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

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SPDN returned −1.1% where its own daily promise gave −2.8%, 1.7 points over.

## Key facts

- SPDN, what SPY did: +2.5%, as of Sep 30, 2026.
- SPDN, what −1 times a day gives: −2.8%, as of Sep 30, 2026.
- SPDN, what the fund returned: −1.1%, as of Sep 30, 2026.
- SPDN, the fund itself added: +1.7 pts, as of Sep 30, 2026.
- SPDN, net assets: $269m (issuer page, as of Sep 30, 2026).
- SPDN, expense ratio: 0.48% (485BPOS XBRL, Feb 26, 2026).

## SPDN over each window to Sep 30, 2026

| Window | Fund | SPY | -1x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +0.8% | −0.3% | +0.3% | +0.5 pts | 10% |
| 3 months | −1.1% | +2.5% | −2.5% | +1.4 pts | 11% |
| 6 months | −12.1% | +17.0% | −17.0% | +4.9 pts | 12% |
| 1 year | −8.6% | +15.7% | −15.7% | +7.1 pts | 13% |
| 3 years | −34.9% | +85.0% | −85.0% | +50.1 pts | 15% |
| Since launch | −73.7% | +325.1% | 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 +2.5% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPY | ETFIQ |
| Segment | broad index, US large cap | ETFIQ |
| Net assets | $269m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.48% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jun 8, 2016 | ETFIQ |
| Underlying volatility over the window | 11% annualized | ETFIQ |

## Questions

### Did SPDN return -1 times SPY?

Over the window to Sep 30, 2026, SPY moved +2.5% and SPDN returned −1.1%. −1 times that move is −2.5%, so the fund came out 1.4 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 figure itself.


## Cite this page

ETFIQ, SPDN, data as of Sep 30, 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