as of October 27, 2026, based on $0.82 per share. Payouts may change from one quarter to the next, so the past yield is not a promise. The income is also small next to the fund's price moves: its price fell 30.2% in 2026 through October 27.
What is METU's expense ratio?
METU's expense ratio is 1.02% a year, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee. In the SEC's standard example, someone invests $10,000 and earns 5% a year. Costs would total about $104 after one year, $325 after three years, $563 after five and $1,248 after ten. That is far more than many traditional index funds charge.
What happens to METU if Meta stock goes sideways?
METU loses money. The prospectus states that the fund will lose money if Meta's performance is flat over time. Each day's gain or loss is compounded, so when Meta swings up and down without going anywhere, the fund's value tends to shrink. The higher the volatility, the bigger this drag. METU's annualized volatility was 84.5% over the year to October 27, 2026, so the effect can be large.