At a glance
SPUU charges 0.6% a year. It has $263.9M in assets, the 4th largest of that group; it paid 1.29% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.8% with distributions reinvested (S&P 500: +11.5%), 4th of those 6 funds; over three years it returned +44.0% a year. At its worst it fell 46.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months after the low. Its ten largest positions make up 34.6% of the fund, out of 504 in all.
The short version
Direxion Daily S&P 500 Bull 2x Shares (SPUU) aims to return twice the S&P 500's daily move, before fees. It does this with a mix of index stocks and swaps. Its exposure resets every trading day, so returns over months or years can drift far from twice the index. It charges 0.60% a year. With about $264 million in assets as of July 31, 2026, it is far smaller than ProShares Ultra S&P 500 (SSO).
Price history
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SPUU +20.8% 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 | |
|---|---|---|---|---|---|---|
| SPUU official prospectus, to Dec 31, 2025 | — | +26.81% | — | +21.56% | +23.23% | — |
| SPUU price data to Oct 27, 2026 | +22.8% | +20.8% | +44.0% | +17.3% | — | +27.8% |
- Over the year to Oct 27, 2026, SPUU returned +20.8%, 4th of 6 among similar funds.
- Its 5-year annualized return was +17.3%.
- Its worst full calendar year was 2022 (-38.7%); its best was 2021 (+61.3%).
- The deepest fall in its price history was 46.6% (Dec 29, 2021 to Oct 12, 2022), recovered by Feb 22, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +22.8% | — |
| 2025 | +26.5% | +26.81% |
| 2024 | +44.2% | +44.18% |
| 2023 | +47.3% | +47.10% |
| 2022 | -38.7% | -38.65% |
| 2021 | +61.3% | +60.87% |
| 2020 | — | +22.01% |
| 2019 | — | +64.74% |
| 2018 | — | -13.56% |
| 2017 | — | +44.76% |
| 2016 | — | +20.93% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 46.5% over that stretch · deepest drop along the way 46.6%, back to its old high 16.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8900 | |
| 2025 | $3.0000 | +270.4% |
| 2024 | $0.8100 | -4.7% |
| 2023 | $0.8500 | +37.1% |
| 2022 | $0.6200 | -82.5% |
| 2021 | $3.5400 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (7.21% of net assets), with its exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 6.95% | |
| APPLE INC | 6.49% | |
| MICROSOFT CORP | 4.94% | |
| AMAZON.COM INC | 3.80% | |
| ALPHABET INC Class A | 2.99% | |
| BROADCOM INC | 2.64% | |
| ALPHABET INC Class C | 2.41% | |
| META PLATFORMS INC | 1.75% | |
| JP MORGAN CHASE & COMPANY | 1.35% | |
| BERKSHIRE HATHAWAY INC | 1.34% | |
| MICRON TECHNOLOGY INC | 1.33% | |
| ELI LILLY & COMPANY | 1.30% | |
| TESLA INC | 1.25% | |
| ADVANCED MICRO DEVICES INC | 1.11% | |
| EXXONMOBIL HOLDINGS CORP | 0.92% |
By country
United States 91.95%Netherlands 0.08%By asset type
Stocks 92.03%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $21.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.26%, -2.54%, -0.66%.
How it works
SPUU tracks the S&P 500. S&P Dow Jones Indices picks the index's members based on company size, financial health, sector balance, how many shares trade freely, and how easily they trade. Bigger companies get bigger weights. The index is rebalanced every quarter. As of December 31, 2025, it had 503 members, with the largest share in technology. As of July 31, 2026, the fund's largest stocks were NVIDIA (7.0%), Apple (6.5%), Microsoft (4.9%) and Amazon (3.8%). Its top ten holdings made up 34.6% of assets.
To get twice the exposure, the fund puts at least 80% of its assets into index stocks, ETFs that track the index, and derivatives, mostly swaps and futures. A swap is a contract in which a bank agrees to pay the fund the index's return. As of July 31, 2026, the fund owned 504 stocks directly, held three S&P 500 index swaps, and kept about 7% in cash. If a swap bank fails to pay, the fund loses money.
At each day's close, the adviser, Rafferty Asset Management, resets the fund's exposure. After an up day it adds exposure, and after a down day it cuts back. Because of this daily reset, the prospectus warns that the fund will lose money if the index ends flat over time. It can even lose money while the index rises.
What it really costs
- SPUU charges 0.6% a year.
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.06% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $817 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPUU | $61 | $205 | $362 | $817 |
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 2x returns for a single trading day only, and the daily reset can push long-term results far from twice the index.
SPUU doubles the market's daily swings, and its losses have been deep. It fell 46.6% from January 2022 to October 12, 2022. It did not regain its old peak until February 22, 2024, about 16 months after that low. Its worst calendar year was 2022, at -38.65%, and its worst quarter was -40.92% in early 2020. The fund launched in 2014, so it has no record from 2008. Anyone who has to withdraw money during a drop like that locks in large losses. The trailing yield was 1.29% as of October 27, 2026, paid quarterly. The expense ratio is 0.60%, or $817 over ten years in the SEC's standard $10,000 example. 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
- Active traders who want twice the S&P 500's daily move and are willing to watch their positions every day.
- Traders who want 2x rather than 3x exposure to the same index offered by Direxion's SPXL or ProShares' UPRO.
- Short-term users who accept a 0.60% expense ratio and the risk that a swap bank fails to pay in exchange for leverage.
Look elsewhere if
- Retirees drawing money: the fund fell 46.6% in 2022 and took about 16 months after the low to recover.
- Buy-and-hold investors: daily resets mean multi-year returns can differ sharply from twice the index, and flat markets lose money.
- Income seekers: the trailing yield was just 1.29% as of October 27, 2026, paid quarterly, for a fund with about twice the market's swings.
Close alternatives
Matched by leveraged/inverse funds on the same index (s&p 500), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPUU this fund | 2× | 0.6% | $263.9M | +20.8% | +44.0% |
| SSO ProShares Ultra S&P 500 | 2× | — | $4.80B | +20.1% | +13.9% |
| SPXL Direxion Daily S&P 500 Bull 3X Shares | 3× | — | $4.00B | +26.4% | +62.6% |
| UPRO ProShares UltraPro S&P500 | 3× | — | $3.30B | +25.9% | +62.3% |
| HIBL Direxion Daily S&P 500 High Beta Bull 3X Sh… | 3× | — | $32.2M | +34.8% | +65.9% |
| SPYU MAX S&P 500 4X Leveraged ETN | 4× | — | $157.7M | +15.3% | — |
Questions investors ask
Is SPUU good for retirement?
SPUU is not built for retirement savings. Its prospectus says it seeks twice the S&P 500's return for a single trading day only. Over longer periods, daily compounding can make results differ sharply from twice the index. The fund fell 46.6% in 2022 and took about 16 months after the October 12, 2022 low to fully recover. For someone who needs to withdraw money in a bad year, those swings can do lasting damage.
What's the difference between SPUU and SSO?
Both funds aim for twice the S&P 500's daily return. SPUU comes from Direxion and SSO from ProShares. The biggest difference is size. SPUU had about $264 million in net assets as of July 31, 2026, while SSO has about $4.8 billion. One-year returns were close as of October 27, 2026: 20.8% for SPUU and 20.1% for SSO. SPUU's expense ratio is 0.60%. SSO's fees and trading costs are worth comparing directly.
What happens if you hold SPUU long term?
Over long periods, SPUU's returns can drift far from twice the S&P 500. In strong markets, holders have done well: the prospectus reports a 23.23% average annual return over ten years as of December 31, 2025. But the fund lost 38.65% in 2022 and 40.92% in the first quarter of 2020. The prospectus warns that the fund can lose money even in a period when the index rises.
Does SPUU pay dividends?
Yes. SPUU pays dividends every quarter. Over the twelve months to October 27, 2026, it paid $2.90 per share, a trailing yield of 1.29%. The income comes from the stocks the fund owns and the interest on its cash. The fund is designed for leveraged price exposure, not income, so the payout is small compared with its swings.
What is SPUU's expense ratio?
SPUU's expense ratio is 0.60% a year, according to its prospectus filed February 26, 2026. That includes a 0.50% management fee. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, total costs come to about $61 after one year, $205 after three, $362 after five and $817 after ten. Turnover was 37%, and the daily resets add trading costs that the expense ratio doesn't include.