Direxion Daily Metals & Mining Bull 2X Shares
MNM
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- Direxion Daily Metals & Mining Bull 2X Shares (MNM) is a leveraged exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 200% of the performance of the S&P Metals & Mining Select Industry Index. The fund provides exposure to U.S. companies classified in the metals and mining industry under the Global Industry Classification Standard, including sub-industries such as aluminum, coal and consumable fuels, copper, diversified metals and mining, gold, precious metals and minerals, silver, and steel; it achieves its leverage through derivatives including swaps and futures contracts. Top holdings typically include companies like Freeport-McMoRan Inc., Nucor Corp., Alcoa Corp., Newmont Corp., and Steel Dynamics Inc., with the portfolio concentrated in the materials sector. Launched on December 16, 2021, by Direxion Shares ETF Trust and managed by Rafferty Asset Management, LLC, MNM trades on the NYSE Arca exchange and targets sophisticated investors seeking short-term tactical exposure to the volatile metals and mining sector. Direxion, the fund sponsor founded in 1997 and headquartered in New York, New York, operates globally with offices in the U.S. and Hong Kong, managing approximately $50.6 billion in assets under management as of June 30, 2025 across a range of leveraged and inverse ETFs. In recent developments, Direxion has expanded its single-stock leveraged and inverse ETF offerings, launching new funds tied to Ford Motor Co. in July 2025, Boeing Co. and Exxon Mobil Corp. in April 2025, while appointing Mo Sparks as Chief Product Officer in April 2025 to bolster product strategy. The firm has also undertaken portfolio rationalization by closing underperforming ETFs, including the Work From Home ETF (WFH) and others in October 2025 and June 2025, reflecting ongoing adjustments to focus on high-conviction leveraged strategies. MNM itself remains active, with no reported closures or major reorganizations, maintaining its focus on daily 2X bull exposure amid fluctuating commodity markets.