At a glance
GGLS charges 1.02% a year. It has $15.7M in assets; it paid 2.85% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −20.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned −29.6% a year.
The short version
Direxion Daily GOOGL Bear 1X Shares ETF (GGLS) seeks the opposite of the daily return of Alphabet's Class A stock (GOOGL), using swap contracts with large financial firms. Because the bet resets every day, results over months can stray far from -1 times GOOGL's move. It charges 1.02% a year and lost 26% to 43% in each full calendar year from 2023 through 2025, so it is built for short-term trading, not long-term holding.
Price history
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GGLS -20.1% 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 | |
|---|---|---|---|---|---|---|
| GGLS official prospectus, to Dec 31, 2025 | — | -42.62% | — | — | — | -29.97% |
| GGLS price data to Oct 27, 2026 | -6.1% | -20.1% | -29.6% | — | — | -25.8% |
- Over the year to Oct 27, 2026, GGLS returned -20.1%.
- Its worst full calendar year was 2025 (-42.6%); its best was 2024 (-26.5%).
- The deepest fall in its price history was 81.2% (Nov 3, 2022 to May 13, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -6.2% | — |
| 2025 | -42.6% | -42.62% |
| 2024 | -26.5% | -26.39% |
| 2023 | -37.7% | -37.68% |
| 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) | $1.1800 | |
| 2025 | $3.3000 | -36.5% |
| 2024 | $5.2000 | -48.0% |
| 2023 | $10.0000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (126.75% 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 $2.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.11%, +5.73%, -0.79%.
How it works
GGLS doesn't track an index or pick stocks. It aims for -100% of the daily return of GOOGL, Alphabet's Class A stock, before fees, measured from one close to the next. At least 80% of net assets go into instruments such as swaps and options. In a swap, a large financial firm trades returns with the fund so the fund gets the opposite of GOOGL's daily move. That creates a short position: a bet that gains when GOOGL falls.
Swaps need little cash upfront, so most money sits in money market funds, short-term U.S. government debt and similar holdings. As of July 31, 2026, cash and cash-like holdings equaled about 127% of the fund's $15.7 million in net assets, and its three swaps on Alphabet Class A shares were valued at a net 0.5%. That reflects unsettled gains or losses, not the bet's size.
At each close, the adviser, Rafferty Asset Management, resets the exposure: if GOOGL fell, the fund's assets grew, so it adds to the short; if GOOGL rose, it trims it. Because each day's return compounds on the last, results over weeks or months will very likely differ from -1 times GOOGL's return. The fund loses money if GOOGL ends flat over time, and in choppy markets it can lose even while GOOGL falls.
What it really costs
- GGLS charges 1.02% 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 $104 in the first year and $1,439 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GGLS | $104 | $363 | $642 | $1,439 |
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
It makes a daily-reset bet against a single stock, and its prospectus says it doesn't seek its goal over any period longer than one trading day.
GGLS launched in September 2022, after the 2008 and 2020 crashes and near the end of the 2022 bear market, so its record doesn't cover those slumps. It lost money in every full calendar year since launch, worst in 2025 at -42.6%. Its deepest drop from a peak reached 81.2%, from November 3, 2022 to May 13, 2026, and it had not recovered as of October 27, 2026. Anyone needing cash after a drop like that would lock in most of the loss.
In the year to October 27, 2026, it paid $1.78 a share in quarterly distributions, a 2.85% yield, small next to its -20.1% one-year return. Fees are 1.02% a year, or $1,439 over 10 years on $10,000 in the SEC's standard example. 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
- Short-term traders who want a one-day bet against Alphabet Class A shares (GOOGL) and can check the position every trading day.
- Holders of a large Alphabet stake looking to offset a few days of price swings and willing to pay a 1.02% annual expense ratio.
- Experienced investors who understand that daily compounding can pull multi-week results far from -1 times GOOGL's return, even when GOOGL falls.
Look elsewhere if
- Long-term and retirement investors: it lost 26% to 43% in each full calendar year from 2023 through 2025 and fell 81.2% from its peak.
- Anyone seeking a broad market hedge: it bets against one company and may not help if GOOGL holds up while other stocks drop.
- Cost-conscious or taxable investors: it charges 1.02% a year, and its prospectus says it isn't expected to be tax efficient.
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 GGLS meant to be held long term?
No. GGLS seeks -100% of GOOGL's return for one trading day at a time, and its prospectus says compounding will very likely make longer-term results differ from -1 times GOOGL's return. It returned -37.68% in 2023, -26.39% in 2024 and -42.62% in 2025, averaging -29.97% a year from launch through December 31, 2025. It can even lose money over a stretch when GOOGL declines.
What happens to GGLS if Google stock goes up?
GGLS loses money. It is designed to move opposite to Alphabet's Class A shares each day, so a daily rise in GOOGL should produce a roughly equal percentage drop in the fund, before fees. From a peak on November 3, 2022 to a low on May 13, 2026, the fund fell 81.2%, and it had not recovered as of October 27, 2026. Its weakest quarter, ended September 30, 2025, was a 27.94% loss.
Does GGLS pay dividends?
Yes, it pays distributions quarterly. In the year to October 27, 2026, they totaled $1.78 a share, a 2.85% yield. GGLS doesn't own Alphabet stock; it holds mostly cash and short-term instruments such as money market funds and U.S. government securities, which earn interest. The payouts are small next to its price swings: the fund returned -20.1% over that year. Its prospectus also says it isn't expected to be tax efficient.
What's the difference between GGLS and shorting GOOGL?
The biggest difference is the daily reset. Shorting means borrowing GOOGL shares to bet on a decline, and losses can exceed the original stake if the stock keeps rising. With GGLS, losses are limited to the amount invested and no borrowing is needed, but the fund resets its -100% exposure every day, so results over weeks or months can drift from those of a simple short. It also charges 1.02% a year and depends on swap counterparties, the financial firms on the other side, paying what they owe.
What is the expense ratio of GGLS?
GGLS's expense ratio, the yearly fee taken from fund assets, is 1.02%, per its prospectus filed February 26, 2026, including a 0.75% management fee. The SEC's standard example, which assumes $10,000 invested, 5% annual returns and cashing out at the end of each period, puts total costs at $104 after one year, $363 after three, $642 after five and $1,439 after ten. Trading costs and bid-ask spreads, the gap between quoted prices to trade in and out, come on top.