DRV -3x Direxion Daily Real Estate Bear 3X ETF

BEAR ETF extreme · Issuer Direxion · Tracks Real Estate (IYR) · Listed 2009-07-16

Quote & options All leveraged ETFs
Implied AUM
$32.8M
shares out × price
Last close
$23.71
20261001
30-day avg volume
132,457
options listed →
DRV realized
—
what holders actually earned
Theoretical -3x
—
-3x × Real Estate's return
Decay gap
—
realized minus theoretical

Realized vs theoretical -3x Real Estate

Cumulative return of DRV against a clean -3x of Real Estate's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: DRN (+3x bull, Direxion Daily Real Estate Bull 3X ETF)
Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Real Estate

3
SymbolFactorDirectionIssuerNameImplied AUM30d volumeOptions
DRN +3x BULLDirexionDirexion Daily Real Estate Bull 3X ETF $34.3M 1,626,154 ✓
URE +2x BULLProSharesProShares Ultra Real Estate $46.8M 1,501 ✓
SRS -2x BEARProSharesProShares UltraShort Real Estate $17.6M 15,521 ✓

How DRV works

DRV targets -3x the daily return of Real Estate — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.