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NFXS

GradeCNASDAQ Global Market

Direxion Daily NFLX Bear 1X ETF

Leveraged · Single-Stock Leveraged · Direxion · Inception 2024-10-03

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.

$21.03+0.16 (+0.78%)

As of Sep 23, 2026, 2:14 PM EDT

History starts Oct 3, 2024.
Intraday session: up, 39 prints from 20.87 to 21.03. Range 20.87 to 21.14. Use the arrow keys to read each point.$20.90$21.1010 AM12 PM2 PM4 PM
Expense ratio
1.13%
Fund size
$4M
1Y return
+58.1%
Yield · Last 12 months
2.90%
Holdings
5
Volume · 30D
0M sh
NAV per share
$20.16
52W range
low $13.29high $23.28

The ETF.net NFXS Grade

C

40/ 100

Rank 32 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for NFXS. Scores out of 100: Cost 82, Risk 95, Mission 95, Tradability 39, Holdings not scored, Durability 51. Strongest: Risk (95). Weakest: Tradability (39). Based on 5 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 earned79This cap took−39Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 82
    Category rank11/58 · top 19%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 95
    Category rank14/31 · top 45%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 95
    Category rank1/48 · top 2%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 39
    Category rank37/58 · 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 51
    Category rank27/58 · top 47%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on NFXS

ETF.net Research

CThe plain-vanilla short. While the inverse single-stock aisle piles on 2x, NFXS aims for one times the opposite of Netflix's daily move: no margin account, no stock to borrow, just a ticker you can buy.

Stated mandate

The fund seeks daily investment results equal to 100% of the inverse of Netflix common shares' performance, before fees and expenses.

Why people hold it

  1. 01One dose of inverse, not two. The fund aims for -100% of Netflix's daily move, so a bad day bites at the stock's own speed rather than double it.direxion.com
  2. 02The 1.13% annual fee sits below the median for inverse single-stock funds, and under Direxion's own MSFT bear sibling, MSFD.
  3. 03It has hit its stated daily inverse target tightly, one of the stronger implementations in its bear single-stock peer group.
  4. 04A registered 1940 Act fund, so the share price is the whole commitment: no borrow to locate, no margin call if Netflix rips higher overnight.

Worth knowing

  1. 01The -100% objective resets every day. Hold for weeks and the result can drift far from the inverse of Netflix's move over that stretch, especially in a choppy tape.
  2. 02Small and thinly traded. Spreads can widen, so limit orders and calmer mid-session trading matter more here than in a mega-fund.
  3. 03One stock, one direction. Earnings night lands undiluted, and with a 2024 launch the fund has only a short history behind it.

NFXS Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Other
Holdings
5
Top-10 weight
13832%
Largest holding
NFLX SWAP ASSET LEG (NFLXGSS)7697.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—NFLX SWAP ASSET LEG (NFLXGSS)7697.59%-27,423$-2M1
002—NFLX SWAP ASSET LEG (NFLXBCS)3167.12%-11,283$-828K1
003—NFLX SWAP ASSET LEG (NFLXCTS)2015.69%-7,181$-527K1
004—NFLX SWAP ASSET LEG (NFLXMLS)951.57%-3,390$-249K1

Showing 1–4 of 4 holdings

NFXS Performance

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

NFXS$15,810
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. NFXS $15,810. SPY $11,723. Use the arrow keys to read each point.$8,921$13,346$17,771Sep 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 NFXS. Periods over one year show the average yearly return.
PeriodNFXS
Year to date+22.2%
1 month+9.0%
3 months−1.5%
1 year+58.1%
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 NFXS
YearReturn barNFXS
2026 YTD+22.2%
2025−8.5%
2024−21.2%

Since listing, Oct 3, 2024

NFXS in the news

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

NFXS 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.
2.90%Last 12 months
Payout per share
$0.61Last 12 months
Last payment
$0.15 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2024–2026

One bar per payment. 7 payments from 2024 to 2026 YTD. Dec 23, 2024 $0.17; Mar 25, 2025 $0.15; Jun 24, 2025 $0.08; Sep 23, 2025 $0.21; Dec 23, 2025 $0.16; Mar 24, 2026 $0.08; Jun 23, 2026 $0.15. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Jun 23, 2026Jun 30, 2026$0.15
Mar 24, 2026Mar 31, 2026$0.08
Dec 23, 2025Dec 31, 2025$0.16
Sep 23, 2025Sep 30, 2025$0.21
Jun 24, 2025Jul 1, 2025$0.08
Mar 25, 2025Apr 1, 2025$0.15
Dec 23, 2024Dec 31, 2024$0.17

NFXS 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.
36.5%
Annualised · 22 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.
−0.16
vs 3-month T-bills · 22 months 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.
−50.4%
23 months · trough Jun 2025
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.
−0.29
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.

NFXS Cost

Expense ratio1.13%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

10 of the 43 Single-Stock Inverse funds charge less.

NFXS costs $113.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.