Daily S&P 500 Bear 1X Shares

  • FUND SYMBOL

    SPDN

  • DAILY TARGET

    -100%

  • INTRA-DAY INDICATIVE VALUE

    SPDN.IV

  • BLOOMBERG INDEX

    SPXT

  • CUSIP

    25460E869

  • ISIN

    US25460E8690

  • EXPENSE RATIO (GROSS/NET %)

    0.71 / 0.56*

  • INCEPTION DATE

    Jun 08, 2016

Overview

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.

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 return for periods greater than a day.

Strategy & Benefits

Key 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

Standard & Poor’s® selects the stocks comprising the S&P 500® Index (SPXT) on the basis of market capitalization, financial viability of the company and the 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.

Index Top Ten Holdings %

Apple 3.78
Microsoft 3.12
Alphabet Inc 2.77
Amazon.Com Inc 2.59
Berkshire Hathway 1.71
Facebook 1.70
JP Morgan Chase 1.68
Johnson & Johnson 1.53
Exxon 1.41
Bk Of America Co 1.28

Index Sector Weightings %

Information Technology 24.87
Financials 14.73
Health Care 13.71
Consumer Discretionary 12.67
Industrials 10.21
Consumer Staples 7.65
Energy 5.74
Utilities 2.86
Materials 2.86
Real Estate 2.78
Telecommunication Services 1.92

Index data as of 03/31/2018. Source: Bloomberg. Index sector weightings and top holdings are subject to change.

Pricing and Performance

NAV and Market Price information as of May 25, 2018. Line chart shows pricing trend over the last 30 days.

fund symbol

SPDN

  • Net asset value (NAV)

    • 29.84
    • 0.08
    • 0.27
  • market price closing

    • 29.89
    • 0.15
    • 0.50
  • Premium / Discount

    • 0.05

* 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, 2019, 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 funds website at direxioninvestments.com.

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.

Distributions

  • SPDN
  • Daily S&P 500 Bear 1X Shares
Record Date Ex Date Pay Date Income Dividend Short-Term Capital Gain Long-Term Capital Gain
03/21/2018 03/20/2018 03/27/2018 0.03083
12/20/2017 12/19/2017 12/27/2017 0.05303
09/20/2017 09/19/2017 09/26/2017 0.03802
06/22/2017 06/20/2017 06/27/2017 0.03740