# SPDN (Direxion Daily S&P 500 (R) Bear 1X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: SPDN returned −1.8% where its own daily promise gave −3.5%, 1.7 points over.

## Key facts

- SPDN, what SPY did: +3.3%, as of Sep 11, 2026.
- SPDN, what −1 times a day gives: −3.5%, as of Sep 11, 2026.
- SPDN, what the fund returned: −1.8%, as of Sep 11, 2026.
- SPDN, the fund itself added: +1.7 pts, as of Sep 11, 2026.
- SPDN, net assets: $220m (source, as filed for Apr 30, 2026).
- SPDN, expense ratio: not read by ETFIQ, as of Sep 11, 2026.

## SPDN over each window to Sep 11, 2026

| Window | Fund | SPY | -1x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +1.7% | −1.1% | +1.1% | +0.6 pts | 9% |
| 3 months | −1.8% | +3.3% | −3.3% | +1.5 pts | 12% |
| 6 months | −11.6% | +16.0% | −16.0% | +4.4 pts | 14% |
| 1 year | −10.0% | +17.5% | −17.5% | +7.5 pts | 13% |
| 3 years | −32.2% | +77.9% | −77.9% | +45.7 pts | 15% |
| Since launch | −73.7% | +325.0% | not meaningful over this window | not meaningful over this window | 18% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of SPY, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SPY moved +3.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPY | ETFIQ |
| Segment | broad index, us large cap | ETFIQ |
| Net assets | $220m | source, as filed for Apr 30, 2026 |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Jun 8, 2016 | ETFIQ |
| Underlying volatility over the window | 12% annualized | ETFIQ |

## Questions

### Did SPDN return -1 times SPY?

Over the window to Sep 11, 2026, SPY moved +3.3% and SPDN returned −1.8%. 1 times that move is −3.3%, so the fund came out 1.5 points ahead of it.

### Why does SPDN not return -1 times over a year?

Because it resets daily. SPDN aims at -1 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -1 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which -1x SPY ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 1 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, SPDN, data as of Sep 11, 2026. https://etfiq.com/funds/SPDN
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/SPDN  ·  JSON: https://etfiq.com/funds/SPDN.json