Direxion Daily Cnsmr Discret Bear 3XShrs
PASS
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- Direxion Daily Consumer Discretionary Bear 3X Shares (PASS) is a leveraged exchange-traded fund that seeks daily investment results, before fees and expenses, of 300% of the inverse (opposite) performance of the S&P Consumer Discretionary Select Sector Index, which tracks U.S. companies in the consumer discretionary sector including automobiles, apparel, hotels, restaurants, leisure, and media; the fund employs swap agreements, futures contracts, options, and short positions in securities to achieve its objectives. PASS, part of the Direxion Shares ETF Trust, holds a portfolio of approximately 60 holdings with significant concentration in its top 10 positions comprising over 68% of assets, targeting sophisticated traders rather than long-term investors due to its daily reset mechanism and heightened volatility. The fund trades on the NYSE Arca exchange and is managed by Direxion Funds, with Rafferty Asset Management, LLC serving as investment adviser. Direxion Shares ETF Trust, the issuer of PASS, operates as a registered investment company domiciled in the United States with headquarters in New York, New York; Direxion, founded in 1997 originally as Potomac Funds in Alexandria, Virginia, maintains additional offices in Boston, Hong Kong, and elsewhere. The firm specializes in leveraged and inverse ETFs across sectors like semiconductors, single stocks, and consumer discretionary, serving North American and global markets through products designed for short-term trading strategies. Direxion's offerings complement core portfolios by providing opportunistic exposure in varying market conditions, with PASS launched on November 29, 2018. In recent developments, Direxion has expanded its single-stock leveraged and inverse ETF lineup through multiple launches, including four new funds for Boeing and Exxon Mobil in April 2025, Eli Lilly and Palo Alto Networks in March 2025, and Berkshire Hathaway and Palantir in December 2024, alongside semiconductor-focused products like TSMX and TSMZ in late 2024. The company appointed Mo Sparks as Chief Product Officer in April 2025 to drive product innovation and selected SS&C ALPS Distributors in September 2024 for medallion distribution services to enhance its ETF and mutual fund reach. While Direxion closed three unrelated ETFs (HJEN, MOON, KLNE) in 2024 due to low assets, PASS continues operations with approximately $2.52 million in assets under management as of recent data.