At a glance
AMZD charges 1.02% a year. It has $12.5M in assets; it paid 2.79% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −15.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned −22.9% a year.
The short version
Direxion Daily AMZN Bear 1X Shares ETF (AMZD) aims to deliver the opposite of Amazon.com (AMZN) stock's return for a single trading day, using swap agreements (return-swapping contracts with large financial institutions) and resetting that bet every day. It offers a way to hedge or bet against one stock without shorting it directly, but it charges 1.02% a year and lost money in every full calendar year from 2023 through 2025.
Price history
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AMZD -15.5% 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 | |
|---|---|---|---|---|---|---|
| AMZD official prospectus, to Dec 31, 2025 | — | -9.73% | — | — | — | -20.25% |
| AMZD price data to Oct 27, 2026 | -13.2% | -15.5% | -22.9% | — | — | -18.9% |
- Over the year to Oct 27, 2026, AMZD returned -15.5%.
- Its worst full calendar year was 2023 (-46.5%); its best was 2025 (-9.9%).
- The deepest fall in its price history was 74.8% (Dec 28, 2022 to Aug 3, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -13.2% | — |
| 2025 | -9.9% | -9.73% |
| 2024 | -30.8% | -30.84% |
| 2023 | -46.5% | -46.51% |
| 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) | $0.1600 | |
| 2025 | $0.3600 | -39.0% |
| 2024 | $0.5900 | -50.4% |
| 2023 | $1.1900 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (68.69% of net assets), with its inverse 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 withdrew a net $1.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.94%, +12.75%, -14.39%.
How it works
AMZD tracks no index. Its target is a single stock, Amazon.com, Inc., which reports North America, International and Amazon Web Services segments. Normally, the fund puts at least 80% of net assets into instruments, including swap agreements and options, that give it 1X inverse (opposite) exposure to AMZN. Swaps are contracts in which the fund and a large financial institution exchange returns. AMZD's are sized at -100% of its net assets, so the fund gains when Amazon falls and loses when it rises.
The adviser, Rafferty Asset Management, resets that exposure at each market close. After Amazon falls, the fund's assets grow, so the short position is enlarged; after Amazon rises, it is cut. Because each day's return builds on the last, results over weeks or months will very likely differ from -100% of Amazon's return. The prospectus warns the fund will lose money if Amazon is flat over time and could lose money even while Amazon declines, especially when the stock swings sharply.
Alongside the swaps, the fund holds money market funds, deposits at highly rated banks and short-term debt such as U.S. government securities; cash made up about 69% of assets as of July 31, 2026. It creates and redeems shares mainly for cash, so it is not expected to be tax efficient.
What it really costs
- AMZD charges 1.02% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.24% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $104 in the first year and $1,502 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMZD | $104 | $376 | $669 | $1,502 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The prospectus says AMZD seeks its -100% target for a single trading day only, and its exposure resets daily, which suits short-term trading rather than long-term holding.
AMZD can offset an Amazon decline over a single day, but it is not built to be held. It launched September 7, 2022, too late for the 2008 and 2020 crashes and near the end of the 2022 bear market, so it has no record in those downturns. Every full calendar year was a loss: -46.51% in 2023 (its worst), -30.84% in 2024 and -9.73% in 2025. From December 28, 2022 to August 3, 2026, it fell 74.8% and had not recovered as of October 27, 2026. A retiree forced to cash out during that slide would have locked in deep losses.
It pays distributions quarterly, with a yield of 2.79% as of October 27, 2026, small next to its 15.5% one-year price loss. Its expense ratio is 1.02%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders wanting a one-day bet against Amazon.com stock who can check the position every trading day and accept compounding effects.
- Holders of a large Amazon stake seeking a brief hedge without borrowing shares or opening a margin account to short the stock.
- Traders comfortable with swap counterparty risk, a 1.02% expense ratio and annualized volatility of 35.5% over the year to October 27, 2026.
Look elsewhere if
- Retirement and long-term investors: AMZD lost 46.51% in 2023, 30.84% in 2024 and 9.73% in 2025, according to its prospectus.
- Investors bearish on Amazon over months or years, since the prospectus says the fund can lose money even while Amazon falls over time.
- Income seekers: its 2.79% yield as of October 27, 2026 sat alongside a 15.5% price loss over the same year.
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 AMZD a good long-term investment?
AMZD is not built for long-term holding. The prospectus says it seeks -100% of Amazon's return for a single trading day and does not seek that result over longer periods. Held for full calendar years, it lost 46.51% in 2023, 30.84% in 2024 and 9.73% in 2025. Its average annual return since its September 7, 2022 launch was -20.25% as of December 31, 2025.
Does AMZD go up when Amazon stock goes down?
Yes, over a single trading day. AMZD aims to rise by roughly the same percentage that Amazon falls on a given day, before fees and expenses, and to fall when Amazon rises. Over longer periods, daily resets and compounding weaken that link. The prospectus says the fund will lose money if Amazon is flat over time and could lose money even while Amazon declines. Shares purchased partway through a day also won't get exactly -100% exposure for that day.
Is AMZD the same as shorting Amazon stock?
Not quite. AMZD wraps a short Amazon position in an ETF that trades like a stock, so there is no need to borrow shares or open a margin account. A direct short sale can lose more than the amount invested; with AMZD, the prospectus warns you could lose all your money, but losses can't exceed it. The trade-offs are a daily reset, a 1.02% expense ratio and reliance on the financial institutions on the other side of its swaps.
Does AMZD pay dividends?
Yes. AMZD pays distributions quarterly, and its yield was 2.79% as of October 27, 2026, about $0.24 per share over the prior year. The payouts don't come from Amazon's profits; inverse funds generally earn interest on the cash and short-term debt they hold alongside their swaps. That income did little to cushion the fund's 15.5% price decline over the year to October 27, 2026.
What is AMZD's expense ratio?
AMZD's expense ratio is 1.02% a year, after a 0.24% fee waiver, according to the prospectus filed February 26, 2026. The management fee alone is 0.75%. In the SEC's standard example, $10,000 invested at a 5% annual return and cashed out at the end of each period would incur about $104 in costs after one year, $376 after three, $669 after five and $1,502 after ten. The prospectus also flags brokerage and financing costs from creating and redeeming shares for cash.