SPDN vs SPXU: Grades, Fees and Holdings Compared

Direxion Daily S&P 500 Bear 1X ETF

SPDNANYSE Arca

ProShares UltraPro Short S&P500

SPXUBNYSE Arca

Overlap

0.0%by weight

Expense ratio

SPDN −0.42pt a year

SPDN0.48%SPXU0.90%

Avg volume · 30D

SPDN 4.7×the volume

SPDN38MSPXU8.02M

10Y return · a year

SPDN +29.9pt

SPDN−12.2%SPXU−42.1%

SPDN vs SPXU Performance

Oct 29, 2021 – Oct 30, 2026

−29.8%SPDN−85.3%SPXU

Expense ratio: SPDN 0.48%, better; SPXU 0.90%
Fund size: SPDN $291M; SPXU $428M
1Y total return: SPDN −5.6%, better; SPXU −25.3%
Yield (12M): SPDN 3.63%; SPXU 6.05%, better
Holdings: SPDN 3; SPXU 7
Avg volume (30D): SPDN 38M sh, better; SPXU 8.02M sh
NAV per share: SPDN $8.45; SPXU $36.03
52W range

ETF.net Grade

Pillar letters and Scores for SPDN, SPXU, with each pillar’s weight
Pillar	SPDN	SPXU
Cost30% weight	A87Higher	B57
Mission25% weight	Not scored	A82
Risk15% weight	B66Higher	D33
Tradability15% weight	B65Higher	C54
Holdings10% weight	Not scored	B55
Durability5% weight	C40	B59Higher

Rank among Inverse S&P 500 funds

How we build Categories ›

Same Category. SPDN and SPXU are both graded against the same 5 Inverse S&P 500 funds, so their Grades compare head to head.

Inverse S&P 500⁠

Category · 5 funds

See all 5 ›

SPDN ranks 1st and SPXU 3rd of 5 funds in the Inverse S&P 500 Category.

Rank 1ASPDNDirexion Daily S&P 500 Bear 1X ETFScore 73
Rank 2ASHProShares Short S&P500Score 71
Rank 3BSPXUProShares UltraPro Short S&P500Score 59
Rank 4BSDSProShares UltraShort S&P500Score 56

Our read on each fund

ETF.net Research

SPDNADirexion Daily S&P 500 Bear 1X ETF

SPXUBProShares UltraPro Short S&P500

In short

SPDN A bet against the S&P 500 without the leverage: SPDN aims for the index's daily move in reverse, one for one, at 0.48% net of a waiver through September 1, 2027, the lowest fee in its short-S&P group.

SPXU The maximum-strength short on the S&P 500. SPXU aims to deliver three times the index's inverse move each trading day, resetting every night, and it does it for less than the only other -3x bear fund on the index.

Stated mandate

SPDN The fund seeks daily results equal to 100% of the inverse performance of the S&P 500® Index, before fees and expenses.

SPXU The fund seeks daily results equal to three times the inverse performance of the S&P 500, before fees and expenses. It is designed for inverse exposure to declines in that index and is not intended to achieve its target over periods longer than one day.

Why people hold it

SPDN 0.48% net of a waiver through September 1, 2027 (0.54% gross), against 0.88% for SH, 0.91% for SDS and 1.04% for SPXS. The cheapest ticket in the group.
One times inverse, not 2x or 3x: it targets roughly a 1% gain for each 1% the S&P 500 drops that day, without the amplified swings of SDS or SPXS.direxion.com
Listed since 2016 and very actively traded for a corner this small, which matters when the whole point is getting in and out on a single session.
Among the strongest implementations in its small bear-S&P peer group, helped by the lowest fee and the absence of leverage.

SPXU At 0.90%, it undercuts SPXS (1.04%), the only other fund chasing -3x daily on the S&P 500.
Tracks its stated daily target closely, which is the whole job for a leveraged fund and not a given in this corner of the market.
Trading since 2009 and one of the busier inverse funds around, so getting in and out is rarely the hard part.
One ticker replaces a margin account, borrowed shares or a futures position for short S&P 500 exposure.

Worth knowing

SPDN The reset is daily. Direxion's filing says returns over periods longer than a trading day may have no resemblance to -100% of the index, with volatility and compounding driving the gap.sec.gov
Direxion states there is no guarantee the fund achieves its stated objective. The -100% daily target is an aim, not an outcome.direxion.com
That 0.48% rides on a waiver through September 1, 2027. The gross ratio is 0.54%, and the cap stops applying after that date unless it is renewed.

SPXU The target resets daily. Hold longer and compounding takes over, so multi-day results can drift well away from -3x the index move over that stretch.
Leverage cuts both ways: a market that climbs moves this fund down about three times as fast on the day.
0.90% sits at the median for S&P bear funds. Gentler versions of the same trade exist, like SH at -1x and SDS at -2x.

Full SPDN profile⁠

Full SPXU profile⁠

SPDN vs SPXU Holdings

How SPDN and SPXU differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SPDN and 0.0% of SPXU.

Level by level

Asset classLeveraged/Inverse, Equity0.0%
Holdings0 in both0.0%

Sector

No Sector split for SPDN.

Country, concentration and asset class

Country by domicile

No country split for SPDN.

Concentration

Weight in the 10 largest Holdings

SPDN12924.1%
SPXU134.7%

Securities held

SPDN2
SPXU7

Asset class

SPDN: Leveraged/Inverse
SPXU: Equity

Holdings

Only in SPDN2
In both0
Only in SPXU7

Only in SPDN

2 securities, 100% of SPDN by weight

Goldman Sachs Fin Gov 465 Institut1867.85%
Goldman Finl Sq Trsry Inst 5060.00%

Only in SPXU

7 securities, 100% of SPXU by weight

Proshares Genius Mny Mkt Etf86.29%
TREASURY BILL, 0%, due 2026-12-2914.59%
TREASURY BILL, 0%, due 2026-11-1011.29%
TREASURY BILL, 0%, due 2026-11-1711.28%
TREASURY BILL, 0%, due 2026-12-017.88%
TREASURY BILL, 0%, due 2026-12-241.80%
TREASURY BILL, 0%, due 2027-01-191.57%

Weight gaps

SPDN and SPXU share no securities.

All 6 SPDN holdings⁠All 19 SPXU holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPDN vs SPXU Cost

Overpaying SPXU vs SPDN

$7,435

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

SPDN 0.48%
$9,605
SPXU 0.90%
$17,040

Amount$10,000

Years30 years

Cost over time

SPDN 0.48%
SPXU 0.90%
Overpaying

Year by year

Year	SPDN	SPXU	Overpaying
10	$865	$1,593	$728
20	$3,328	$6,015	$2,687
30	$9,605	$17,040	$7,435

Expense ratio

0.48%SPDN, cheaper
0.90%SPXU

SPDN0.48%SPXU0.90%

0.48%1.04%

Middle half of Inverse S&P 500 funds
Median 0.90%

SPDN cheapest of 5 funds

SPXU 3rd cheapest of 5 funds

SPDN vs SPXU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPDN 3.63%; SPXU 6.05%, better
Payout (12M): SPDN $0.31; SPXU $2.18
Last payment: SPDN $0.12; SPXU $0.38
Ex-dividend: SPDN Sep 22, 2026; SPXU Sep 23, 2026
Paid on: SPDN Sep 29, 2026; SPXU Sep 29, 2026
Frequency: SPDN Quarterly; SPXU Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPDNQuarterly · 29 paymentsAll SPDN payments⁠

SPXUQuarterly · 10 paymentsAll SPXU payments⁠

SPDN vs SPXU Risk

Fall from peak · 5 years

SPDN
SPXU

Risk facts

VolatilityStd dev, 3 years: SPDN 11.9%, betterSPXU 34.1%
Return per unit of riskSharpe ratio, 3 years: SPDN −1.54, betterSPXU −1.69
Worst fallMax drawdown, 5 years: SPDN −44.8%, betterSPXU −91.6%
Market sensitivityBeta, 5 years: SPDN −0.97SPXU −2.86; Market = 1

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