# MUD (Direxion Daily MU Bear 1X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: MUD returned −17.6% where its own daily promise gave −19.1%, 1.6 points over.

## Key facts

- MUD, what MU did: −0.6%, as of Sep 11, 2026.
- MUD, what −1 times a day gives: −19.1%, as of Sep 11, 2026.
- MUD, what the fund returned: −17.6%, as of Sep 11, 2026.
- MUD, the fund itself added: +1.6 pts, as of Sep 11, 2026.
- MUD, net assets: $28m (source, as filed for Apr 30, 2026).
- MUD, expense ratio: not read by ETFIQ, as of Sep 11, 2026.

## MUD over each window to Sep 11, 2026

| Window | Fund | MU | -1x the move | Difference | MU moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −8.1% | +7.0% | −7.0% | −1.1 pts | 53% |
| 3 months | −17.6% | −0.6% | +0.6% | −18.2 pts | 94% |
| 6 months | −71.2% | +129.0% | not meaningful over this window | not meaningful over this window | 94% |
| 1 year | −91.6% | +548.8% | not meaningful over this window | not meaningful over this window | 81% |
| Since launch | −95.5% | +827.6% | not meaningful over this window | not meaningful over this window | 72% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of MU, reset daily | ETFIQ |
| Multiple a holder actually got over the window | MU moved −0.6% over this window, too little to read a multiple from | ETFIQ |
| Underlying | MU | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $28m | source, as filed for Apr 30, 2026 |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Oct 10, 2024 | ETFIQ |
| Underlying volatility over the window | 94% annualized | ETFIQ |

## Questions

### Did MUD return -1 times MU?

Over the window to Sep 11, 2026, MU moved −0.6% and MUD returned −17.6%. 1 times that move is +0.6%, so the fund came out 18.2 points short of it.

### Why does MUD not return -1 times over a year?

Because it resets daily. MUD aims at -1 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -1 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, MUD, data as of Sep 11, 2026. https://etfiq.com/funds/MUD
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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