At a glance
NVDU charges 0.92% a year. It has $521.4M in assets; it paid 5.42% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +2.2% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily NVDA Bull 2X Shares (NVDU) aims to deliver twice the daily return of one stock, NVIDIA (NVDA), before fees. It gets most of that exposure through swap agreements with large banks. It is a leveraged fund that resets every trading day, so returns over weeks or months can differ sharply from twice NVIDIA's return. It charges 0.92% a year, according to its prospectus filed February 26, 2026.
Price history
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NVDU +2.2% 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 | |
|---|---|---|---|---|---|---|
| NVDU official prospectus, to Dec 31, 2025 | — | +33.59% | — | — | — | +115.58% |
| NVDU price data to Oct 27, 2026 | +12.8% | +2.2% | — | — | — | +86.0% |
- Over the year to Oct 27, 2026, NVDU returned +2.2%.
- Its worst full calendar year was 2025 (+33.7%); its best was 2024 (+290.2%).
- The deepest fall in its price history was 67.2% (Nov 7, 2024 to Apr 4, 2025), recovered by Jul 17, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.8% | — |
| 2025 | +33.7% | +33.59% |
| 2024 | +290.2% | +291.11% |
| 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) | $1.9200 | |
| 2025 | $6.6900 | -57.6% |
| 2024 | $15.7700 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (84.92% of net assets), with its exposure coming from 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 12.85% |
By country
United States 12.85%By asset type
Stocks 12.85%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $21.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.91%, -12.38%, -1.59%.
How it works
NVDU follows no index. It follows a single stock, NVIDIA. The prospectus says the fund puts at least 80% of its net assets into NVIDIA shares and into financial instruments, such as swaps and options, that together give it twice NVIDIA's daily move. Swaps do most of the work. A swap is a contract in which a bank agrees to pay the fund the return on NVIDIA, sized at 200% of the fund's net assets. As of July 31, 2026, NVIDIA shares made up 12.85% of the fund's $521 million in net assets. Six swap positions supplied the rest of the exposure, and about 85% sat in cash and cash-like holdings. Those can include money market funds, bank deposits and short-term US government debt.
At each day's close, the adviser, Rafferty Asset Management, resets the fund's exposure to 2×. After NVIDIA rises, it adds exposure. After NVIDIA falls, it cuts exposure. Because each day's return builds on the last, results over longer periods compound in ways that rarely equal twice NVIDIA's return. The prospectus warns that the fund will lose money if NVIDIA ends flat over time, and that it could lose money even while NVIDIA rises.
Other details matter too. The fund is non-diversified and concentrated in the semiconductor industry. It depends on a small number of bank counterparties. It may lend up to one-third of its assets. Its board can change its objective without a shareholder vote.
What it really costs
- NVDU charges 0.92% 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 $94 in the first year and $1,131 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NVDU | $94 | $293 | $509 | $1,131 |
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 the fund seeks 2× NVIDIA's return for a single trading day only, and that daily compounding can produce losses over longer periods even when NVIDIA rises.
NVDU launched on September 13, 2023. That means it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its short record is still extreme. Its weakest calendar year, 2025, ended up 33.59%, but that year included a 43.94% loss in its first quarter. The fund's deepest drop was 67.2%, from November 7, 2024 to April 4, 2025. It got back to its old high by July 17, 2025, about 3.4 months after the low. Anyone who needed cash near that low would have locked in a loss of about two-thirds. The fund's trailing yield was 5.42% as of October 27, 2026, paid quarterly, but payouts from a leveraged single-stock fund can swing widely. It also costs 0.92% a year. Past results don't predict future ones, 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 NVIDIA's daily move for a day or a few days and can check their positions every day.
- Experienced investors who understand swaps and daily resets and can live with drops like the 67.2% fall from November 2024 to April 2025.
- Traders who want leveraged NVIDIA exposure without borrowing on margin and who accept the 0.92% expense ratio for it.
Look elsewhere if
- Long-term savers and retirees: the prospectus warns that the fund can lose money over time even if NVIDIA's stock rises.
- Investors seeking diversification: all of the fund's exposure is to one company, NVIDIA, in one industry, semiconductors.
- Anyone counting on steady income: quarterly payouts from a leveraged single-stock fund can vary widely, and it isn't built to provide income.
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 NVDU good for long-term investing?
It isn't designed for it. The prospectus says NVDU seeks 200% of NVIDIA's return for a single trading day only, not for any longer period. Because the fund resets its exposure every day, returns compound in ways that can drift far from twice NVIDIA's return. The prospectus warns the fund will lose money if NVIDIA ends flat over time, and that it could lose money even while NVIDIA rises.
Does NVDU pay dividends?
Yes. NVDU has made quarterly distributions. Over the 12 months to October 27, 2026, it paid $7.08 per share, a trailing yield of 5.42%. Keep in mind that the fund holds mostly cash and swap contracts rather than a basket of dividend-paying stocks, so payouts can change a lot from year to year. It isn't built to provide steady income.
What's the difference between NVDU and just owning NVIDIA stock?
NVDU aims to move twice as much as NVIDIA each day, both up and down. Owning NVIDIA shares carries no annual fund fee. NVDU charges 0.92% a year and gets most of its exposure through swaps with banks, which adds counterparty risk. Over periods longer than a day, the daily reset means NVDU's return can differ sharply from twice NVIDIA's. As of October 27, 2026, NVDU's one-year price return was 2.2%.
What is NVDU's expense ratio?
NVDU's expense ratio is 0.92% a year, including a 0.75% management fee, according to its prospectus filed February 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period. On that basis, total costs come to $94 after one year, $293 after three years, $509 after five years and $1,131 after ten years.
Can you lose all your money in NVDU?
Yes. The prospectus says there is a risk you could lose all of your money in the fund. Leverage magnifies NVIDIA's daily declines. The fund fell 67.2% from November 7, 2024 to April 4, 2025, and it lost 43.94% in the first quarter of 2025 alone. If a swap counterparty fails to pay, the fund can also lose money.