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Launched · SEC filings

Direxion Daily PANW Bear 1X ETF

PALDNasdaqDirexionCThis 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.

$10.82+0.09 (+0.84%)

As of Nov 10, 2026, 11:21 AM ET

C40/ 100

Rank 30 of 58 in Single-Stock Inverse

C40/100Rank 30 of 58inSingle-Stock Inverse
Intraday session: up, 23 prints from 10.73 to 10.82. Range 10.82 to 11.17. Use the arrow keys to read each point.10.9011.0011.1010 AM12 PM2 PM4 PM
Expense ratio
1.02%*
Fund size
$4M
1Y total return
−47.6%
Yield · Last 12 months
4.95%
Holdings
4
Avg volume · 30D
109K sh
52W range
low $8.50high $30.87
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 1, 2027. Without it: 2.33%.

The ETF.net PALD Grade

Based on 5 of 6 pillars

C

Score 40 out of 100

Category
Single-Stock Inverse⁠
Rank
30 of 58
Six-pillar profile for PALD. Scores out of 100: Cost 78, Risk 48, Mission 93, Tradability 29, Holdings not scored, Durability 52. Strongest: Mission (93). Weakest: Tradability (29). Based on 5 of 6 pillars.

Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
68
This cap took
−28
Published Score
40 Grade C

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A78 out of 100
    Rank 10 of 58

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A93 out of 100
    Rank 19 of 32

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C48 out of 100
    Rank 27 of 54

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D29 out of 100
    Rank 45 of 58

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C52 out of 100
    Rank 25 of 58

Our read on PALD

ETF.net Research

In short

CShort Palo Alto Networks in one ticker. PALD targets -100% of PANW's move each trading day, held through swaps rather than borrowed shares, with no leverage stacked on top. A one-day tool by design.

Stated mandate

The fund seeks daily investment results equal to 100% of the inverse performance of Palo Alto Networks, Inc. common shares, before fees and expenses.

Why people hold it

  • Unleveraged inverse: a 1% up day in PANW means roughly a 1% down day for the fund before fees. No 2x or 3x amplifier on the trade.
  • Costs 1.02% net of a waiver through September 1, 2027, against a 2.33% gross ratio, and that lands below the category median fee.direxion.com
  • Exposure runs through swap agreements with major global financial institutions, rebalanced daily, so there is no stock borrow to arrange yourself.sec.gov
  • Day to day it has stayed close to its stated inverse target, which is the whole job of a one-day fund.

Worth knowing

  • Daily reset: hold past one session and returns compound off each close, so a choppy stretch can land far from the simple inverse of PANW's move.sec.gov
  • One stock, no diversification. A PANW earnings gap arrives in full overnight, before the market reopens.sec.gov
  • Small fund with moderate volume, so spreads can widen in fast markets. The waiver ends September 1, 2027; without renewal the 2.33% gross applies.

PALD Performance

Launched Mar 26, 2025

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

Not enough history yet.Not enough history yet.Not enough history yet.
PALD$5,238
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. PALD $5,238. SPY $11,339. Use the arrow keys to read each point.$5,000$10,000$15,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 PALD. Periods over one year show the average yearly return.
PeriodPALD
Year to date−54.4%
1 month+22.6%
3 months+0.4%
1 year−47.6%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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 PALD
YearReturn barPALD
2026 YTD−54.4%
2025−3.9%

Since listing, Mar 26, 2025

PALD in the news

PALD 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 Nov 9, 2026.
4.95%Last 12 months
Payout per share
$0.53Last 12 months
Last payment
$0.10 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2025–2026

One bar per payment. 5 payments from 2025 to 2026 YTD. Jun 24, 2025 $0.20; Sep 23, 2025 $0.19; Dec 23, 2025 $0.40; Jun 23, 2026 $0.04; Sep 22, 2026 $0.10. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Sep 29, 2026$0.10
Jun 23, 2026Jun 30, 2026$0.04
Dec 23, 2025Dec 31, 2025$0.40
Sep 23, 2025Sep 30, 2025$0.19
Jun 24, 2025Jul 1, 2025$0.20

$10,000 in PALD 1 year ago paid $258 in dividends.

PALD Risk

Risk pillarC48 out of 100Rank 27 of 54 in Single-Stock Inverse

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.
46.1%
Annualised · 19 months to Oct 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.
−1.16
vs 3-month T-bills · 19 months to Oct 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.
−70.9%
19 months · trough Oct 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.
−1.01
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.

FMP measures it over up to five years of monthly returns.

PALD Cost

Compare PALD and SKHZ

Overpaying vs SKHZ, cheapest in Single-Stock Inverse

$4,530

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

  • PALD 1.02%

    $19,012

  • SKHZ 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • PALD 1.02%
  • SKHZ 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PALD $19,012SKHZ $14,482

Year by year

YearPALDSKHZOverpaying
10$1,797$1,336$461
20$6,746$5,078$1,668
30$19,012$14,482$4,530
How the 1.02% is worked out

Full fee 2.33%− waiver 1.31%= you pay 1.02%

The waiver ends Sep 1, 2027. After that the fee is 2.33% unless Direxion renews it. Source: prospectus, Mar 2026.

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