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FAS vs UMDD

Direxion Daily Financial Bull 3X ETF

FASANYSE Arca

ProShares UltraPro MidCap 400

UMDDBNYSE Arca

Overlap

Expense ratio

FAS −0.07pt a year

FAS0.88%UMDD0.95%

Avg volume · 30D

FAS 68.7×the volume

FAS408KUMDD5.94K

10Y return · a year

FAS +11.4pt

FAS+23.2%UMDD+11.8%

FAS vs UMDD Performance

Nov 4, 2021 – Nov 4, 2026

+51.0%FAS−9.7%UMDD

Nov 4, 2021 to Nov 4, 2026. FAS +51.0%. UMDD −9.7%. Use the arrow keys to read each point.−50%−25%25%Nov 2021May 2024Nov 2026
Expense ratio
FAS 0.88%, better
UMDD 0.95%
Fund size
FAS $2.06B
UMDD $28M
1Y total return
FAS +27.3%
UMDD +36.6%, better
Yield (12M)
FAS 7.80%, better
UMDD 0.58%
Holdings
FAS 88
UMDD 401
Avg volume (30D)
FAS 408K sh, better
UMDD 5.94K sh
NAV per share
FAS $164.44
UMDD $32.62
52W range

ETF.net Grade

FAS: Cost 92, Risk 69, Mission not scored, Tradability 75, Holdings not scored, Durability 66. UMDD: Cost 62, Risk 67, Mission not scored, Tradability 39, Holdings not scored, Durability 49.
Pillar letters and Scores for FAS, UMDD, with each pillar’s weight
PillarFASUMDD
Cost30% weightA92HigherB62
Mission25% weightNot scoredNot scored
Risk15% weightB69HigherB67
Tradability15% weightA75HigherD39
Holdings10% weightNot scoredNot scored
Durability5% weightB66HigherC49

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 UMDD 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 2nd and UMDD 10th of 30 funds in the 3x Leveraged Long Category.

  1. Rank 1ATQQQProShares UltraPro QQQScore 86
  2. Rank 2AFASDirexion Daily Financial Bull 3X ETFScore 80
  3. Rank 2AUDOWProShares UltraPro Dow30Score 80
  4. Rank 9BURTYProShares UltraPro Russell2000Score 63
  5. Rank 10BUMDDProShares UltraPro MidCap 400Score 56
  6. Rank 11CLABUDirexion Daily S&P Biotech Bull 3X SharesScore 54

Our read on each fund

ETF.net Research

FASADirexion Daily Financial Bull 3X ETF

UMDDBProShares UltraPro MidCap 400

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.

UMDD The 3x shelf crowds into big tech and chips. UMDD points at the middle of the market: three times the daily move of the S&P MidCap 400, for 0.95% net of a waiver through September 30, 2027.

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.

UMDD The fund seeks daily investment results, before fees and expenses, corresponding to three times the daily performance of the S&P MidCap 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.
  • UMDD A single ticker for 3x daily mid-cap exposure, a corner of the 3x shelf dominated by the Nasdaq-100, the Dow and sector bets.proshares.com
  • The leverage is packaged inside the fund, so you get magnified exposure to about 400 mid-sized US companies without running your own margin account.proshares.com
  • Trading since 2010, which is long tenure for a daily-reset product, and it still rates in the upper half of its 3x peer group.
  • 0.95% net of a waiver through September 30, 2027 sits near the 3x category norm; stablemate TQQQ is cheaper at 0.78%, net of a waiver through the same date.

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.
  • UMDD The 3x target resets daily. Hold longer and compounding takes over, so results over weeks or months can diverge widely from 3x the index move, especially in choppy tape.proshares.com
  • Thinly traded next to the headline 3x funds, so spreads and limit orders matter more here than on TQQQ or SOXL.
  • The 0.95% rate is contractual, not permanent: gross expenses are 1.39%, with the waiver running to September 30, 2027.

Full FAS profile⁠

Full UMDD profile⁠

FAS vs UMDD 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 UMDD Cost

Overpaying UMDD vs FAS

$1,164

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

  • FAS 0.88%

    $16,705

  • UMDD 0.95%

    $17,869

$10,000
30 years

Cost over time

  • FAS 0.88%
  • UMDD 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530UMDD $17,869FAS $16,705

Year by year

YearFASUMDDOverpaying
10$1,559$1,678$119
20$5,891$6,322$431
30$16,705$17,869$1,164

Expense ratio

  • 0.88%FAS, cheaper
  • 0.95%UMDD
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

FAS 4th cheapest of 30 funds

UMDD 9th cheapest of 30 funds

FAS vs UMDD Dividends

Last 12 months to Nov 4, 2026
Yield (12M)
FAS 7.80%, better
UMDD 0.58%
Payout (12M)
FAS $14.62
UMDD $0.19
Last payment
FAS $1.00
UMDD $0.03
Ex-dividend
FAS Sep 22, 2026
UMDD Sep 23, 2026
Paid on
FAS Sep 29, 2026
UMDD Sep 29, 2026
Frequency
FAS Quarterly
UMDD 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
UMDDQuarterly · 26 paymentsAll UMDD payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Sep 26, 2018 $0.0057; Dec 26, 2018 $0.04; Mar 20, 2019 $0.02; Jun 25, 2019 $0.04; Sep 25, 2019 $0.06; Dec 24, 2019 $0.04; Mar 25, 2020 $0.01; Dec 23, 2020 $0.0046; Dec 23, 2021 $0.02; Mar 23, 2022 $0.01; Jun 22, 2022 $0.01; Sep 21, 2022 $0.03; Dec 22, 2022 $0.03; Mar 22, 2023 $0.005; Dec 20, 2023 $0.04; Mar 20, 2024 $0.0099; Jun 26, 2024 $0.04; Sep 25, 2024 $0.05; Dec 23, 2024 $0.11; Mar 26, 2025 $0.03; Jun 25, 2025 $0.07; Sep 24, 2025 $0.08; Dec 24, 2025 $0.08; Mar 25, 2026 $0.04; Jun 24, 2026 $0.04; Sep 23, 2026 $0.03. Use the arrow keys to read each point.$0$102017202020232026YTD

FAS vs UMDD Risk

Fall from peak · 5 years

  • FAS
  • UMDD
Nov 4, 2021 to Nov 4, 2026. Worst fall: FAS −66.9% · Oct 2023. Use the arrow keys to read each point.−60%−40%−20%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
FAS 46.3%, betterUMDD 46.7%
Return per unit of riskSharpe ratio, 3 years
FAS 1.03, betterUMDD 0.71
Worst fallMax drawdown, 5 years
FAS −66.9%UMDD −64.6%, better
Market sensitivityBeta, 5 years
FAS 2.63UMDD 3.07

Popular comparisons

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