Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF
New York Stock Exchange ArcaCapital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- CEO
- Daniel O'Neill
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 1301 Avenue of the Americas, 28th Floor New York City NY United States of America 10019
- IPO Date
- May 29, 2015
- CIK
- 0001424958
- Website
- direxion.com
- Similar Companies
- Business
- Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (DRIP) is an exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 200% of the inverse (or opposite) of the performance of the S&P Oil & Gas Exploration & Production Select Industry Index, a modified equal-weighted index comprising domestic companies in the oil and gas exploration and production sub-industry based on Global Industry Classification Standards. The fund employs derivatives such as swaps and futures to achieve its leveraged inverse exposure, with principal holdings including cash management instruments like Dreyfus Government Cash Management and Goldman Sachs Treasury funds alongside S&P index swaps; it distributes quarterly income dividends, such as $0.05601 per share in June 2025, and trades on the NYSE Arca exchange with a net expense ratio of 1.03%. DRIP targets sophisticated investors seeking short-term tactical trades in the energy sector, particularly those betting against U.S. oil and gas exploration, production, refining, and integrated firms like EQT Corporation, HF Sinclair, and EOG Resources that dominate the underlying index. Issued by Direxion Shares ETF Trust and managed by Rafferty Asset Management, LLC, DRIP launched on May 28, 2015, as part of Direxion's lineup of leveraged and inverse ETFs headquartered in New York, New York, with operations focused on the United States. Direxion, founded in 1997, provides a broad spectrum of bull and bear ETFs across sectors including energy, technology, and semiconductors, managing approximately $47 billion in assets as of December 2024. Recent operational changes for DRIP include a 1-for-10 reverse share split effective March 28, 2022, which reduced outstanding shares by approximately 90% while proportionally increasing NAV and market price to maintain market value, excluding fractional share redemptions. In 2023, Direxion announced a forward split for the companion GUSH Bull fund on August 4, reflecting ongoing share adjustments amid volatile energy markets, though no splits affected DRIP directly since 2022. Broader Direxion developments encompass new single-stock leveraged ETF launches like those for Broadcom, Micron, Boeing, and Exxon Mobil in 2024-2025; a strategic partnership with SS&C ALPS Distributors for enhanced fund distribution services in September 2024; and executive appointments including Mo Sparks as Chief Product Officer in April 2025.
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