At a glance
URAA charges 1.3% a year. It has $28.5M in assets; it paid 19.72% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −60.8% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily Uranium Industry Bull 2X Shares (URAA) seeks twice the daily return of a Solactive index of uranium and nuclear energy ETFs built around the Global X Uranium ETF and Sprott Uranium Miners ETF. Traders may use it for short, amplified bets on uranium stocks, but daily resets mean longer-term returns can stray far from double the index. It charges 1.30% annually and fell 76.7% from January 28 to October 22, 2026.
Price history
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URAA -60.8% 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 | |
|---|---|---|---|---|---|---|
| URAA official prospectus, to Dec 31, 2025 | — | +89.44% | — | — | — | +26.14% |
| URAA price data to Oct 27, 2026 | -48.3% | -60.8% | — | — | — | -13.3% |
- Over the year to Oct 27, 2026, URAA returned -60.8%.
- Its worst full calendar year was 2025 (+88.6%); its best was 2025 (+88.6%).
- The deepest fall in its price history was 76.7% (Jan 28, 2026 to Oct 22, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -48.3% | — |
| 2025 | +88.6% | +89.44% |
| 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) | $0.4900 | |
| 2025 | $2.8700 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (53.83% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Fund held | Weight | |
|---|---|---|
| GLOBAL X URANIUM ETF | 32.03% | |
| VANECK URANI & NUCLR ETF-USD | 23.28% | |
| SPROTT URANIUM MINERS ETF | 10.47% |
By country
United States 65.78%By asset type
Stocks 65.78%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -20.16%, -27.75%, -19.40%.
How it works
URAA follows a Solactive AG index of U.S.-listed uranium and nuclear energy ETFs. Its core components are the Global X Uranium ETF (URA) and the Sprott Uranium Miners ETF (URNM). Other ETFs can join if FactSet classifies them as “Nuclear Energy” and they have at least $1 billion in market value. The index is weighted by market value and rebalanced quarterly. As of December 31, 2025, it held only URA and URNM. As of July 31, 2026, the fund held URA (32.0% of net assets), the VanEck Uranium and Nuclear ETF (23.3%) and URNM (10.5%).
To reach twice the index's daily move, the fund adds swap agreements. These are contracts with a bank or other counterparty that pass the index's gains and losses through to the fund. As of July 31, 2026, it held five swaps and kept 53.8% of net assets in cash and cash-like holdings. At each market close, Rafferty Asset Management resets the fund's exposure. It adds exposure after the index rises and cuts it after the index falls.
That daily reset matters. Returns over longer periods are each day's results compounded, so they will very likely differ from 200% of the index's return. They usually fall short in choppy markets. If a swap counterparty fails to pay, the fund loses money, and holders indirectly bear the underlying ETFs' fees. The prospectus warns that investors could lose all their money.
What it really costs
- URAA charges 1.3% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.16% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $132 in the first year and $1,733 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| URAA | $132 | $446 | $782 | $1,733 |
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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
Its 2x leverage resets every trading day on a narrow basket of uranium ETFs, and the prospectus says it does not seek its target over periods longer than a day.
URAA adds doubled daily exposure to uranium stocks, and it is built for days, not decades. It launched on June 26, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 89.44%. Its price then fell 76.7% from January 28 to October 22, 2026, and had not recovered by October 27. Anyone who needed cash during that slide would have locked in deep losses. The trailing yield was 19.72% as of October 27, 2026, paid quarterly. That figure is high partly because the share price fell so far, and payouts from leveraged funds can vary widely.
Costs add up: 1.30% a year. In the SEC's standard example of $10,000 earning 5% a year, that comes to $132 after one year and $1,733 after ten. Past results don't predict the future, and a plan needs to 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 one-day move of a Solactive index built on URA and URNM, and who monitor positions daily.
- Short-term speculators who can absorb swings like a 141.42% gain in the quarter ended June 30, 2025, and a 76.7% slide in 2026.
- Traders who want leveraged uranium exposure without borrowing money themselves and accept a 1.30% yearly expense ratio for holding periods measured in days.
Look elsewhere if
- Retirees and long-term holders: daily resets make multi-month returns unpredictable, and the price fell 60.8% in the year to October 27, 2026.
- Income seekers: the 19.72% trailing yield as of October 27, 2026, partly reflects a much lower share price, and leveraged fund payouts vary widely.
- Investors wanting diversified, low-cost exposure: it charges 1.30% a year and, as of July 31, 2026, held just three uranium-focused ETFs.
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 URAA a good long-term investment?
It isn't designed for long-term holding. URAA seeks 200% of its index's return for a single trading day, and the prospectus says it does not aim for that target over longer periods. Because its exposure resets daily, returns compound and can drift far from double the index. Swings can be severe. After an 89.44% gain in 2025, the price fell 48.3% in 2026 through October 27 and 60.8% over the year to that date.
What's the difference between URAA and URA?
URAA is a leveraged fund that holds URA, while URA owns uranium-related stocks directly. URA tracks the Solactive Global Uranium & Nuclear Components Total Return Index of uranium miners and nuclear component makers. URAA follows a separate Solactive index of uranium ETFs and uses swaps to seek twice that index's daily return. As of July 31, 2026, URA made up 32.0% of URAA's net assets. The VanEck Uranium and Nuclear ETF made up 23.3% and the Sprott Uranium Miners ETF 10.5%. URAA holders also indirectly bear URA's fees.
Does URAA pay dividends?
Yes. URAA pays distributions quarterly. Payouts over the trailing year totaled $3.14 per share, a 19.72% yield as of October 27, 2026. That yield looks high partly because the share price fell 60.8% over the same year, and a yield based on past payouts rises when the price drops. Payouts from leveraged funds can vary widely, so the past figure is a weak guide to future income.
How risky is URAA?
Very risky. Its one-year volatility, a measure of how widely returns swing, was 98.4% as of October 27, 2026. The price fell 76.7% from January 28 to October 22, 2026, and had not recovered by October 27. Its strongest quarter gained 141.42% (ended June 30, 2025) and its weakest lost 33.63% (ended March 31, 2025). The prospectus warns that investors could lose all of their money.
What is URAA's expense ratio?
URAA's expense ratio is 1.30% a year after a 0.16% fee waiver, according to the prospectus filed February 26, 2026. That figure includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, costs total $132 after one year, $446 after three, $782 after five and $1,733 after ten. Because URAA invests in other funds, its holders also indirectly bear those ETFs' costs.