DXRSX — Direxion Monthly Small Cap Bear 1.75X Fund
Data updated: 2023-04-28
DXRSX — Direxion Monthly Small Cap Bear 1.75X Fund. Inverse / Short · $4.04M AUM · 1.41% expense ratio. Holdings, fees, performance and SEC filings.
DXRSX Fund Overview
DXRSX — Direxion Monthly Small Cap Bear 1.75X Fund is a US mutual fund managed by Direxion Funds, categorised as Inverse / Short. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Direxion Funds
- Category: Inverse / Short
- Assets under management: $4.04M
- 1-year return: 0.0%
- Ticker: DXRSX
- SEC CIK: 0001040587
- SEC series ID: S000007045
- Share class ID: C000019222
DXRSX Investment Objective and Strategy
Direxion Monthly Small Cap Bear 1.75X Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Direxion Funds.
Investment objective
The Fund seeks monthly investment results, before fees and expenses, of 200% of the inverse (or opposite) of the calendar month performance of the Index. The Fund does not seek to achieve its stated investment objective for a period of time different than a full calendar month.
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 leveraged 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 measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000 Index, based on a combination of their market capitalization and current index membership.
As of October 31, 2017, the Index consisted of 1,984 holdings, which had an average market capitalization of $2.27 billion, median market capitalization of $851 million and were concentrated in the financials and healthcare sectors. 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. The Fund is designed to lose money when the Index rises, which is a result that is the opposite from traditional index tracking funds. In order to achieve its monthly inverse investment objective, the Fund may invest in a combination of financial instruments, such as swaps that provide short exposure to the Index or to an ETF that tracks the same Index or a substantially similar index, short securities of the Index or short an ETF that tracks the same Index or a substantially similar index, or short futures contracts that provide short exposure to the Index.
The Fund may gain inverse leveraged exposure utilizing financial instruments that provide short exposure to a representative sample of the securities in the Index that have aggregate characteristics similar to those of the 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 leveraged exposure to the Index or its components. The Fund seeks to remain fully invested at all times consistent with its stated inverse leveraged investment objective. At the close of the markets on the last trading day of each month, 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 month will affect whether the Funds portfolio needs to be re-positioned. For example, if the Index has fallen over the course of a given month, net assets of the Fund should rise, meaning that the Funds exposure will need to be increased. Conversely, if the Index has risen over the course of a given month, net assets of the Fund should fall, meaning the Funds exposure will need to be reduced. Because a significant portion of the assets of the Fund may come from investors using asset allocation and market timing investment strategies, the Fund may engage in frequent trading. The Fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.
DXRSX Holdings
Top 1 holdings of Direxion Monthly Small Cap Bear 1.75X Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Fidelity Colcheste | 39.54% |
DXRSX Portfolio Allocation
Asset-class allocation of Direxion Monthly Small Cap Bear 1.75X Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 39.5% |
| Derivatives | 1.5% |
DXRSX Performance
Total returns for DXRSX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 0.0% |
| 3 years (annualised) | -32.2% |
DXRSX Risk Information
Risk metrics for DXRSX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 49.0%
DXRSX Costs and Fees
DXRSX costs about $141 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.41%
- Gross expense ratio: 2.30%
- Portfolio turnover: 0%
- Brokerage commissions: 90.77 bps of average net assets (SEC N-CEN)
DXRSX Cashflows
Over the 12 months to 2023-02, Direxion Monthly Small Cap Bear 1.75X Fund had net inflows of $44.88M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-02 | $944.43K |
| 2023-01 | $3.14M |
| 2022-12 | $3.24M |
| 2022-11 | $1.94M |
| 2022-10 | $3.98M |
| 2022-09 | $5.19M |
DXRSX Debt Constituents
No individual debt constituents are reported in Direxion Monthly Small Cap Bear 1.75X Fund's latest SEC N-PORT filing.
DXRSX Prospectus and SEC Filings
Official Direxion Monthly Small Cap Bear 1.75X Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-12-23
- Prospectus (485BPOS) — filed 2022-07-29
- Prospectus (485BPOS) — filed 2021-12-22
- Portfolio holdings (N-PORT) — filed 2023-04-28
- Portfolio holdings (N-PORT) — filed 2023-01-27
- Portfolio holdings (N-PORT) — filed 2022-10-28
- Annual census (N-CEN) — filed 2022-11-14
- Annual census (N-CEN) — filed 2021-10-29
Related Funds
Other Inverse / Short funds tracked on ABC INVEST:
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.