At a glance
QQQU charges 0.98% a year. It has $70.6M in assets; it paid 8.79% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +5.5% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily Magnificent 7 Bull 2X Shares (QQQU) aims to deliver twice the daily return of an equal-weighted Indxx index of seven large Nasdaq-listed companies: Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta. It is a leveraged fund that resets its exposure every day, so returns over weeks or months can differ sharply from twice the index. It charges 0.98% a year and is built for short-term trading.
Price history
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QQQU +5.5% 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 | |
|---|---|---|---|---|---|---|
| QQQU official prospectus, to Dec 31, 2025 | — | +32.98% | — | — | — | +66.54% |
| QQQU price data to Oct 27, 2026 | +8.6% | +5.5% | — | — | — | +44.1% |
- Over the year to Oct 27, 2026, QQQU returned +5.5%.
- Its worst full calendar year was 2025 (+32.8%); its best was 2025 (+32.8%).
- The deepest fall in its price history was 53.7% (Dec 17, 2024 to Apr 21, 2025), recovered by Sep 9, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.6% | — |
| 2025 | +32.8% | +32.98% |
| 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) | $0.0500 | |
| 2025 | $5.4200 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (20.69% of net assets), with its exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| MICROSOFT CORP | 7.15% | |
| AMAZON.COM INC | 6.59% | |
| APPLE INC | 5.87% | |
| ALPHABET INC | 5.75% | |
| META PLATFORMS INC | 5.58% | |
| NVIDIA CORP | 5.43% | |
| TESLA INC | 4.34% |
By country
United States 40.71%By asset type
Stocks 40.71%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $31.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.27%, -17.83%, +3.86%.
How it works
The fund follows an index run by Indxx that holds seven leading Nasdaq-listed companies. To be eligible, a stock or ADR (a US-traded share of a foreign company) must have at least 10% of its shares available for public trading and a share price under $10,000. As of December 31, 2025, the seven were Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta. Each gets an equal weight, and the index is reset quarterly. That leaves it concentrated in technology, consumer discretionary and communication services stocks, and the fund is classed as non-diversified.
Rafferty Asset Management gets the 2x exposure by owning the stocks directly and adding swaps and futures. A swap is a contract in which a bank pays the fund the index's return. As of July 31, 2026, the seven stocks made up about 41% of net assets, from Microsoft at 7.1% down to Tesla at 4.3%. The rest of the fund was swaps on the Indxx Front of the Q Index plus about 21% in cash and similar holdings. Portfolio turnover was 233%.
The fund resets its exposure at each market close. It adds exposure after the index rises and cuts it after the index falls. Because the daily returns compound, the fund can lose money when the index ends flat, or even when the index rises over a longer period.
What it really costs
- QQQU charges 0.98% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.02% 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 $1,223 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QQQU | $100 | $316 | $551 | $1,223 |
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 fund resets its 2x leverage every day, and its prospectus says it does not try to hit its target over any period longer than one trading day.
QQQU launched in March 2024, so it has no record from the 2008, 2020 or 2022 downturns. In its short life it fell 53.7% between December 17, 2024 and April 21, 2025. It recovered by September 9, 2025, about 4.6 months later. Its worst quarter was a 31.55% loss in the period ending March 31, 2025. Its only full calendar year, 2025, returned 32.98%. Anyone forced to withdraw money near a low like that would have locked in a deep loss. The trailing yield was 8.79% as of October 27, 2026, paid quarterly. Payouts from a leveraged fund can vary widely, so they are not a dependable income stream. On $10,000, the SEC's standard example puts costs at $1,223 over 10 years. Past results don't predict the future, and a retirement 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 twice the daily move of Apple, Microsoft, NVIDIA and four other megacaps and who check their position every day.
- People making short-term tactical bets on large tech stocks who understand that daily resets and compounding can cut returns in choppy markets.
- Traders who can live with swings like a 31.55% quarterly loss and a 53.7% drop, and who keep positions small.
Look elsewhere if
- Retirees or near-retirees who want a holding they can keep for years. Over long periods, the fund's results can drift far from twice the index.
- Income seekers. The 8.79% trailing yield comes from a leveraged fund whose payouts can vary widely, not from steady dividends.
- Cost-conscious investors. The fund's 0.98% expense ratio and 233% turnover are high next to plain index funds that own these same seven stocks.
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 QQQU good for retirement?
QQQU is not designed for long-term holding. It targets 200% of its index's return for a single trading day and resets every day. Over months, compounding can push results well away from twice the index, and the fund can lose money even when the index rises. It fell 53.7% between December 2024 and April 2025. It charges 0.98% a year, or $1,223 over 10 years in the SEC's standard $10,000 example.
What stocks are in QQQU?
QQQU tracks seven equally weighted Nasdaq-listed companies: Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta. As of July 31, 2026, it held those stocks directly at about 41% of net assets. Microsoft was the largest at 7.1%, followed by Amazon at 6.6%, and Tesla was the smallest at 4.3%. Swaps on the Indxx index and about 21% in cash and similar holdings made up the rest of the fund and supplied the remaining exposure.
Why doesn't QQQU return 2x the Magnificent 7 over time?
QQQU only aims for twice the index's return over one day, from one market close to the next. Each day's gain or loss compounds on the last. In a choppy market, that compounding tends to erode returns, so the fund can trail twice the index or even lose money while the index rises. Fees of 0.98% a year and trading costs from 233% turnover also reduce returns.
Does QQQU pay dividends?
Yes. QQQU makes distributions quarterly. As of October 27, 2026, it had paid $5.37 per share over the prior 12 months, a trailing yield of 8.79%. That figure looks backward. A leveraged fund's payouts can rise or fall sharply from year to year, so it is not a reliable measure of future income. The fund's price swings, with 1-year volatility of 44.7%, can easily outweigh what it pays out.
How has QQQU performed?
QQQU returned 32.98% in 2025, its first full calendar year. Its strongest quarter was a 38.07% gain in the period ending June 30, 2025. Its weakest was a 31.55% loss in the period ending March 31, 2025. Based on price, it was up 8.6% for 2026 through October 27, and up 5.5% over the year ending that date. Its deepest drop was 53.7%, and it took about 4.6 months to recover.