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LABD

GradeDNew York Stock Exchange Arca

Direxion Daily S&P Biotech Bear 3X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2015-05-28 · SEC filings

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.

$7.41+0.84 (+12.88%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 59 prints from 6.56 to 7.41. Range 6.49 to 7.45. Use the arrow keys to read each point.$6.40$6.80$7.2010 AM12 PM2 PM4 PM
Expense ratio
1.08%
Fund size
$79M
1Y return
−84.8%
Yield · Last 12 months
9.90%
Holdings
11
Volume · 30D
12.6M sh
NAV per share
$7.10
52W range
low $5.81high $46.50

The ETF.net LABD Grade

D

35/ 100

Rank 10 of 14 in 3x Leveraged Inverse⁠

Confidence Medium

Six-pillar profile for LABD. Scores out of 100: Cost 42, Risk 13, Mission not scored, Tradability 42, Holdings not scored, Durability 46. Strongest: Durability (46). Weakest: Risk (13). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 35 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 42
    Category rank9/14 · mid-pack

  • 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.
    FScore 13
    Category rank13/14 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 42
    Category rank9/14 · mid-pack

  • 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.
    CScore 46
    Category rank8/14 · mid-pack

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

Our read on LABD

ETF.net Research

DBiotech trades on binary headlines, and LABD is the downside lever: 300% of the inverse daily move of the S&P Biotechnology Select Industry Index, reset every session. Built for the trading day, not the year.

Stated mandate

The fund seeks daily investment results equal to 300% of the inverse performance of the S&P Biotechnology Select Industry Index, before fees and expenses.

Why people hold it

  1. 01Runs 1.08% a year, under the typical leveraged or inverse fund's fee. Not cheap in absolute terms, but the low end of a pricey neighborhood.
  2. 02Aims at a modified equal-weight biotech index, so the short lands across dozens of small and mid-cap drug developers instead of two or three mega-caps.ssga.com
  3. 03One of the busier inverse sector funds, so fills and spreads are rarely the hard part on a day biotech is moving.
  4. 04Trading since 2015, with a 3x bull twin on the same index. Flipping direction doesn't mean switching benchmarks.direxion.com

Worth knowing

  1. 01The -3x target resets daily. Over longer stretches, compounding pulls results away from three times the index move; the prospectus frames it as a short-term trading vehicle.sec.gov
  2. 02Shorting biotech means a buyout or a trial readout can jolt the index against you, tripled. Risk sits at the extreme end even among leveraged funds.
  3. 03Distributions arrive quarterly and are incidental. This is a directional tool, not an income holding.

LABD Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Other
Holdings
11
Top-10 weight
153%
Largest holding
SPSIBI SWAP ASSET LEG (SPSIBIBCS)87.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPSIBI SWAP ASSET LEG (SPSIBIBCS)87.94%-14,469$-179M1
002—SPSIBI SWAP ASSET LEG (SPSIBIMLS)44.43%-7,311$-91M1
003—SPSIBI SWAP ASSET LEG (SPSIBIGSS)8.44%-1,388$-17M1
004—SPSIBI SWAP ASSET LEG (SPSIBICTS)7.37%-1,213$-15M1
005—SPSIBI SWAP ASSET LEG (SPSIBIUBS)3.04%-500$-6M1
006—SPSIBI SWAP ASSET LEG (SPSIBIJPS)2.24%-369$-5M1

Showing 1–6 of 6 holdings

LABD Performance

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

LABD$1,518
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. LABD $1,518. SPY $11,723. Use the arrow keys to read each point.$533$6,563$12,593Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – 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 LABD. Periods over one year show the average yearly return.
PeriodLABD
Year to date−68.5%
1 month+4.3%
3 months−33.9%
1 year−84.8%
3 years−67.4%per year
5 years−47.8%per year
10 years−56.4%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 LABD
YearReturn barLABD
2026 YTD−68.5%
2025−70.1%
2024−21.4%
2023−41.8%
2022−32.7%
2021+1.9%
2020−89.7%

LABD in the news

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

LABD 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.
9.90%Last 12 months
Payout per share
$0.65Last 12 months
Last payment
$0.08 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2018–2026

One bar per payment. 24 payments from 2018 to 2026 YTD. Mar 20, 2018 $8.88; Jun 19, 2018 $4.88; Sep 25, 2018 $17.16; Dec 27, 2018 $38.27; Mar 19, 2019 $11.29; Jun 25, 2019 $17.48; Sep 24, 2019 $11.71; Dec 23, 2019 $2.78; Mar 24, 2020 $9.95; Dec 20, 2022 $0.92; Mar 21, 2023 $2.18; Jun 21, 2023 $1.00; Sep 19, 2023 $1.92; Dec 21, 2023 $0.85; Mar 19, 2024 $0.66; Jun 25, 2024 $0.89; Sep 24, 2024 $0.58; Dec 23, 2024 $1.26; Mar 25, 2025 $0.55; Jun 24, 2025 $0.37; Sep 23, 2025 $0.26; Dec 23, 2025 $0.23; Mar 24, 2026 $0.09; Jun 23, 2026 $0.08. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Jun 23, 2026Jun 30, 2026$0.08
Mar 24, 2026Mar 31, 2026$0.09
Dec 23, 2025Dec 31, 2025$0.23
Sep 23, 2025Sep 30, 2025$0.26
Jun 24, 2025Jul 1, 2025$0.37
Mar 25, 2025Apr 1, 2025$0.55
Dec 23, 2024Dec 31, 2024$1.26
Sep 24, 2024Oct 1, 2024$0.58
Jun 25, 2024Jul 2, 2024$0.89
Mar 19, 2024Mar 26, 2024$0.66
Dec 21, 2023Dec 29, 2023$0.85
Sep 19, 2023Sep 26, 2023$1.92

LABD 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.
73.5%
Annualised · 36 months to Aug 2026
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.
−1.03
vs 3-month T-bills · to Aug 2026
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.
−99.2%
Trough Aug 2026
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.
−3.35
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.

LABD Cost

Expense ratio1.08%
  • The middle half of 3x Leveraged Inverse funds
  • Median 1.05%

8 of the 14 3x Leveraged Inverse funds charge less.

LABD costs $108.00 a year on $10,000. The median 3x Leveraged Inverse fund costs $105.00.