SPDN
Direxion Daily S&P 500 Bear 1X Shares
SPDN provides daily inverse exposure to the S&P 500, a market-cap-weighted index of 500 US large-cap firms selected by the S&Ps index committee.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
119.1 M
ASSETS UNDER MGMT
56 bp
EXPENSES
Fund Basics
| Fund sponsor | Rafferty Asset Management |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jun 08, 2016 |
| Assets (mns) | $120 |
| Expense ratio | 56 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Asset Allocation
Historical Performance
Standardized Performance (as of 09/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -12.7% | -14.2% | -19.5% | -18.7% | -14.3% | -- | -- | -14.2% |
| Dividend Yield | 1.5% | 2.5% | 3.4% | 3.6% | 2.3% | -- | -- | 1.5% |
| Total Returns | -11.2% | -11.7% | -16.1% | -15.1% | -12.1% | -- | -- | -12.6% | Ann. Volatility | 20.6% | 18.9% | 16.0% | 16.3% | 17.1% | -- | -- | 18.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | -0.97 | 97% |
| MSCI EAFE | -0.54 | 37% |
| MSCI Emg Mkts | -0.34 | 17% |
Liquidity Measures
| Avg. volume (000) | 7,166 |
| ADV traded (mns) | $69 |
| Turnover | 57.6% |
| Avg. Bid/Ask (% of price) | 0.07% |
Technical Indicators
| Recent close | $9.57 |
| 30d moving avg. | $9.79 |
| Annualized volatility | 13.2% |
| Relative strength (RSI) | 37 |
| Short interest | 1.9% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| SPDN (56 bp) Percentile rank | 62 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SPDN | 56.0 | 6.9 | 62.9 |
| Peer Avg. | 48.9 | 19.3 | 68.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .