At a glance
AIBD charges 1.05% a year. It has $7.4M in assets; it paid 4.16% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −27.7% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily AI and Big Data Bear 2X Shares (AIBD) aims to return twice the opposite of the Solactive US AI & Big Data Index's daily move, mainly through swaps rather than stocks. Traders may use it to bet on a brief drop in 30 AI-focused stocks, but its exposure resets daily, so longer-term results can stray far from -2x. It lost 48.87% in 2025 and costs 1.05% a year after a fee waiver.
Price history
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AIBD -27.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AIBD official prospectus, to Dec 31, 2025 | — | -48.87% | — | — | — | -49.26% |
| AIBD price data to Oct 27, 2026 | -39.5% | -27.7% | — | — | — | -47.5% |
- Over the year to Oct 27, 2026, AIBD returned -27.7%.
- Its worst full calendar year was 2025 (-49.1%); its best was 2025 (-49.1%).
- The deepest fall in its price history was 83.6% (Aug 5, 2024 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -39.5% | — |
| 2025 | -49.1% | -48.87% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4000 | |
| 2025 | $3.4000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (108.56% of net assets), with its exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -25.94%, +9.14%, +8.03%.
How it works
AIBD aims to return twice the opposite of the Solactive US AI & Big Data Index's daily move, or -2x. Solactive AG's text-reading ARTIS algorithm ranks U.S.-listed companies by how often AI and big data keywords appear in reports and news. Only firms earning at least 50% of revenue from AI, data analytics, natural language processing or AI-driven services qualify; the top 30 make the index. It is rebalanced twice a year and, as of December 31, 2025, was concentrated in information technology, communication services and semiconductors.
The fund doesn't own those stocks. It puts at least 80% of net assets into swaps, futures or short positions that together deliver -2x exposure. A swap is a contract with a financial firm to exchange returns tied to the index; if that firm fails to pay, the fund loses money. As of July 31, 2026, AIBD reported cash and similar holdings worth about 109% of net assets, plus three derivative contracts on the index.
Exposure resets every day. Over time, compounding means returns can differ sharply from -2x the index, usually for the worse in choppy markets. If the index rises, the fund loses money; holders could lose everything. Shares are created and redeemed mainly for cash, so the fund is not expected to be tax efficient.
What it really costs
- AIBD charges 1.05% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.59% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $107 in the first year and $2,855 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AIBD | $107 | $669 | $1,258 | $2,855 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its exposure resets daily, and its short record is steeply negative, including a 48.87% loss in 2025 and an 83.6% peak-to-trough drop.
AIBD launched May 15, 2024, so it has no record in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Because it gains on days AI stocks fall, it can look like a hedge, but its daily reset makes it unreliable over longer periods. It lost 48.87% in 2025, its only full calendar year, and 39.48% in 2026 through October 27. Its deepest drop, 83.6% from August 5, 2024, to October 6, 2026, had not been recovered as of October 27. Anyone needing cash during such a slide would lock in most of that loss. Quarterly distributions gave a 4.16% trailing yield as of October 27, 2026, small next to those losses, and the fund charges 1.05% a year after a fee waiver.
Past results don't predict the future, and any retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a one-day bet against 30 AI and big data stocks who can monitor positions daily, since exposure resets each day.
- Experienced investors wanting a short-term hedge against falls in AI-focused information technology, communication services and semiconductor stocks they already own.
- Traders who accept extreme swings: one-year volatility was 55.7% as of October 27, 2026, and one quarter in 2025 lost 45.76%.
Look elsewhere if
- Long-term holders and retirees: daily resets can make results over months stray far from -2x the index, and the fund lost 48.87% in 2025.
- Income seekers: the 4.16% trailing yield as of October 27, 2026, is small beside an 83.6% peak-to-trough drop that remained unrecovered.
- Cost- and tax-conscious investors: it charges 1.05% after a fee waiver, and cash-based creations and redemptions mean it isn't expected to be tax efficient.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is AIBD a good long-term investment?
AIBD isn't designed for long-term holding. It seeks -2x the daily return of the Solactive US AI & Big Data Index, and its prospectus says it does not aim for that result over any period other than a single trading day. Holding it has been costly: it lost 48.87% in 2025 and averaged a 49.26% annual loss from its May 15, 2024, launch through December 31, 2025. Its deepest decline reached 83.6% by October 6, 2026.
Does AIBD go up when AI stocks go down?
Yes, for a single day. AIBD seeks to move twice as much as the Solactive US AI & Big Data Index, in the opposite direction, before fees. Over longer stretches, daily compounding means results can differ sharply from -2x the index, and in choppy markets the fund can lose ground even when the index ends lower. Its strongest quarter gained 20.62% (ended March 31, 2025); its weakest lost 45.76% (ended June 30, 2025).
Does AIBD pay dividends?
Yes. AIBD pays distributions quarterly. Its trailing yield, meaning income paid over the prior year divided by the share price, was 4.16% as of October 27, 2026, based on $1.90 per share. The fund owns no dividend-paying stocks; as of July 31, 2026, it held mostly cash and short-term instruments, which earn interest. That income has been small next to the fund's price losses, and because shares are created and redeemed mainly for cash, it isn't expected to be tax efficient.
What is AIBD's expense ratio?
AIBD's expense ratio was 1.05% a year in its prospectus filed February 26, 2026. That figure includes a 0.75% management fee and reflects a fee waiver of 1.59%. In the SEC's standard example ($10,000 invested, a 5% annual return, shares redeemed at the end of each period), costs total $107 after one year, $669 after three, $1,258 after five and $2,855 after ten. The steep rise after year one suggests the example doesn't assume the waiver lasts beyond the first year.
What stocks does AIBD hold?
As of July 31, 2026, AIBD held no stocks. Its seven positions were cash and similar holdings worth about 109% of its $7.45 million in net assets, plus three derivative contracts tied to the Solactive US AI & Big Data Index. The fund is issued by Rafferty Asset Management. Its index, built by Solactive AG, holds 30 U.S.-listed AI and big data companies; as of December 31, 2025, it was concentrated in information technology, communication services and semiconductors.