At a glance
MIDU charges 0.98% a year. It has $68.6M in assets; it paid 0.44% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +18.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +33.2% a year. At its worst it fell 85.5% in the 2020 crash (S&P 500: 33.7%) and 60.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 43 months after the lows. Its ten largest positions make up 5.7% of the fund, out of 400 in all.
The short version
Direxion Daily Mid Cap Bull 3X Shares (MIDU), managed by Rafferty Asset Management, aims to return three times (3X) the daily move of the S&P MidCap 400, an index of about 400 mid-sized US companies. It resets that leverage every trading day, so its returns over weeks or years can end up far from 3X the index. It charges a 0.98% expense ratio, and it once fell 86% between 2018 and 2020.
Price history
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MIDU +18.8% 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 | |
|---|---|---|---|---|---|---|
| MIDU official prospectus, to Dec 31, 2025 | — | -2.67% | — | +5.54% | +10.38% | — |
| MIDU price data to Oct 27, 2026 | +21.8% | +18.8% | +33.2% | +0.1% | +10.8% | +16.9% |
- Over the year to Oct 27, 2026, MIDU returned +18.8%.
- Its 5-year annualized return was +0.1% and its 10-year +10.8%.
- In the 2020 COVID crash it fell 85.5% and regained its old high 10.6 months after the low.
- Its worst full calendar year was 2022 (-49.3%); its best was 2013 (+114.6%).
- The deepest fall in its price history was 86.3% (Aug 29, 2018 to Mar 23, 2020), recovered by Feb 24, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.8% | — |
| 2025 | -2.8% | -2.67% |
| 2024 | +20.3% | +20.28% |
| 2023 | +27.7% | +27.58% |
| 2022 | -49.3% | -49.16% |
| 2021 | +72.9% | +72.50% |
| 2020 | -18.3% | -18.18% |
| 2019 | +77.4% | +76.78% |
| 2018 | -39.2% | -38.95% |
| 2017 | +46.9% | +46.47% |
| 2016 | +58.9% | +58.47% |
| 2015 | -15.1% | — |
| 2014 | +22.6% | — |
| 2013 | +114.6% | — |
| 2012 | +26.7% | — |
| 2011 | -31.8% | — |
| 2010 | +53.2% | — |
| 2009 | +66.4% | — |
| 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 | Lost 85.4% over that stretch · deepest drop along the way 85.5%, back to its old high 10.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 57.8% over that stretch · deepest drop along the way 60.8%, back to its old high 43.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2100 | |
| 2025 | $0.5300 | -8.6% |
| 2024 | $0.5800 | -7.9% |
| 2023 | $0.6300 | +1475.0% |
| 2022 | $0.0400 | +100.0% |
| 2020 | $0.0200 | -94.3% |
| 2019 | $0.3500 | +84.2% |
| 2018 | $0.1900 | -84.7% |
| 2017 | $1.2400 | +103.3% |
| 2016 | $0.6100 | +212.2% |
| 2013 | $0.1954 | -62.8% |
| 2012 | $0.5253 | +69.5% |
| 2011 | $0.3100 | -3.6% |
| 2010 | $0.3217 | +11.7% |
| 2009 | $0.2880 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (24.35% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| ILLUMINA INC | 0.66% | |
| TWILIO INC - A | 0.64% | |
| TECHNIPFMC PLC | 0.61% | |
| CURTISS-WRIGHT CORP | 0.57% | |
| CARPENTER TECHNOLOGY | 0.55% | |
| ALLEGHENY TECHNOLOGIES | 0.55% | |
| NVENT ELECTRIC PLC | 0.53% | |
| EVERPURE INC-A | 0.52% | |
| OKTA INC | 0.51% | |
| XPO INC | 0.50% | |
| BURLINGTON STORES INC | 0.50% | |
| US FOODS HOLDING CORP | 0.47% | |
| UNITED THERAPEUTICS CORP | 0.47% | |
| TENET HEALTHCARE CORP | 0.47% | |
| WOODWARD INC | 0.46% |
By country
United States 74.63%United Kingdom 0.61%Canada 0.44%Bermuda 0.29%Sweden 0.18%By asset type
Stocks 76.15%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $20.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.09%, +9.59%, -8.08%.
How it works
The fund's target is the S&P MidCap 400. The index weights companies by float-adjusted market value, which means larger companies with more shares available to trade count for more. To qualify, a company must be worth between $8 billion and $22.7 billion. S&P also screens for trading volume, financial health and a mix of industries. As of December 31, 2025, the index had 401 companies, concentrated in industrials and financials. It rebalances quarterly.
Rafferty gets the 3X exposure by combining stocks with derivatives, mainly swaps (contracts in which a bank pays the fund the index's return) and futures. As of July 31, 2026, the fund held about 400 stocks, making up roughly 76% of net assets. It also held four swaps on the S&P MidCap 400, worth about 19%, and about 24% in cash. Single positions were small. Illumina was 0.66%, Twilio 0.64% and TechnipFMC 0.61%, and the top ten together made up 5.66%.
At each day's close, Rafferty adjusts the fund's exposure. It adds exposure after up days and cuts it after down days. Because each day's return compounds on the last, returns over longer periods will very likely differ from 3X the index. The prospectus warns that the fund loses money if the index ends flat, and it can lose money even while the index rises. The swaps also create counterparty risk, meaning a bank could fail to pay what it owes.
What it really costs
- MIDU charges 0.98% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $100 in the first year and $1,212 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MIDU | $100 | $314 | $546 | $1,212 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The fund seeks 3X returns for a single day only, and its history includes losses of more than 85% that took months or years to recover.
MIDU is built to magnify single days, not to be held for decades. In the 2020 COVID crash it fell about 85% between February 20 and March 23, 2020, and took about 11 months to recover. In the 2022 bear market it dropped about 61% and did not regain its peak until May 6, 2026, more than 43 months later. It lost 49.16% in calendar 2022. A retiree who needed cash during either stretch would have locked in steep losses. The fund launched in January 2009, so its record does not cover most of the 2008 crisis. Income is minor: the trailing yield was 0.44% as of October 27, 2026, paid quarterly. Costs run 0.98% a year. In the SEC's standard example, that comes to $1,212 over 10 years on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want triple the daily move of the S&P MidCap 400 for a day or a few days and watch their positions closely.
- Short-term traders who understand swaps, daily resets and compounding, and can live with swings like the 75.77% loss in the first quarter of 2020.
- Active traders who want leveraged mid-cap exposure tilted toward industrials and financials, and who accept a 0.98% expense ratio and swap counterparty risk.
Look elsewhere if
- Long-term and retirement investors: daily resets push multi-year returns away from 3X, and the 2022 drop took over 43 months to recover.
- Income seekers: the trailing yield was just 0.44% as of October 27, 2026, despite quarterly payments.
- Investors wanting plain mid-cap exposure: the fund costs 0.98% a year and can lose money even when the S&P MidCap 400 rises.
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 MIDU good for long-term investing?
It isn't designed for that. The prospectus says MIDU seeks 3X the S&P MidCap 400's return for a single trading day only. It also warns that over longer periods, compounding can produce results very different from 3X, including losses while the index rises. As of December 31, 2025, its average annual return was 5.54% over five years and 10.38% over ten. Along the way it suffered drops of more than 85%.
What's the difference between MIDU and a regular S&P MidCap 400 index fund?
MIDU uses leverage. A regular index fund simply owns the roughly 400 index stocks and aims to match the index over any period. MIDU adds swaps and futures to try to deliver 3X the index's daily move, and it resets that exposure every day. That magnifies both gains and losses, adds counterparty risk from the swaps, and means multi-year results can drift far from three times the index's return.
Does MIDU pay dividends?
Yes, but not much. MIDU pays distributions quarterly. Over the 12 months through October 27, 2026, it paid about $0.27 per share, a trailing yield of 0.44%. Much of the fund's exposure comes from swaps and cash rather than stocks, so its income is small compared with its price swings. Its returns depend on price moves, not income.
What is MIDU's expense ratio?
MIDU's expense ratio is 0.98%, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $100 after one year, $314 after three, $546 after five and $1,212 after ten. Leveraged funds also face hidden costs from frequent rebalancing. Portfolio turnover was 48%.
How much can MIDU lose?
A lot, and the prospectus says you could lose all of your money. MIDU's deepest drop was 86.3%, from August 29, 2018, to March 23, 2020. It recovered by February 24, 2021. Its weakest quarter fell 75.77%, in the first three months of 2020. It lost 49.16% in calendar 2022. Its price was about 2.8 times as sensitive as the market over the year to October 27, 2026.