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FAS vs MIDU

Direxion Daily Financial Bull 3X ETF

FASANYSE Arca

Direxion Daily Mid Cap Bull 3X ETF

MIDUCNYSE Arca

Overlap

7.1%by weight

Expense ratio

FAS −0.10pt a year

FAS0.88%MIDU0.98%

Avg volume · 30D

FAS 21.1×the volume

FAS413KMIDU19.6K

10Y return · a year

FAS +10.2pt

FAS+20.9%MIDU+10.7%

FAS vs MIDU Performance

Oct 29, 2021 – Oct 30, 2026

+31.4%FAS−3.5%MIDU

Oct 29, 2021 to Oct 30, 2026. FAS +31.4%. MIDU −3.5%. Use the arrow keys to read each point.−60%−40%−20%Oct 2021Apr 2024Oct 2026
Expense ratio
FAS 0.88%, better
MIDU 0.98%
Fund size
FAS $2.17B
MIDU $64M
1Y total return
FAS +12.3%
MIDU +27.2%, better
Yield (12M)
FAS 8.87%, better
MIDU 0.46%
Holdings
FAS 87
MIDU 406
Avg volume (30D)
FAS 413K sh, better
MIDU 19.6K sh
NAV per share
FAS $168.18
MIDU $64.14
52W range

ETF.net Grade

FAS: Cost 92, Risk 69, Mission not scored, Tradability 73, Holdings not scored, Durability 66. MIDU: Cost 38, Risk 68, Mission not scored, Tradability 26, Holdings not scored, Durability 48.
Pillar letters and Scores for FAS, MIDU, with each pillar’s weight
PillarFASMIDU
Cost30% weightA92HigherD38
Mission25% weightNot scoredNot scored
Risk15% weightB69HigherB68
Tradability15% weightA73HigherD26
Holdings10% weightNot scoredNot scored
Durability5% weightB66HigherC48

Rank among 3x Leveraged Long funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FAS and MIDU are both graded against the same 30 3x Leveraged Long funds, so their Grades compare head to head.

3x Leveraged Long⁠

Category · 30 funds
See all 30 ›

FAS ranks 3rd and MIDU 19th of 30 funds in the 3x Leveraged Long Category.

  1. Rank 1ATQQQProShares UltraPro QQQScore 86
  2. Rank 2AUDOWProShares UltraPro Dow30Score 81
  3. Rank 3AFASDirexion Daily Financial Bull 3X ETFScore 80
  4. Rank 4ASOXLDirexion Daily Semiconductor Bull 3X ETFScore 76
  5. Rank 18CDRNDirexion Daily Real Estate Bull 3X ETFScore 44
  6. Rank 19CMIDUDirexion Daily Mid Cap Bull 3X ETFScore 42
  7. Rank 20CTNADirexion Daily Small Cap Bull 3X ETFScore 41

Our read on each fund

ETF.net Research

FASADirexion Daily Financial Bull 3X ETF

MIDUCDirexion Daily Mid Cap Bull 3X ETF

In short

FAS Born in November 2008 with the banking system on fire, FAS aims to deliver three times the daily move of the Financial Select Sector Index. A one-day tool on roughly 80 financial stocks, built around a single-day objective.

MIDU Most 3x money chases the Nasdaq-100 and semiconductors. MIDU aims the same engine at the forgotten middle: 300% of the daily move of the S&P MidCap 400, and it has been doing that since 2009.

Stated mandate

FAS The fund seeks a daily return equal to three times the performance of the Financial Select Sector Index, before fees and expenses. It is designed for a single-day objective rather than a multiple of the index’s cumulative return over longer periods.

MIDU The fund seeks daily investment results, before fees and expenses, equal to 300% of the performance of the S&P Mid Cap 400 Index.

Why people hold it

  • FAS Launched in November 2008, into the crisis itself, and still one of the strongest implementations in its 3x peer group.
  • Costs 0.88% net of a waiver through September 1, 2027 (0.92% gross), below the median for 3x leveraged funds.
  • A multi-billion-dollar fund that trades steadily, so the leverage arrives in a reasonably liquid wrapper.
  • Straightforward plumbing: 3x the daily move of one named large-cap financials index, about 80 stocks, no stock-picking overlay.
  • MIDU One job, stated plainly: 300% of the S&P MidCap 400's daily move, roughly 400 mid-sized US companies, reset every trading day.direxion.com
  • Leveraged mid-cap exposure is a thin shelf in a category crowded with tech and sector bets. MIDU has stocked it since January 2009.direxion.com
  • Costs 0.98% net of a waiver through September 1, 2027 (0.99% gross), which sits near the median fee for 3x funds.

Worth knowing

  • FAS The 3x goal resets every day. Hold longer and compounding can push results away from three times the index's move over that stretch, especially in choppy markets.
  • Leverage runs both directions: down days are magnified just as sharply, and this is one sector in one direction with no diversification cushion.
  • Not the cheapest 3x on the shelf: SOXL runs 0.75% and TQQQ 0.78%, each net of waivers through September 1, 2027 and September 30, 2027.
  • MIDU The 3x target resets daily. Hold longer than a day and results can drift well away from 3x the index, especially through choppy, back-and-forth markets.direxion.com
  • It trades thinly next to the category's headline names, so bid-ask spreads and limit orders matter more here than in SOXL or TQQQ.
  • Cheaper 3x options exist, pointed elsewhere: SOXL at 0.75% and TQQQ at 0.78%, each net of a waiver (through September 1, 2027 and September 30, 2027).

Full FAS profile⁠

Full MIDU profile⁠

FAS vs MIDU Holdings

How FAS and MIDU differ

Overlap by weight

7.1%

Shared holdings make up 8.8% of MIDU and 8.4% of FAS.

Level by level

  • Holdings1 in both7.1%
  • Sector11 Sectors15.4%
  • Countryby domicile98.2%
  • Asset classEquity100%

Sector

Sector weights in FAS and MIDU, widest gap first
SectorMore in FASMore in MIDU
FinancialsFAS +84.6 points
IndustrialsMIDU +22.0 points
TechnologyMIDU +16.5 points
Health CareMIDU +10.5 points
Consumer DiscretionaryMIDU +10.1 points
Real EstateMIDU +7.9 points
EnergyMIDU +5.3 points
MaterialsMIDU +4.9 points
Consumer StaplesMIDU +3.2 points
UtilitiesMIDU +2.8 points
CommunicationMIDU +1.5 points

Country, concentration and asset class

Country by domicile

Country weights in FAS and MIDU, widest gap first
CountryMore in FASMore in MIDU
SwitzerlandFAS +1.6 points
United KingdomMIDU +1.2 points
Other countries (4)MIDU +0.4 points

Concentration

Weight in the 10 largest Holdings

  • FAS79.0%
  • MIDU79.9%

Securities held

  • FAS77
  • MIDU401

Asset class

FAS
Equity
MIDU
Equity

Holdings

  • Only in FAS76
  • In both1
  • Only in MIDU400

Only in FAS

76 securities, 20.3% of FAS by weight

  • Berkshire Hathaway Inc-Cl B2.56%
  • JPMorgan Chase & Co2.31%
  • Visa Inc-Class A Shares1.77%

Only in MIDU

400 securities, 20.8% of MIDU by weight

  • Okta Inc0.22%
  • Technipfmc PLC0.16%
  • United Therapeutics Corp0.15%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in FAS and MIDU, widest gap first
HoldingMore in FASMore in MIDU
Goldman Finl Sq Trsry Inst 506MIDU +1.61 points

All 84 FAS holdings⁠All 408 MIDU holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FAS vs MIDU Cost

Overpaying MIDU vs FAS

$1,657

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FAS 0.88%

    $16,705

  • MIDU 0.98%

    $18,362

$10,000
30 years

Cost over time

  • FAS 0.88%
  • MIDU 0.98%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530MIDU $18,362FAS $16,705

Year by year

YearFASMIDUOverpaying
10$1,559$1,729$170
20$5,891$6,504$613
30$16,705$18,362$1,657

Expense ratio

  • 0.88%FAS, cheaper
  • 0.98%MIDU
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

FAS 4th cheapest of 30 funds

MIDU 18th cheapest of 30 funds

FAS vs MIDU Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FAS 8.87%, better
MIDU 0.46%
Payout (12M)
FAS $14.62
MIDU $0.28
Last payment
FAS $1.00
MIDU $0.01
Ex-dividend
FAS Sep 22, 2026
MIDU Sep 22, 2026
Paid on
FAS Sep 29, 2026
MIDU Sep 29, 2026
Frequency
FAS Quarterly
MIDU Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FASQuarterly · 36 paymentsAll FAS payments⁠
One bar per payment. 36 payments from 2017 to 2026 YTD. Dec 19, 2017 $0.08; Mar 20, 2018 $0.13; Jun 19, 2018 $0.16; Sep 25, 2018 $0.19; Dec 27, 2018 $0.16; Mar 19, 2019 $0.16; Jun 25, 2019 $0.17; Sep 24, 2019 $0.15; Dec 23, 2019 $0.11; Mar 24, 2020 $0.12; Jun 23, 2020 $0.04; Sep 22, 2020 $0.05; Dec 22, 2020 $0.08; Mar 23, 2021 $0.13; Jun 22, 2021 $0.14; Sep 21, 2021 $0.15; Dec 21, 2021 $0.36; Jun 22, 2022 $0.12; Sep 20, 2022 $0.22; Dec 20, 2022 $0.33; Mar 21, 2023 $0.17; Jun 21, 2023 $0.62; Sep 19, 2023 $0.29; Dec 21, 2023 $0.38; Mar 19, 2024 $0.36; Jun 25, 2024 $0.27; Sep 24, 2024 $0.32; Dec 23, 2024 $0.19; Mar 25, 2025 $0.46; Jun 24, 2025 $0.50; Sep 23, 2025 $0.39; Dec 10, 2025 $12.09; Dec 23, 2025 $0.39; Mar 24, 2026 $0.60; Jun 23, 2026 $0.53; Sep 22, 2026 $1.00. Use the arrow keys to read each point.$0$102017202020232026YTD
MIDUQuarterly · 23 paymentsAll MIDU payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Dec 13, 2017 $1.17; Sep 25, 2018 $0.03; Dec 27, 2018 $0.16; Jun 25, 2019 $0.18; Dec 23, 2019 $0.17; Jun 23, 2020 $0.01; Dec 22, 2020 $0.01; Dec 20, 2022 $0.04; Mar 21, 2023 $0.10; Jun 21, 2023 $0.21; Sep 19, 2023 $0.04; Dec 21, 2023 $0.28; Mar 19, 2024 $0.05; Jun 25, 2024 $0.25; Sep 24, 2024 $0.15; Dec 23, 2024 $0.13; Mar 25, 2025 $0.17; Jun 24, 2025 $0.21; Sep 23, 2025 $0.09; Dec 23, 2025 $0.06; Mar 24, 2026 $0.09; Jun 23, 2026 $0.11; Sep 22, 2026 $0.01. Use the arrow keys to read each point.$0$102017202020232026YTD

FAS vs MIDU Risk

Fall from peak · 5 years

  • FAS
  • MIDU
Oct 29, 2021 to Oct 30, 2026. Worst fall: FAS −66.9% · Oct 2023. Use the arrow keys to read each point.−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FAS 46.3%, betterMIDU 46.5%
Return per unit of riskSharpe ratio, 3 years
FAS 1.03, betterMIDU 0.72
Worst fallMax drawdown, 5 years
FAS −66.9%MIDU −64.1%, better
Market sensitivityBeta, 5 years
FAS 2.63MIDU 3.06

Popular comparisons

  • FASAvsTQQQA

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    Expense ratio
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  • MIDUCvsTQQQA

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