At a glance
AVS charges 1.03% a year. It has $6.6M in assets; it paid 3.22% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −9.1% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily AVGO Bear 1X Shares (AVS) uses swap agreements to deliver the opposite of Broadcom's (AVGO) daily stock return. That gives traders a way to bet against Broadcom, or hedge it briefly, without shorting the shares. Because its exposure resets at every market close, results over weeks or months can stray far from the reverse of Broadcom's move. It charges 1.03% a year and lost 46.01% in 2025.
Price history
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AVS -9.1% 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 | |
|---|---|---|---|---|---|---|
| AVS official prospectus, to Dec 31, 2025 | — | -46.01% | — | — | — | -53.15% |
| AVS price data to Oct 27, 2026 | -9.8% | -9.1% | — | — | — | -39.7% |
- Over the year to Oct 27, 2026, AVS returned -9.1%.
- Its worst full calendar year was 2025 (-46.0%); its best was 2025 (-46.0%).
- The deepest fall in its price history was 76.8% (Nov 27, 2024 to Jun 2, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -9.8% | — |
| 2025 | -46.0% | -46.01% |
| 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) | $0.1400 | |
| 2025 | $0.3900 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 100.52% 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 withdrew a net $1.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.25%, +13.80%, -3.95%.
How it works
AVS doesn't track an index or own Broadcom stock. It aims to return -100% of the daily performance of Broadcom (AVGO), a US semiconductor and infrastructure software company, before fees. It mainly uses swaps, which are contracts with large financial institutions. The swaps give the fund the opposite of Broadcom's daily return on an amount equal to its net assets. Its cash sits in money market funds, bank deposits and short-term, high-quality debt. As of July 31, 2026, cash and similar holdings were about 100.5% of net assets, alongside four Broadcom swaps.
At each market close, the adviser rebalances so the short bet again equals 100% of net assets. It adds exposure after Broadcom falls and trims it after Broadcom rises. Because each day's return compounds on the last, results over longer periods will very likely differ from -100% of Broadcom's return. The prospectus warns that the fund will lose money if Broadcom ends flat over time. Because of volatility, it can lose money even while Broadcom declines.
The fund may rely on a few swap counterparties and could lose money if one fails to pay. It creates and redeems shares mainly for cash, so it isn't expected to be tax efficient. Midday trades won't get the stated daily result. It is non-diversified, and its board can change the objective without a shareholder vote.
What it really costs
- AVS charges 1.03% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.18% 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 $1,450 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AVS | $105 | $366 | $648 | $1,450 |
In a retirement portfolio
AVS seeks the opposite of Broadcom's return for one trading day only, and its daily reset can wear away value over the long holding periods retirement savers use.
AVS launched on October 10, 2024, so it has no history from the 2008, 2020 or 2022 downturns. Its own record is harsh. It lost 46% in 2025, its worst calendar year, and fell 76.8% from its November 27, 2024 peak to a June 2, 2026 low. It had not regained that peak as of October 27, 2026. Anyone forced to draw cash from it after a drop like that would lock in a deep loss. It also bets against a single semiconductor company, not the market, so it is not a broad crash hedge. Its trailing yield was 3.22% as of October 27, 2026, paid quarterly, which is small next to those swings. It costs 1.03% a year, or $1,450 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders wanting to bet against Broadcom for a single trading day without borrowing shares or opening a margin account.
- Holders of a concentrated Broadcom stake wanting a temporary hedge they can monitor every day, accepting a 1.03% expense ratio.
- Experienced investors who understand swaps, counterparty risk and daily compounding, and can handle annualized volatility of 48% for the year to October 27, 2026.
Look elsewhere if
- Retirement savers seeking a long-term holding: AVS lost 46.01% in 2025 and fell 76.8% from its November 2024 peak by June 2026.
- Investors wanting a broad market or crash hedge: AVS bets against just one semiconductor company and is non-diversified.
- Cost-conscious investors and income seekers: AVS charges 1.03% a year, and its 3.22% trailing yield (October 27, 2026) hasn't offset price losses.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does the AVS ETF do?
AVS aims to deliver the opposite of Broadcom's (AVGO) stock return for a single trading day, before fees. If Broadcom falls on a given day, the fund is designed to rise by about the same percentage, and the reverse when Broadcom rises. It gets this exposure through swap agreements with large financial institutions and holds cash and short-term debt. The fund's issuer is Rafferty Asset Management, and it had about $6.6 million in net assets as of July 31, 2026.
Is AVS good for long-term investors?
AVS isn't built for long holding periods. Its prospectus says it seeks its goal only for a single trading day. Daily compounding makes longer-term results very likely to differ from the opposite of Broadcom's return, and the fund loses money if Broadcom ends flat over time. It lost 46.01% in 2025 and fell 76.8% from its November 27, 2024 peak to a June 2, 2026 low. It had not regained that peak as of October 27, 2026.
Does AVS pay dividends?
Yes, AVS pays distributions quarterly. Its trailing yield was 3.22% as of October 27, 2026, or about $0.27 per share over the prior year. These aren't Broadcom dividends: the fund holds mostly cash, short-term debt and swaps, not Broadcom shares. Payouts this size are small next to the fund's price swings, including a 46.01% loss in 2025. Its 1.03% expense ratio also eats into returns.
Is AVS the same as shorting AVGO stock?
No. A direct short of Broadcom gains or loses based on the stock's move from start to finish, but it requires borrowing shares, and losses can exceed the original stake. AVS resets its short exposure to -100% of net assets at every market close. Over periods longer than a day, its return will very likely differ from the opposite of Broadcom's, and it can even lose money while Broadcom declines. Losses in AVS can't exceed the amount invested, but they could reach all of it.
What is the expense ratio of AVS?
AVS charges an expense ratio of 1.03%, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee and reflects a 0.18% fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed in at the end of each period. On that basis, total costs would be about $105 after one year, $366 after three, $648 after five and $1,450 after 10.