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Beacon

SPDNDirexion Daily S&P 500 Bear 1X Shares

Take a bet10y track recordRanked #13 of 949 in this goal

Seeks daily investment results of 100% of the inverse of the daily performance of the S&P 500 Index.

By Direxion Funds · Launched 2016

Annual Cost

0.48%

#2,398 of 5,854 · average

Fund Size

$195M

#2,377 of 5,854 · mid-size

Return (1Y)Goal

-11.0%

Track Record

10 years

#1,410 of 5,854 · established

Performance

Total-return NAV · USD
Growth of $10,000
$9,066-9.3%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Equity

Region

North america

Strategy

Inverse

Index tracked

S&P 500 Index

What it actually holds

By weight

Concentration

synthetic exposure — holdings shown are derivatives collateral, not the fund's positions

DREYFUS GOVERNMENT CASH MANAGE
89.2%
GOLDMAN SACHS LIQ ES FD A
15.4%
GOLDMAN FINANCIAL
0.0%
N/A
-1.5%
N/A
-2.9%

Asset allocation

Cash
104.7%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
13.0%Moderate

Year-on-year price swings

Max drawdown
-74.0%Severe

Worst peak-to-trough loss

Sharpe (3Y)
-0.92Below average
Sortino (3Y)
-1.27Moderate downside risk

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks daily investment results of 100% of the inverse of the daily performance of the S&P 500 Index.
Strategy
Invests at least 80% of net assets in financial instruments, including swaps and futures, to provide 1X daily inverse exposure to the S&P 500 Index. The Fund is designed for knowledgeable investors who actively monitor their portfolios, as returns may differ significantly from -100% of the Index over longer periods due to compounding effects.
Inception date
June 8, 2016
Fund family
Direxion Funds

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Inverse
Warning

You can be right and still lose

This fund returns the opposite of its benchmark's daily move, then resets. Hold it longer and the daily compounding takes over: the market can move your way over a week and you still finish down. It works as a one-day hedge and nothing beyond that.

Sources: Cheng & Madhavan, 'The Dynamics of Leveraged and Inverse ETFs' (2009)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-03