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EVMU

GradeCNew York Stock Exchange Arca

Direxion Daily Ether Bull 2X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2026-05-27

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$35.26−2.58 (−6.83%)

As of Sep 23, 2026, 2:05 PM EDT

History starts May 27, 2026.History starts May 27, 2026.History starts May 27, 2026.
Intraday session: down, 18 prints from 37.84 to 35.26. Range 35.05 to 37.55. Use the arrow keys to read each point.$36.00$37.0010 AM12 PM2 PM4 PM
Expense ratio
1.05%
Fund size
$2M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$30.22
52W range
low $13.19high $38.32

The ETF.net EVMU Grade

C

40/ 100

Rank 7 of 15 in 2x Long Crypto⁠

Confidence Medium

Six-pillar profile for EVMU. Scores out of 100: Cost 79, Risk 85, Mission not scored, Tradability 15, Holdings not scored, Durability 25. Strongest: Risk (85). Weakest: Tradability (15). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned61This cap took−21Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 79
    Category rank4/15 · top 27%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 85
    Category rank2/15 · top 13%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 15
    Category rank14/15 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 25
    Category rank11/15 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on EVMU

ETF.net Research

CA 2X ether trade that skips the futures market: EVMU uses swaps tied to a spot ether ETP, resets its leverage every day, and charges well under the typical leveraged crypto fund. Built for day-scale trades, not the back of a drawer.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to 200% of ether's price performance.

Why people hold it

  1. 01Targets 200% of ether's daily price move via swaps on a spot ether ETP (the iShares Ethereum Trust, ETHA), so there are no ether futures contracts to roll each month.direxion.com
  2. 02At 1.05% a year, the fee lands well below the 1.89% median for leveraged bull crypto funds.
  3. 03A 1940 Act fund that trades from a normal brokerage account: no wallet, no crypto exchange login, no private keys.direxion.com

Worth knowing

  1. 01Leverage resets daily. Hold longer than a day and results can differ materially from 2X ether over that stretch, especially after volatile swings.direxion.com
  2. 02Young (launched 2026) and thinly traded, which can mean wider bid-ask spreads than the cohort's established names like BITU and ETHT.
  3. 03EVMU does not hold ether itself. Its exposure comes from cash-settled swap agreements, so counterparty terms and swap financing costs sit between you and the coin.sec.govdirexion.com

EVMU Holdings

As of Sep 22, 2026, 10:03 PM
Asset class
Other
Holdings
—
Top-10 weight
100%
Largest holding
ETHA SWAP ASSET LEG (ETHACTL)20.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—ETHA SWAP ASSET LEG (ETHACTL)20.64%77,189$2M1
002—ETHA SWAP ASSET LEG (ETHAJPL)17.00%63,564$1M1
003—GOLDMAN FINL SQ TRSRY INST 50616.54%1,289,159$1M100
004—ETHA SWAP ASSET LEG (ETHAGSL)16.26%60,793$1M1
005—ETHA SWAP ASSET LEG (ETHAMLL)11.74%43,912$916K1
006—RECV ETHA ASSET SWAP7.82%29,254$610K1
007—DREYFUS TRSRY SECURITIES CASH MGMT5.57%434,483$434K82
008—DREYFUS GOVT CASH MAN INS4.42%344,394$344K108

Showing 1–8 of 8 holdings

EVMU Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

EVMU$22,852
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. EVMU $22,852. SPY $10,415. Use the arrow keys to read each point.$6,829$15,588$24,347Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for EVMU. Periods over one year show the average yearly return.
PeriodEVMU
Year to dateFund launched this year—
1 month+26.1%
3 months+128.5%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for EVMU
YearReturn barEVMU
2026 YTD+54.4%

Since listing, May 27, 2026

EVMU in the news

ETF.net Research hasn’t filed on EVMU yet — coverage lands here as it’s written.

EVMU Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.05 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2026

One bar per payment. 1 payment in 2026 YTD. Jun 23, 2026 $0.05. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Jun 23, 2026Jun 30, 2026$0.05

EVMU Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
—
Launched May 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched May 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched May 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.00
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

EVMU Cost

Expense ratio1.05%
  • The middle half of 2x Long Crypto funds
  • Median 1.89%

3 of the 15 2x Long Crypto funds charge less.

EVMU costs $105.00 a year on $10,000. The median 2x Long Crypto fund costs $189.00.