Direxion Daily S&P 500 Bear 1X ETF
$8.40+0.07 (+0.78%)
- Expense ratio
- 0.54%
- Fund size
- $231M
- 1Y return
- −9.9%
- Yield · Last 12 months
- 4.87%
- Holdings
- 6
- Volume · 30D
- 42.4M sh
- NAV per share
- $8.60
- 52W range
The ETF.net SPDN Grade
Score 73 of 100 sits in the A 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.AScore 87Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 65Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 69Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.Not scoredDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.DScore 36Category rank
Our read on SPDN
AThe plain-vanilla short. SPDN aims for -1x the S&P 500's daily move, no leverage stacked on top, and carries the lowest fee among the bear S&P 500 funds it competes with.
The fund seeks daily results equal to 100% of the inverse performance of the S&P 500® Index, before fees and expenses.
Why people hold it
- 0.54% is the cheapest sticker in its group: SH, SPXU and SDS all sit near 0.90%, and Direxion's own 3x bear version runs above 1%.
- One times inverse, not two or three. A dollar here tracks a dollar of downside, so the daily-reset math is milder than its leveraged siblings'.direxion.com
- The adviser has contractually agreed to cap operating expenses at 0.45% through September 1, 2027 (items like swap financing sit outside that cap).direxion.com
- Trading since 2016 and one of the busier inverse S&P funds, so orders generally fill without drama.
Worth knowing
- The target resets every day. Hold longer and the result can drift from -1x the index over that stretch, and choppy markets widen the gap.direxion.com
- Exposure comes from swaps, futures and short positions rather than a stock portfolio, which brings derivative and counterparty risk along with it.direxion.com
- Direxion says plainly there's no guarantee the fund meets its objective; several factors can loosen its inverse correlation to the index.direxion.comdirexion.com
SPDN Holdings
- Other
- 6
- 1329%
- DREYFUS GOVT CASH MAN INS
SPDN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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.
| Period | SPDN |
|---|---|
| Year to date | −9.1% |
| 1 month | −0.9% |
| 3 months | −2.6% |
| 1 year | −9.9% |
| 3 years | −13.6% |
| 5 years | −8.3% |
| 10 years | −12.3% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SPDN |
|---|---|---|
| 2026 YTD | −9.1% | |
| 2025 | −11.1% | |
| 2024 | −12.9% | |
| 2023 | −15.0% | |
| 2022 | +18.6% | |
| 2021 | −23.7% | |
| 2020 | −24.6% |
SPDN in the news
ETF.net Research hasn’t filed on SPDN yet — coverage lands here as it’s written.
SPDN Dividends
- 4.87%
- $0.41
- $0.12 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 22, 2026 | Pays Sep 29, 2026 | $0.12 |
| Jun 23, 2026 | Jun 30, 2026 | $0.07 |
| Mar 24, 2026 | Mar 31, 2026 | $0.05 |
| Dec 23, 2025 | Dec 31, 2025 | $0.08 |
| Sep 23, 2025 | Sep 30, 2025 | $0.09 |
| Jun 24, 2025 | Jul 1, 2025 | $0.13 |
| Mar 25, 2025 | Apr 1, 2025 | $0.08 |
| Dec 23, 2024 | Dec 31, 2024 | $0.14 |
| Sep 24, 2024 | Oct 1, 2024 | $0.15 |
| Jun 25, 2024 | Jul 2, 2024 | $0.16 |
| Mar 19, 2024 | Mar 26, 2024 | $0.14 |
| Dec 21, 2023 | Dec 29, 2023 | $0.21 |
SPDN 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.
- 12.6%
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.
- −1.30
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.
- −44.8%
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.
- −0.97
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SPDN Cost
- The middle half of Inverse S&P 500 funds
- Median 0.90%
No Inverse S&P 500 fund charges less.