At a glance
METD charges 1.02% a year. It has $10.8M in assets; it paid 2.42% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +7.2% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily META Bear 1X Shares (METD) uses swap agreements to try to deliver the opposite of Meta Platforms' stock return, one trading day at a time. Traders may use it to seek gains from a fall in Meta, or to briefly offset a drop in Meta shares they own. Because it resets daily, returns over weeks or months can drift far from that target, and it charges 1.02% a year.
Price history
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METD +7.2% 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 | |
|---|---|---|---|---|---|---|
| METD official prospectus, to Dec 31, 2025 | — | -17.30% | — | — | — | -22.43% |
| METD price data to Oct 27, 2026 | -4.8% | +7.2% | — | — | — | -15.8% |
- Over the year to Oct 27, 2026, METD returned +7.2%.
- Its worst full calendar year was 2025 (-17.3%); its best was 2025 (-17.3%).
- The deepest fall in its price history was 50.6% (Jul 25, 2024 to Sep 24, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -4.8% | — |
| 2025 | -17.3% | -17.30% |
| 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) | $0.2300 | |
| 2025 | $0.5300 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 101.67% 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 added a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.02%, +10.96%, -1.39%.
How it works
METD tracks no index. Its reference is one stock: Meta Platforms (META), which runs social media platforms, makes virtual reality headsets and wearables, and provides online advertising. Under normal conditions, the fund puts at least 80% of its net assets into instruments, including swap agreements and options, that aim to deliver the opposite of Meta's daily return. A swap is a contract with a major financial institution to exchange returns: the fund gains when Meta falls and pays out when Meta rises.
Rafferty Asset Management, the adviser, resets exposure at each market close. When Meta falls, the fund's assets grow, so it adds short exposure (positions that gain when Meta drops); when Meta rises, it trims it. Because each day's return compounds on the last, results over weeks or months will very likely differ from the opposite of Meta's return. The prospectus warns the fund loses money if Meta ends flat over time, and big price swings can cause losses even when Meta falls over a longer period.
As of July 31, 2026, about 102% of its $10.8 million in net assets sat in cash and cash-like holdings, alongside four swap contracts on Meta. The fund creates and redeems shares mostly for cash, so it is not expected to be tax efficient. Shares purchased mid-day won't get exactly the opposite of Meta's close-to-close move.
What it really costs
- METD charges 1.02% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.17% 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 $1,428 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| METD | $104 | $361 | $638 | $1,428 |
In a retirement portfolio
It aims for the opposite of one stock's return for a single day, and the prospectus warns that results over longer periods will very likely differ from that target.
METD launched on June 5, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, ended down 17.3%. Its deepest drop, 50.6%, ran from July 25, 2024 to September 24, 2026, and it had not recovered as of October 27, 2026. Because it moves opposite to one stock, it loses when Meta rises, and daily compounding can erode value even when Meta goes nowhere. Anyone forced to cash out after a Meta rally could lock in a deep loss.
It paid $0.36 a share over the 12 months to October 27, 2026, a 2.42% yield, in quarterly payments; these are not Meta dividends. It costs 1.02% a year, or about $1,428 over 10 years in the SEC's $10,000 example. 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 single-day position against Meta Platforms and can watch it daily, since exposure resets at every market close.
- Meta shareholders seeking a brief offset against a fall in the stock, using an exchange-traded fund instead of borrowing shares to bet against it.
- Traders comfortable with sharp swings (a 25.46% loss in the quarter ended June 30, 2025) and the risk a swap partner fails to pay.
Look elsewhere if
- Long-term and retirement investors: daily compounding pulls multi-month returns away from the opposite of Meta's, and the fund lost 17.3% in 2025.
- Income seekers: the 2.42% trailing yield as of October 27, 2026 is small beside a 50.6% drop that had not recovered by then.
- Investors wanting diversification, low cost or tax efficiency: it tracks one stock, charges 1.02% a year and isn't expected to be tax efficient.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does the METD ETF do?
METD aims to deliver the opposite of Meta Platforms' daily stock return, before fees and expenses. When Meta falls on a given day, the fund is designed to rise by about the same percentage, and when Meta rises, it is designed to fall. It gets this exposure through swap agreements with major financial institutions and resets at each market close. The fund launched on June 5, 2024, and its adviser is Rafferty Asset Management.
Is METD good for retirement or long-term investing?
It isn't designed for long holding periods. The fund targets the opposite of Meta's return for one trading day only. Over longer stretches, daily compounding means results will very likely differ from that target, and the prospectus says the fund will lose money if Meta ends flat over time. It lost 17.3% in 2025, and its deepest drop, 50.6% from July 25, 2024 to September 24, 2026, had not recovered as of October 27, 2026.
Does METD pay dividends?
Yes, METD pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $0.36 per share, a trailing yield of 2.42%. These are not Meta dividends, because the fund owns no Meta shares. Its assets sit mostly in cash and cash-like holdings, such as money market funds and short-term government debt, which earn interest. The payouts are modest next to the fund's swings, and they don't make up for losses when Meta's stock rises.
What is METD's expense ratio?
METD's expense ratio is 1.02% a year, according to the prospectus filed February 26, 2026. The prospectus also lists a 0.75% management fee and a 0.17% fee waiver. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and a full exit at the end of each period, total costs come to about $104 after one year, $361 after three, $638 after five and $1,428 after ten.
What's the difference between METD and shorting Meta stock?
Both gain when Meta falls, but the risks differ. Shorting means borrowing Meta shares to bet on a decline, and losses can exceed the money put up if the stock keeps climbing. With METD, the most an investor can lose is the amount invested, though the prospectus warns all of it could be lost. METD also resets daily, so over weeks or months its return will very likely differ from the opposite of Meta's, while a direct short simply mirrors Meta's price change.