At a glance
MUU charges 1.01% a year. It has $3.38B in assets; it paid 2.0% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +719.4% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily MU Bull 2X Shares (MUU) aims to return twice the daily move of one stock, memory-chip maker Micron Technology. It gets most of that exposure through swap contracts with large banks. Because it resets its leverage every day, results over weeks or months can drift far from twice Micron's return. It costs 1.01% a year and has swung hard: a 75.1% drop after launch, then a 595% gain in 2025.
Price history
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MUU +719.4% 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 | |
|---|---|---|---|---|---|---|
| MUU official prospectus, to Dec 31, 2025 | — | +595.08% | — | — | — | +226.47% |
| MUU price data to Oct 27, 2026 | +439.6% | +719.4% | — | — | — | +347.0% |
- Over the year to Oct 27, 2026, MUU returned +719.4%.
- Its worst full calendar year was 2025 (+596.2%); its best was 2025 (+596.2%).
- The deepest fall in its price history was 75.1% (Nov 7, 2024 to Apr 4, 2025), recovered by Sep 11, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +439.6% | — |
| 2025 | +596.2% | +595.08% |
| 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) | $0.3365 | |
| 2025 | $0.2145 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (125.85% of net assets), with its exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| MICRON TECHNOLOGY INC | 12.60% |
By country
United States 12.6%By asset type
Stocks 12.6%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $1.56B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +220.14%, +22.65%, -55.28%.
How it works
MUU does not track an index. Its target is one stock: Micron Technology (ticker MU), which makes memory and data-storage chips and belongs to the semiconductor industry. Under normal conditions, the fund puts at least 80% of its net assets into Micron shares and financial instruments that together give it twice Micron's daily move. The main tool is a swap agreement. In a swap, a large financial institution agrees to pay the fund the return on an amount of Micron equal to 200% of the fund's net assets. As of July 31, 2026, Micron shares made up 12.6% of net assets. Most of the rest sat in cash and short-term holdings that back the swaps.
At each market close, the adviser, Rafferty Asset Management, resets exposure to 2×. After Micron rises, the fund adds exposure. After it falls, the fund cuts back. Each day's return then compounds on the last. Over longer periods, the result will very likely differ from twice Micron's return. The prospectus says the fund loses money if Micron stays flat over time. It can even lose money while Micron rises, especially when the stock swings up and down.
The fund is "non-diversified," meaning it can concentrate in a single holding. It deals with a small number of swap counterparties, so a bank that fails to pay could hurt the fund. Its board can change the fund's objective without a shareholder vote.
What it really costs
- MUU charges 1.01% 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 $103 in the first year and $1,236 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MUU | $103 | $322 | $558 | $1,236 |
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
It doubles one stock's daily move and resets every day, so holding it for years can produce results far from twice Micron's return.
MUU launched on October 10, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its short history still shows big swings. It fell 75.1% from November 7, 2024, to April 4, 2025, and got back to its old peak by September 11, 2025, about 5.3 months later. It also lost 29% in the month to October 27, 2026. Its only full calendar year, 2025, was a 595% gain, so its "worst year" tells you little. Anyone who needed cash after a drop like that would lock in deep losses. The fund had a trailing yield of 2% as of October 27, 2026, paid quarterly. It costs 1.01% a year, or $103 on $10,000 in the first year 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 Micron Technology's daily move for short periods and are able to watch their positions every day.
- Traders comfortable with a leveraged bet on one memory-chip maker, including the prospectus warning that all money invested could be lost.
- Traders who want a large, heavily traded fund: net assets were $3.38 billion as of July 31, 2026.
Look elsewhere if
- Long-term holders: the daily reset means multi-year returns can differ sharply from 2× Micron, even losing money while Micron rises.
- Retirees drawing on savings: MUU fell 75.1% from November 2024 to April 2025, and its one-year volatility was 159%.
- Cost-conscious investors who want Micron exposure: MUU charges 1.01% a year, while owning Micron shares directly carries no fund fee.
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 MUU a good long-term investment?
MUU is not built to be held for the long term. Its goal is 200% of Micron's return for a single trading day, and it resets every day. Over months or years, compounding means results will very likely differ from twice Micron's gain. Its short history shows the strain: it fell 75.1% from November 7, 2024, to April 4, 2025, before gaining 595% in calendar 2025. The prospectus warns that investors could lose all of their money.
What's the difference between MUU and MU stock?
MU is Micron Technology's own stock. MUU is a fund that tries to return twice Micron's move each day, mainly through swap contracts with large financial institutions. Owning Micron shares carries no fund fee, while MUU charges 1.01% a year. MUU also adds risks the stock alone doesn't have: leverage, daily compounding and the chance that a swap counterparty fails to pay. As of July 31, 2026, Micron shares made up 12.6% of MUU's net assets.
Can MUU lose money if Micron stock goes up?
Yes. MUU resets to 2× exposure every day, so each day's gain or loss compounds on the last. The prospectus says the fund will lose money if Micron stays flat over time. It can also lose money while Micron rises over periods longer than a day. This is most likely in choppy markets, when the stock swings up and down. MUU's annualized volatility over the year to October 27, 2026, was 159%.
Does MUU pay dividends?
Yes, MUU pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $0.537 per share, a trailing yield of about 2%. That income is small next to the fund's price swings. MUU lost 29% in the single month to October 27, 2026. For anyone thinking about MUU as an income source, the payout is a minor part of the story compared with its price risk.
What is the MUU expense ratio?
MUU's expense ratio is 1.01% a year, which includes a 0.75% management fee, according to the prospectus filed February 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares redeemed at the end of each period. On that basis, costs come to about $103 after one year, $322 after three, $558 after five and $1,236 after ten. Owning Micron shares directly carries no fund fee.