Direxion Daily SHOP Bear 1X ETF(NASDAQ:SHPD)

SHPD provides -1X daily inverse (short) exposure to Shopify Inc. (SHOP), primarily using swaps and options. The fund aims for -100% daily return of SHOP by rebalancing its portfolio every trading day. As such, it is concentrated in the information technology sector and internet services & infrastructure industry. Due to daily rebalancing, high portfolio turnover is expected. For liquidity, the fund may also hold short-term, high-quality debt or cash equivalents. This inverse exposure is reset dailyreturns over periods longer than a day will differ from Shopifys total return due to compounding effects, volatility, and rebalancing, possibly leading to losses even if Shopify declines over longer periods.