At a glance
AMDD charges 1.03% a year. It has $16.4M in assets; it paid 13.45% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −69.0% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily AMD Bear 1X Shares (AMDD) aims to deliver the opposite of the daily return of Advanced Micro Devices (AMD) stock, using swap agreements. It is a short-term tool for betting against one chip stock: because it resets daily, returns over longer periods can differ sharply from the opposite of AMD's move. It charges 1.03% a year and lost 69% over the 12 months to October 27, 2026.
Price history
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AMDD -69.0% 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 | |
|---|---|---|---|---|---|---|
| AMDD price data to Oct 27, 2026 | -73.5% | -69.0% | — | — | — | -73.5% |
- Over the year to Oct 27, 2026, AMDD returned -69.0%.
- The deepest fall in its price history was 93.4% (Apr 8, 2025 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -73.5% |
| 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) | $1.6400 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 103.11% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $6.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -35.97%, -15.48%, +15.02%.
How it works
AMDD follows no index. Its stated goal is to deliver the opposite of Advanced Micro Devices (AMD) stock's return for a single trading day, before fees. It mainly uses swap agreements with major global financial institutions: contracts in which the fund gains when AMD falls and loses when it rises. Swaps need little money up front, so the fund keeps most of its assets in money market funds, bank deposits and short-term, high-quality debt. As of July 31, 2026, these made up essentially all of its $16.4 million in net assets.
At each market close, the adviser, Rafferty Asset Management, resets the fund's bet against AMD to equal 100% of net assets, adding exposure after AMD falls and trimming it after AMD rises. Because each day's return compounds on the last, results over weeks or months will very likely differ from the opposite of AMD's return. The prospectus warns the fund loses money if AMD ends flat over time, and can lose money even over a period when AMD falls, because of AMD's swings and compounding.
The fund is non-diversified, concentrated in one semiconductor stock, and may rely on a few swap partners, which could fail to pay. It creates and redeems shares mainly for cash, so it is not expected to be tax efficient.
What it really costs
- AMDD charges 1.03% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.42% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $105 in the first year and $1,699 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMDD | $105 | $417 | $752 | $1,699 |
In a retirement portfolio
AMDD seeks the opposite of AMD's return for one day only, resets daily, and lost 69% over the 12 months to October 27, 2026.
AMDD launched on February 12, 2025, so it has no record in the 2008, 2020 or 2022 downturns, and no full calendar year of results. Its short history is harsh. The deepest drop was 93.4%, from April 8, 2025, to October 6, 2026, with no recovery as of October 27, 2026. It fell 73.5% in 2026 through that date. Gains depend on AMD falling, not the wider market, so it is not a dependable crash hedge, and anyone needing to draw money from it in a bad stretch could find little left. The 13.45% trailing yield as of October 27, 2026, paid quarterly, largely reflects the fallen share price rather than steady income. Expenses are 1.03% a year after a 0.42% fee waiver. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a one-day bet against AMD's share price without shorting the stock or opening a margin account.
- AMD shareholders seeking a temporary, day-by-day offset to that position who can monitor it every trading day.
- Traders comfortable with swap counterparty risk and a 1.03% expense ratio who plan to hold for days, not months.
Look elsewhere if
- Long-term and retirement investors: AMDD lost 69% over the 12 months to October 27, 2026, and fell 93.4% from its April 2025 peak.
- Income seekers: the 13.45% trailing yield as of October 27, 2026, is inflated by a 73.5% loss in 2026 through that date.
- Anyone wanting diversification or broad chip-industry exposure: it reverses one stock's daily moves, and daily resets can cause losses even when AMD falls.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is AMDD a leveraged ETF?
No. AMDD aims for 100% of the inverse of Advanced Micro Devices' (AMD) daily return, so it reverses AMD's moves rather than magnifying them. If AMD falls on a given day, the fund is designed to rise by about the same percentage, before fees and expenses. It does share one key trait with leveraged funds: it resets every day, so its returns over weeks or months compound and can drift well away from the opposite of AMD's return.
Is AMDD good for long-term investors?
It is not designed for them. AMDD seeks its goal for a single trading day only. Because returns compound daily, results over longer periods will very likely differ from the opposite of AMD's return, and the prospectus warns the fund loses money if AMD ends flat over time. Over the 12 months to October 27, 2026, AMDD lost 69%, and its deepest decline, from April 8, 2025, to October 6, 2026, reached 93.4%.
What's the difference between AMDD and shorting AMD stock?
The main differences are the cap on losses and the daily reset. Shorting AMD means borrowing shares to bet on a decline, and losses can keep growing if the stock rises. With AMDD, the most an investor can lose is the amount put in, though the prospectus warns all of it could be lost. AMDD rebalances every day, so over weeks or months its return can differ sharply from a simple short position. It also charges 1.03% a year and depends on swap partners paying what they owe.
Does AMDD pay dividends?
Yes. AMDD makes distributions quarterly. Over the 12 months to October 27, 2026, it paid $3.24 per share, for a trailing yield of 13.45%. That yield looks high largely because the fund's price has fallen so far: it lost 73.5% in 2026 through October 27. Payouts from a fund like this can change sharply from one quarter to the next, so the past yield is a weak guide to future income.
What is AMDD's expense ratio?
AMDD's expense ratio is 1.03% a year, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee and reflects a 0.42% fee waiver. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, total costs come to about $105 over one year, $417 over three, $752 over five and $1,699 over ten. Because the fund creates and redeems shares mainly for cash, brokerage and financing costs can add to that.