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Leveraged & Inverse ETFs


The Direxion Daily S&P 500 Bear 1X Shares seeks daily investment results, before fees and expenses, of 100% of the inverse (or opposite) of the performance of the S&P 500® Index. There is no guarantee the fund will meet its stated investment objectives.

NAVas of Sep 28, 2023
1 Day NAV Changeas of Sep 28, 2023
$-0.09(-0.60 %)

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Fund Information

Fund SymbolDaily TargetIntra-day ValueBenchmark IndexSecurity IdentifierExpense Ratio (gross/net %)Inception Date
SPDN-100%SPDN.IVSPXT25460E8690.62 / 0.56*Jun 08, 2016

This ETF seeks a return that is -100% of the return of its benchmark index for a single day. The fund should not be expected to provide 100% of the inverse of the benchmark’s cumulative Acquired Fund Fees and return for periods greater than a day.

Documents & Downloads

Strategy & Benefits

Single inverse ETFs are trading tools that allow investors to either seek profit or seek to apply a hedge for an existing portfolio position that they anticipate will experience negative returns, in the short term.

  • The fund allows investors a tactical trading alternative to selling out of an existing position and creating a taxable event.
  • Since it does not employ leverage, compounding is less magnified compared to leveraged inverse ETFs.

Inverse ETFs are designed to move in the opposite direction of their benchmarks on a daily basis, and should not be expected to track their underlying indexes over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand the consequences of seeking daily inverse investment results and intend to actively manage their investments.

Target Index

The S&P 500® Index (SPXT) is designed to be comprised of stocks that are the 500 leading, large-cap U.S. listed issuers. The securities are selected on the basis of market capitalization, financial viability of the company, sector representation, public float, liquidity and price of a company’s shares outstanding. The Index is a float-adjusted, market capitalization-weighted index. One cannot directly invest in an index.

What's Inside?

Pricing & Performance

NAV and Market Price information as of September 28, 2023. Line chart shows pricing trend over the last 30 days.

Net asset value (NAV)
  • 14.79
    NAV $
  • -0.09
    Change $
  • -0.60
    Change %
Market price closing
  • 14.80
    Market $
  • -0.07
    Change $
  • -0.47
    Change %
Premium / Discount
monthly1M %3M %YTD %1Y %3Y %5Y %10Y %Since InceptionInception DateExpense Ratio*
(Gross / Net %)
NAV2.30 -5.72 -11.65 -9.49 -9.85 -11.57 -12.48 06/08/20160.62 / 0.56*
Market Close2.30 -5.59 -11.65 -9.45 -9.82 -11.57 -12.48
As of August 31, 2023
quarterly1M %3M %YTD %1Y %3Y %5Y %10Y %Since InceptionInception DateExpense Ratio*
(Gross / Net %)
NAV-5.52 -6.19 -11.46 -13.45 -13.52 -12.64 -12.74 06/08/20160.62 / 0.56*
Market Close-5.39 -6.19 -11.47 -13.41 -13.57 -12.61 -12.74
SPXT6.61 8.74 16.89 19.59 14.60 12.29 13.17 -
As of June 30, 2023

The Primary Listing Exchange is the NYSE Arca, Inc.

*The Net Expense Ratio includes management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 0.45%. The Fund’s adviser, Rafferty Asset Management, LLC (“Rafferty”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2024, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.45% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses). If these expenses were included, the expense ratio would be higher.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the fund’s website at

Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund’s prospectus.


Record DateEx DatePay DateIncome DividendShort-Term Capital GainLong-Term Capital Gain
09/20/202309/19/2023 09/26/2023 0.20476
06/22/202306/21/2023 06/28/2023 0.26537
03/22/202303/21/2023 03/28/2023 0.09428
12/21/202212/20/2022 12/28/2022 0.13274
09/21/202209/20/2022 09/27/2022 0.02510

Tax Documents

Download the following Tax Reporting Documents

  • Form 8937 (2020)
  • UK Income Reporting (2022)