At a glance
DRN charges 0.98% a year. It has $45.0M in assets; it paid 2.52% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −7.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +19.7% a year. At its worst it fell 86.3% in the 2020 crash (S&P 500: 33.7%) and 72.8% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 42.6% of the fund, out of 31 in all.
The short version
Direxion Daily Real Estate Bull 3x Shares (DRN) is a leveraged ETF. It aims to deliver three times the daily return of the Real Estate Select Sector Index, which holds real estate companies in the S&P 500 such as Welltower and Prologis. Its exposure resets every day, so results over months or years can differ sharply from three times the index. It charges 0.98% a year and fell 86% in the 2020 COVID crash.
Price history
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DRN -7.3% 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 | |
|---|---|---|---|---|---|---|
| DRN official prospectus, to Dec 31, 2025 | — | -11.45% | — | -4.80% | -5.35% | — |
| DRN price data to Oct 27, 2026 | +9.3% | -7.3% | +19.7% | -16.3% | -4.6% | +12.1% |
- Over the year to Oct 27, 2026, DRN returned -7.3%.
- Its 5-year annualized return was -16.3% and its 10-year -4.6%.
- In the 2020 COVID crash it fell 86.3%, and had not regained its old high by the end of the data.
- Its worst full calendar year was 2022 (-67.3%); its best was 2021 (+153.4%).
- The deepest fall in its price history was 86.3% (Feb 14, 2020 to Mar 23, 2020), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.3% | — |
| 2025 | -11.3% | -11.45% |
| 2024 | -5.3% | -5.26% |
| 2023 | +12.0% | +11.94% |
| 2022 | -67.3% | -67.13% |
| 2021 | +153.4% | +153.30% |
| 2020 | -55.6% | -55.72% |
| 2019 | +82.0% | +81.99% |
| 2018 | -25.1% | -25.02% |
| 2017 | +7.6% | +7.72% |
| 2016 | +13.5% | +13.32% |
| 2015 | -4.2% | — |
| 2014 | +108.2% | — |
| 2013 | -2.3% | — |
| 2012 | +50.3% | — |
| 2011 | -5.0% | — |
| 2010 | +63.3% | — |
| 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 | Lost 85.7% over that stretch · deepest drop along the way 86.3%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 72.8% over that stretch · deepest drop along the way 72.8%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1800 | |
| 2025 | $0.2300 | +4.5% |
| 2024 | $0.2200 | -26.7% |
| 2023 | $0.3000 | +15.4% |
| 2022 | $0.2600 | -79.7% |
| 2021 | $1.2800 | +433.3% |
| 2020 | $0.2400 | -68.4% |
| 2019 | $0.7600 | +46.2% |
| 2018 | $0.5200 | +147.6% |
| 2017 | $0.2100 | +8300.0% |
| 2012 | $0.0025 | -99.0% |
| 2011 | $0.2487 | +87.3% |
| 2010 | $0.1328 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (31.35% of net assets), with its exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| WELLTOWER INC | 7.82% | |
| PROLOGIS INC | 6.37% | |
| EQUINIX INC | 4.75% | |
| AMERICAN TOWER CORP | 3.82% | |
| SIMON PROPERTY GROUP INC | 3.52% | |
| DIGITAL REALTY TRUST INC | 3.45% | |
| PUBLIC STORAGE | 3.33% | |
| VENTAS INC | 3.24% | |
| REALTY INCOME CORP | 3.23% | |
| CBRE GROUP INC | 3.06% | |
| IRON MOUNTAIN INC (REIT) | 2.59% | |
| CROWN CASTLE INC | 2.37% | |
| EXTRA SPACE STORAGE INC | 2.23% | |
| VICI PROPERTIES INC | 2.05% | |
| AVALONBAY COMMUNITIES INC | 1.84% |
By country
United States 70.33%By asset type
Stocks 70.33%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $3.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.88%, +1.06%, +5.58%.
How it works
The fund follows the Real Estate Select Sector Index from S&P Dow Jones Indices. That index includes only S&P 500 members from real estate industries. Most are REITs (real estate investment trusts), which are companies that own income-producing property such as offices, warehouses, apartments, data centers and cell towers. Larger companies get bigger weights. Those weights are trimmed when needed to meet federal tax rules on how much a single stock can make up. As of December 31, 2025, the index had 31 constituents, and it is rebalanced quarterly.
Rafferty Asset Management runs the fund. Before fees, it seeks 300% of the index's return for a single trading day. To do this it holds index stocks and swap agreements, which are contracts in which a bank agrees to pay the fund the index's return. As of July 31, 2026, stocks made up about 70% of net assets, led by Welltower (7.8%) and Prologis (6.4%). Swaps on the index supplied the rest of the leverage. If a swap bank fails to pay, the fund loses money.
At each market close, Rafferty resets exposure back to 3x. It adds exposure after the index rises and cuts it after the index falls. Because daily returns compound, the return over longer periods will very likely differ from three times the index. The prospectus warns that the fund can lose money when the index is flat, or even when it rises.
What it really costs
- DRN charges 0.98% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $100 in the first year and $1,201 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DRN | $100 | $312 | $542 | $1,201 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The fund is built to deliver 3x the index for a single day, and its long-term record shows deep losses that it has not recovered.
DRN adds little to a long-term portfolio beyond brief, amplified bets on real estate stocks. The fund launched in July 2009, so it did not exist during the 2008 crisis. In the 2020 COVID crash it fell 86% between February 14 and March 23, 2020. In the 2022 bear market it dropped 73%. As of October 27, 2026, it had not recovered from either loss. Its worst calendar year was 2022, at -67.1%. Anyone who had to sell shares or draw income in a year like that would lock in most of the loss. The trailing yield was 2.52% as of October 27, 2026, paid quarterly, which is small next to these swings. Expenses are 0.98% a year. In the SEC's standard example, that comes to $1,201 over 10 years on $10,000. Past results don't predict future ones, 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 who want a one-day, 3x position on S&P 500 real estate stocks like Welltower, Prologis and Equinix, and who check it daily.
- Experienced investors who understand daily-reset compounding and accept that choppy markets can erode value even when the index rises.
- Short-term traders comfortable with swap counterparty risk and with volatility of 43% over the year to October 27, 2026.
Look elsewhere if
- Buy-and-hold and retirement investors: the fund lost an average of 5.35% a year over the 10 years to December 31, 2025.
- Investors seeking real estate income: the 2.52% trailing yield is small next to drops of 86% in 2020 and 73% in 2022.
- Anyone who can't accept a total loss: the prospectus warns all money invested could be lost, and the worst quarter was -71.73%.
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 DRN good for long-term investing?
No. The fund isn't designed for it. DRN seeks three times the index's return for a single day only, and its long-term record shows the effect. As of December 31, 2025, its average annual returns were -11.45% over one year, -4.8% over five years and -5.35% over ten years. Based on price, it was down 59% over the five years to October 27, 2026. The issuer describes it as a fund that resets daily, not a buy-and-hold product.
Does DRN pay dividends?
Yes. DRN pays distributions quarterly. Its trailing 12-month yield was 2.52%, or about $0.23 per share, as of October 27, 2026. The income comes mainly from the real estate stocks the fund holds directly. That yield is modest compared with how much the share price moves. In 2022 alone the fund lost 67.13%, so the payouts did little to offset losses for holders who needed steady income.
What stocks does DRN hold?
As of July 31, 2026, about 70% of DRN's net assets were in stocks from the Real Estate Select Sector Index. The largest were Welltower (7.8%), Prologis (6.4%), Equinix (4.8%), American Tower (3.8%) and Simon Property Group (3.5%). The top 10 made up 42.6%. The fund also held swap agreements on the index, which supply the rest of its 3x exposure. Net assets were about $45.0 million.
Why doesn't DRN return 3x the real estate index over a year?
Because it resets its leverage every day. Each day's return compounds on the one before. When the index swings up and down, those daily resets shrink the fund's value faster than the index moves. Over a year, this usually leaves the fund well short of three times the index's return, and sometimes below zero. The prospectus says the fund can lose money even when the index rises over a period longer than one day.
What's the difference between DRN and a regular real estate index fund?
Leverage, cost and risk. An unleveraged fund on the Real Estate Select Sector Index simply owns the stocks and moves in step with the index. DRN uses swaps to target three times the index's daily move. It resets every day and charges 0.98% a year, which includes a 0.75% management fee. That leverage cuts both ways. DRN's best quarter was a gain of 56.7% in late 2023, and its worst was a loss of 71.73% in early 2020.