At a glance
NFXS charges 1.03% a year. It has $4.8M in assets; it paid 2.17% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +64.2% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily NFLX Bear 1X Shares (NFXS) uses swap agreements to deliver the opposite of Netflix's return for a single trading day, a design aimed at short-term bets against Netflix or hedges of a Netflix stake. Because exposure resets daily, longer-term returns can drift far from the opposite of Netflix's move. Its expense ratio is listed at 1.03% in its February 2026 prospectus, and net assets were about $4.8 million as of July 31, 2026.
Price history
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NFXS +64.2% 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 | |
|---|---|---|---|---|---|---|
| NFXS official prospectus, to Dec 31, 2025 | — | -8.39% | — | — | — | -22.63% |
| NFXS price data to Oct 27, 2026 | +41.3% | +64.2% | — | — | — | +0.9% |
- Over the year to Oct 27, 2026, NFXS returned +64.2%.
- Its worst full calendar year was 2025 (-8.6%); its best was 2025 (-8.6%).
- The deepest fall in its price history was 50.4% (Oct 17, 2024 to Jun 30, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +41.3% | — |
| 2025 | -8.6% | -8.39% |
| 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) | $0.3600 | |
| 2025 | $0.6000 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 100.1% 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 $1.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.90%, +19.83%, -1.16%.
How it works
NFXS follows no index. Per its February 2026 prospectus, it aims to return -100% of the daily performance of one stock, Netflix (NFLX), before costs. Rather than borrowing and selling Netflix shares, it uses swap agreements with financial institutions: contracts that exchange returns tied to Netflix. Its assets sit mostly in cash-like holdings such as money market funds and short-term US government securities. As of July 31, 2026, cash made up about 100% of net assets, alongside four Netflix swaps.
At each market close, the adviser, Rafferty Asset Management, resets exposure to -100% of net assets: it adds short exposure after Netflix falls and trims it after Netflix rises. Because each day's return compounds on the last, results over weeks or months will very likely differ from the opposite of Netflix's return. The prospectus warns the fund will lose money if Netflix ends flat over time and, in volatile stretches, can lose money even while Netflix falls. Shares bought during the day can carry more or less than -100% exposure.
The fund is non-diversified, tied to a single entertainment company. When large traders create or redeem shares, it deals mainly in cash rather than securities, so the prospectus says it is not expected to be tax-efficient. If a swap counterparty fails to pay, the fund can lose money.
What it really costs
- NFXS charges 1.03% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.1% 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 $1,366 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NFXS | $105 | $349 | $613 | $1,366 |
In a retirement portfolio
The fund is built to deliver the opposite of Netflix's return one day at a time, and its prospectus warns that longer holds can lose money even when Netflix falls.
NFXS launched on October 3, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Shares fell 50.4% from October 17, 2024, to June 30, 2025, and had not regained that peak as of October 27, 2026. Its only full calendar year, 2025, returned -8.39%, and its worst quarter lost 30.98%. It also gained 64.2% in the year to October 27, 2026. Someone needing to sell after a Netflix rally could lock in deep losses, and the prospectus notes most assets have historically risen, which works against a short position.
The trailing yield was 2.17% as of October 27, 2026, paid quarterly, which is small next to those swings. Costs add up: $105 in the first year and $1,366 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Traders seeking the opposite of Netflix's daily move at 1X, without borrowing shares or opening a margin account to short the stock.
- Netflix shareholders wanting a brief hedge, such as around an earnings report, who can check the position every trading day.
- Experienced investors who understand daily resets and compounding, and accept a 1.03% expense ratio and swap counterparty risk for a short trade.
Look elsewhere if
- Long-term holders and retirement investors: the fund fell 50.4% from October 2024 to June 2025 and had not recovered by October 27, 2026.
- Anyone wanting a long-term bet against Netflix: daily compounding means the fund can lose money over months even if Netflix falls.
- Income or tax-conscious investors: the 2.17% trailing yield, paid quarterly, is modest, and the prospectus says the fund is not expected to be tax-efficient.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
How does NFXS work?
NFXS aims to return -100% of Netflix's daily stock performance, before fees and expenses. Rather than holding Netflix shares, it uses swap agreements with major financial institutions and keeps its assets in cash-like holdings; as of July 31, 2026, cash was about 100% of net assets, alongside four Netflix swaps. At each market close, the adviser, Rafferty Asset Management, resets exposure, so the fund gains on days Netflix falls and loses on days it rises.
Is NFXS a good long-term investment?
It is not designed to be one. The prospectus says the fund does not seek its objective over any period other than a single trading day. Because daily returns compound, results over months will very likely differ from the opposite of Netflix's return, and the fund can lose money even while Netflix falls. From its October 3, 2024, launch through December 31, 2025, it returned an average of -22.63% a year, per the prospectus. It then rose 41.3% in 2026 through October 27.
Is NFXS the same as shorting Netflix stock?
Not exactly. Shorting Netflix means borrowing shares and selling them, and the position is not reset each day. NFXS resets to -100% of its net assets at every market close, so over weeks or months its return will very likely differ from a direct short. An investor's loss in NFXS is limited to the amount invested, while losses on a direct short have no ceiling. In exchange, NFXS charges a 1.03% expense ratio and depends on swap counterparties paying what they owe.
Does NFXS pay dividends?
Yes. NFXS pays distributions quarterly, totaling $0.52 per share over the trailing year, a 2.17% yield as of October 27, 2026. The money does not come from owning Netflix shares; the fund's assets sit mainly in cash-like holdings such as money market funds and short-term US government securities. Because shares are created and redeemed mostly for cash, the prospectus says the fund is not expected to be tax-efficient, which can matter in a taxable account.
What is the NFXS expense ratio?
NFXS charges a 1.03% expense ratio, including a 0.75% management fee, according to its prospectus filed February 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and a sale at the end of each period. On that basis, costs come to $105 after one year, $349 after three, $613 after five and $1,366 after 10. Those costs add up for anyone holding beyond a short trade.