At a glance
ELIS charges 1.01% a year. It has $1.8M in assets; it paid 2.8% of its price in distributions over the past 12 months, annual. Over the past year it returned −1.5% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily LLY Bear 1X Shares (ELIS) uses swap contracts to aim for the opposite of Eli Lilly's daily stock return, before fees. Because that target resets daily, longer-term results can stray far from the inverse of Lilly's move, so it may suit short-term traders betting on a Lilly decline, not long-term holders. It charges 1.01% a year after a fee waiver and held about $1.8 million in net assets as of January 31, 2026.
Price history
The interactive chart needs JavaScript.
ELIS -1.5% 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 | |
|---|---|---|---|---|---|---|
| ELIS price data to Oct 27, 2026 | +28.5% | -1.5% | — | — | — | -6.3% |
- Over the year to Oct 27, 2026, ELIS returned -1.5%.
- The deepest fall in its price history was 45% (Aug 8, 2025 to Feb 4, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +28.5% |
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jan 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 99.41% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jan 31, 2026, investors withdrew a net $1.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -20.10%, +0.45%, +3.31%.
How it works
ELIS does not track an index or own Eli Lilly shares. It uses swap agreements, contracts with major financial institutions to exchange returns: the fund gains when Lilly's shares fall and loses when they rise, on an amount equal to its net assets. Its money sits in money market funds, high-quality deposit accounts or short-term debt such as US government securities. As of January 31, 2026, cash made up 99.41% of assets, alongside four Eli Lilly swaps.
At each market close, the adviser resets exposure to -100% of net assets. When Lilly falls, the fund grows, so the adviser enlarges its bet; when Lilly rises, it trims the bet. Because each day's return compounds on the last, longer-term results will likely differ from the opposite of Lilly's return. The prospectus warns the fund will lose money if Lilly is flat over time, and could lose even while Lilly declines, given price swings.
Its bet rides on one company, so it is concentrated in the pharmaceutical industry and classed as non-diversified. It may rely on a few swap counterparties (institutions on the other side), and one failing to pay could cause losses. Because it creates and redeems shares mainly for cash, the prospectus says it is not expected to be tax efficient. Shares purchased midday won't match the close-to-close target.
What it really costs
- ELIS charges 1.01% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.98% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $103 in the first year and $2,238 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ELIS | $103 | $529 | $982 | $2,238 |
In a retirement portfolio
ELIS resets to the opposite of Eli Lilly's daily return each day, so its results over months or years can stray far from what a long-term holder might expect.
ELIS launched March 26, 2025, too late for the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market, and lacks a full calendar-year record. It is a bet against one company, not a dependable hedge against a broad market fall. It fell 45% from its August 8, 2025 peak to February 4, 2026, and had not recovered as of October 27, 2026; its one-year volatility (how widely returns swing) was 43.9%. Cashing out near the low would have locked in a deep loss.
It yielded 2.8% over the 12 months to October 27, 2026, paid once a year, which offers little cushion against its swings. Costs are high: 1.01% a year after a fee waiver, or $2,238 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future ones, and any plan should weigh 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 Eli Lilly's stock who can check the position every trading day, since the target resets daily.
- Eli Lilly shareholders wanting a brief offset to a possible drop while keeping their shares, accepting swap counterparty risk.
- Traders who can stomach big swings: one-year volatility was 43.9% as of October 27, 2026, and it fell 45% between August 2025 and February 2026.
Look elsewhere if
- Retirees and long-term savers: the fund will lose money if Lilly is flat over time, and can lose even when Lilly falls.
- Cost-conscious investors: the 1.01% expense ratio applies after a fee waiver, and the SEC example shows $529 in costs over three years on $10,000.
- Investors wary of very small funds: net assets were about $1.8 million as of January 31, 2026, after roughly $1.6 million left in three months.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is ELIS good for retirement?
It isn't built for retirement portfolios. ELIS aims for the opposite of Eli Lilly's return for one trading day, then resets. Over longer periods, compounding, or each day's return building on the last, makes its results very likely to differ from the inverse of Lilly's move. The prospectus warns it will lose money if Lilly is flat over time. It fell 45% from August 8, 2025, to February 4, 2026, and had not recovered as of October 27, 2026.
What's the difference between ELIS and shorting LLY stock?
The main difference is the daily reset. A direct short position, made with borrowed Eli Lilly shares, keeps a fixed share count, while ELIS rebalances daily to hold exposure equal to -100% of its net assets, so its returns over weeks can drift from the inverse of Lilly's move. ELIS uses swaps instead, adds the risk that a swap partner fails to pay, and charges 1.01% a year. Unlike a direct short, though, losses can't exceed the amount invested.
Does ELIS pay dividends?
Yes, ELIS makes one distribution a year. It paid $0.62 per share over the trailing 12 months, a 2.8% yield as of October 27, 2026. That payout isn't a reliable income stream: the fund's value moves opposite to Eli Lilly's daily returns, and those swings can easily outweigh it. Because it creates and redeems shares mainly for cash, the prospectus says it isn't expected to be tax efficient.
What is the ELIS expense ratio?
ELIS's expense ratio, the yearly cost deducted from fund assets, is 1.01%, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee and reflects a 0.98% fee waiver. In the SEC's standard example, $10,000 earning 5% a year would incur $103 in costs in the first year, $529 over three years, $982 over five and $2,238 over 10. The jump after year one suggests costs rise once the waiver ends. Even 1.01% is far more than a typical broad index fund charges.
How has ELIS performed since launch?
It lost money overall through October 27, 2026. Over its roughly 1.5-year price history, ELIS returned -6.3%, and its one-year return was -1.5%. Returns swung widely: it gained 28.5% in 2026 through October 27, yet lost 15.3% over the six months to that date. Its February 26, 2026 prospectus showed no official performance history. Because it is inverse, its gains come mainly when Eli Lilly's stock falls.