At a glance
MUD charges 1.02% a year. It has $60.1M in assets; it paid 8.48% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −87.0% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily MU Bear 1X Shares (MUD) aims to return the opposite of Micron Technology's (MU) stock performance each single trading day. It gets that exposure through swap agreements instead of short-selling shares. Because the fund resets every day, its results over weeks or months can drift far from -100% of Micron's move. It charges a 1.02% expense ratio, and its price fell 97.1% between April 4, 2025 and October 1, 2026.
Price history
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MUD -87.0% 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 | |
|---|---|---|---|---|---|---|
| MUD official prospectus, to Dec 31, 2025 | — | -78.73% | — | — | — | -68.37% |
| MUD price data to Oct 27, 2026 | -81.9% | -87.0% | — | — | — | -77.9% |
- Over the year to Oct 27, 2026, MUD returned -87.0%.
- Its worst full calendar year was 2025 (-78.7%); its best was 2025 (-78.7%).
- The deepest fall in its price history was 97.1% (Apr 4, 2025 to Oct 1, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -81.9% | — |
| 2025 | -78.7% | -78.73% |
| 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) | $0.4700 | |
| 2025 | $5.4000 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 101.39% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $56.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -51.98%, -25.77%, +26.44%.
How it works
MUD does not track an index. Its prospectus goal is to return the opposite of Micron Technology's (MU) stock performance for a single trading day, before fees. Micron makes computer memory and data storage, including DRAM and flash memory chips. The fund puts at least 80% of its net assets into swap agreements and options that together give it -100% exposure to Micron. A swap is a contract with a large financial institution. Under it, the two sides exchange returns so the fund gains when Micron falls and loses when Micron rises.
At each market close, the adviser, Rafferty Asset Management, resets that exposure. If Micron fell that day, the fund's assets grew, so it adds short exposure. If Micron rose, it cuts back. Because each day's return compounds, results over longer periods will very likely differ from -100% of Micron's move. The prospectus warns the fund loses money if Micron goes nowhere over time, and it can lose money even while Micron declines.
As of July 31, 2026, the fund had $60.1 million in net assets. It held cash and short-term instruments worth 101.4% of net assets, plus four Micron swap contracts with a combined net value of about 8%. The fund is non-diversified and concentrated in the semiconductor industry.
What it really costs
- MUD charges 1.02% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.4% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $104 in the first year and $1,667 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MUD | $104 | $410 | $738 | $1,667 |
In a retirement portfolio
The fund seeks its inverse goal for one trading day only, and over longer periods its daily reset has produced near-total losses.
MUD launched on October 10, 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its own record is harsh. It returned -78.73% in 2025, and its price fell 97.1% from April 4, 2025 to October 1, 2026, with no recovery as of October 27, 2026. A holder forced to sell after a Micron rally could lock in near-total losses. Over the year to October 27, 2026, it paid $0.87 per share in quarterly distributions, a trailing yield of 8.48%, which is small next to those losses. Costs run 1.02% a year, or $104 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 a one-day bet against Micron Technology without borrowing shares or opening a short position in a margin account.
- Holders of a large Micron stake looking for a short-term hedge (an offsetting position) who watch it daily and accept the effects of the daily reset.
- Traders comfortable with 82.7% one-year volatility (as of October 27, 2026) and a 1.02% expense ratio for brief exposure.
Look elsewhere if
- Long-term and retirement investors: MUD's price fell 97.1% from April 2025 to October 2026 and had not recovered by October 27, 2026.
- Anyone seeking diversification: the fund's exposure is to a single stock, Micron, and it is concentrated in semiconductors.
- Income seekers: the 8.48% trailing yield as of October 27, 2026 was dwarfed by an 87% one-year price loss.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is MUD a good long-term investment?
MUD is not designed for long-term holding. Its prospectus says it seeks -100% of Micron's daily return and does not aim for that result over any period longer than one trading day. Its record shows why. The fund returned -78.73% in 2025, and even its strongest quarter, ended March 31, 2025, lost 10.52%. From April 4, 2025 to October 1, 2026, its price fell 97.1%.
Can MUD lose money if Micron stock goes down?
Yes. The fund resets its short exposure every day, so its returns compound daily. Over weeks or months, results can differ sharply from -100% of Micron's move. The prospectus warns the fund will lose money if Micron is flat over time. It adds that volatility and compounding can cause losses even while Micron declines. Micron's large price swings make this more likely: MUD's one-year volatility was 82.7% as of October 27, 2026.
Does MUD pay dividends?
Yes. MUD pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $0.87 per share, a trailing yield of 8.48%. That yield looks high partly because the share price fell so far: the fund returned -87% over the same year. The fund holds mostly cash and short-term debt, not Micron shares, so these payouts are not Micron dividends. They came nowhere near offsetting the price losses.
What is MUD's expense ratio?
MUD's expense ratio is 1.02%, according to the prospectus filed February 26, 2026, and it includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs would total about $104 after one year, $410 after three, $738 after five and $1,667 after ten. The fund also creates and redeems shares for cash, which the prospectus says makes it less tax efficient than most ETFs.
What's the difference between MUD and shorting Micron stock?
Both gain when Micron falls, but they work differently. Short selling means borrowing shares in a margin account, and losses have no ceiling if the stock keeps rising. MUD uses swap agreements with large financial institutions. A buyer simply purchases ETF shares and can lose up to the amount invested. MUD also resets daily, so over several days its results drift away from a simple short position. It adds counterparty risk and a 1.02% expense ratio.