CHAD — Direxion Daily CSI 300 China A Share Bear 1X Shares

CHAD Fund Overview

CHAD — Direxion Daily CSI 300 China A Share Bear 1X Shares is a US ETF managed by Direxion Shares ETF Trust, categorised as Inverse / Short. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Direxion Shares ETF Trust
• Category: Inverse / Short
• Assets under management: $13.76M
• 1-year return: 5.4%
• Ticker: CHAD
• SEC CIK: 0001424958
• SEC series ID: S000048906
• Share class ID: C000154004

CHAD Investment Objective and Strategy

Direxion Daily CSI 300 China A Share Bear 1X Shares describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Direxion Shares ETF Trust.

Investment objective

The Fund seeks daily investment results, before fees and expenses, of 100% of the inverse (or opposite) of the daily performance of the Index. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.

Principal investment strategy

The Fund, under normal circumstances, invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short exposure to the Index equal to at least 80% of the Funds net assets (plus borrowing for investment purposes). On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Index is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Index constituent stocks must have been listed for more than three months (unless the stocks average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing obvious abnormal fluctuations or market manipulations.

As of December 29, 2017, the Index included 300 securities with an average market capitalization of $4.3 billion, total market capitalizations ranging from $626.4 million to $69.9 billion and were concentrated in the financials sector.A-shares are issued by companies incorporated in the Peoples Republic of China (China or the PRC). A-shares are traded in renminbi (RMB) on the Shenzhen Stock Exchange or Shanghai Stock Exchange (SSE). The A-share market in China is made available to domestic PRC investors and certain foreign investors, including those foreign investors that have been approved as Renminbi Qualified Foreign Institutional Investors (RQFII) or as Qualified Foreign Institutional Investors (QFII). A RQFII or QFII license may be obtained by submitting an application to the China Securities Regulatory Commission (CSRC).

After obtaining a RQFII or QFII license, the RQFII or QFII also applies to Chinas State Administration of Foreign Exchange (SAFE) for a specific aggregate dollar amount investment quota in which the RQFII or QFII can invest in A-shares. Additionally, an investment in eligible A-shares listed and traded on the SSE is also permitted through the Shanghai-Hong Kong Stock Connect program (Stock Connect), a securities trading and clearing program established by Hong Kong Securities Clearing Company Limited, the SSE and China Securities Depository and Clearing Corporation Limited. The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries ( i.e. , hold 25% or more of its total assets in investments that provide inverse exposure to a particular industry or group of industries) to approximately the same extent as the Index is so concentrated.

Because the Fund does not satisfy the criteria to qualify as a RQFII or QFII itself and does not intend to trade through Stock Connect, the Fund expects to invest a majority of its assets in swaps that provide short exposure to funds that seek to replicate the performance of the Index. The Fund may also utilize futures contracts and other types of derivative instruments or financial instruments that seek to replicate the performance of the Index to obtain the inverse exposure necessary to achieve its investment objective. At times, however, the Fund will utilize other derivatives and investment strategies which may include gaining inverse exposure to only a representative sample of the securities in the Index that have aggregate characteristics similar to those of the Index. The Fund may do this by utilizing swaps that provide short exposure on ETFs that track a similar index or futures contracts on a similar index.

Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse exposure to the Index or its components. The Fund seeks to remain fully invested at all times consistent with its stated investment objective. At the close of the markets each trading day, Rafferty positions the Funds portfolio so that its exposure to the Index is consistent with the Funds investment objective. The impact of the Indexs movements during the day will affect whether the Funds portfolio needs to be re-positioned. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Funds exposure will need to be increased.

Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Funds exposure will need to be reduced. This re-positioning strategy typically results in high portfolio turnover. The terms daily, day and trading day refer to the period from the close of the U.S. markets on one trading day to the close of the markets on the next trading day. Because of daily rebalancing and the compounding of each days return over time, the return of the Fund for periods longer than a single day will be the result of each days returns compounded over the period, which will very likely differ from -100% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Indexs volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index's performance decreases.

CHAD Performance

Total returns for CHAD (as of 2026-10-01), from SEC filings.

CHAD Risk Information

Risk metrics for CHAD, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 32.0%

CHAD Costs and Fees

CHAD costs about $76 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.76%
• Gross expense ratio: 0.76%
• Portfolio turnover: 0%
• Brokerage commissions: 5.91 bps of average net assets (SEC N-CEN)

CHAD Cashflows

Over the 12 months to 2023-01, Direxion Daily CSI 300 China A Share Bear 1X Shares had net inflows of $196.13M, from monthly SEC N-PORT filings.

CHAD Debt Constituents

No individual debt constituents are reported in Direxion Daily CSI 300 China A Share Bear 1X Shares's latest SEC N-PORT filing.

CHAD Prospectus and SEC Filings

Official Direxion Daily CSI 300 China A Share Bear 1X Shares filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2022-02-28
• Prospectus (485BPOS) — filed 2021-02-26
• Prospectus (485BPOS) — filed 2020-03-17
• Portfolio holdings (N-PORT) — filed 2023-03-31
• Portfolio holdings (N-PORT) — filed 2022-12-27
• Portfolio holdings (N-PORT) — filed 2022-09-29
• Annual census (N-CEN) — filed 2023-01-17
• Annual census (N-CEN) — filed 2022-01-12

Related Funds

Other Inverse / Short funds tracked on ABC INVEST:

• Direxion Daily Semiconductor Bear 3X Shares (SOXS)
• Direxion Daily S&P 500 Bear 3X Shares (SPXS)
• Direxion Daily S&P 500 Bear 1X Shares (SPDN)
• Direxion Daily Small Cap Bear 3X Shares (TZA)
• Direxion Daily 20+ Year Treasury Bear 3X Shares (TMV)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.