# MUD (Direxion Daily MU Bear 1X ETF)

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: MUD returned −14.5% where its own daily promise gave −16.1%, 1.6 points over.

## Key facts

- MUD, what MU did: +3.2%, as of Sep 30, 2026.
- MUD, what −1 times a day gives: −16.1%, as of Sep 30, 2026.
- MUD, what the fund returned: −14.5%, as of Sep 30, 2026.
- MUD, the fund itself added: +1.6 pts, as of Sep 30, 2026.
- MUD, net assets: $31m (issuer page, as of Sep 30, 2026).
- MUD, expense ratio: 1.02% (485BPOS XBRL, Feb 26, 2026).

## MUD over each window to Sep 30, 2026

| Window | Fund | MU | -1x the move | Difference | MU moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −11.7% | +11.1% | −11.1% | −0.6 pts | 49% |
| 3 months | −14.5% | +3.2% | −3.2% | −11.3 pts | 76% |
| 6 months | −76.7% | +189.6% | not meaningful over this window | not meaningful over this window | 91% |
| 1 year | −91.5% | +537.6% | not meaningful over this window | not meaningful over this window | 81% |
| Since launch | −96.0% | +913.1% | 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 +3.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | MU | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $31m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.02% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Oct 10, 2024 | ETFIQ |
| Underlying volatility over the window | 76% annualized | ETFIQ |

## Questions

### Did MUD return -1 times MU?

Over the window to Sep 30, 2026, MU moved +3.2% and MUD returned −14.5%. −1 times that move is −3.2%, so the fund came out 11.3 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 30, 2026. https://etfiq.com/funds/mud
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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