Direxion Daily S&P 500 Bear 1X ETF
AThis 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.
$8.340.00 (0.00%)
- 0.54%
- $310M
- −12.1%
- 3.75%
- 41.1M sh
- $8.33
- low $8.28high $10.28
The ETF.net SPDN Grade
A
Score 74 out of 100
- 1 of 5
Score 74 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A87 out of 100Rank 1 of 5Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B65 out of 100Rank 1 of 5Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B69 out of 100Rank 2 of 5Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C42 out of 100Rank 4 of 5
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
- 2
- 2953%
- Spx Swap Asset Leg (Spxbcs)
SPDN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
SPDN$8,795
Returns run to the Oct 12, 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 | −1.5% |
| 3 months | −1.6% |
| 1 year | −12.1% |
| 3 years | −13.4% |
| 5 years | −8.5% |
| 10 years | −12.5% |
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
SPDN Dividends
- 3.75%
- $0.31
- $0.12 per share
- Quarterly
Distribution history
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.
- 12.0%
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.
- −1.49
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
0.54%
SPDN0.54%
- The middle half of Inverse S&P 500 funds
- Median 0.90%
No Inverse S&P 500 fund charges less.
Other funds in Inverse S&P 500
- BSHProShares - Short S&P500Expense ratio 0.89%1 year return −12.6%
- BSPXUProShares - UltraPro Short S&P500Expense ratio 0.90%1 year return −39.8%
- BSDSProShares - UltraShort S&P500Expense ratio 0.91%1 year return −27.0%
- DSPXSDirexion Daily S&P 500 Bear 3X ETFExpense ratio 1.04%1 year return −39.7%