ETF Education Report: Direxion Daily LLY Bear 1X Shares (ELIS)

What this ETF is trying to do

The Direxion Daily LLY Bear 1X Shares (ELIS) is an exchange-traded fund (ETF). Based on its name, this type of fund is designed to move in the opposite direction of a specific underlying asset.

What the numbers show

It is important to understand the difference between price return and total return. Price return only tracks how much the share price changed. Total return includes both the price change and any cash distributions paid out to investors.

As of April 10, 2026, the current price is $19.23. Looking back at history:

• Year-to-Date (YTD): The YTD price return is approximately 11.37%. For this specific period, the YTD total return is also 11.37%.

• One-Year Performance: The one-year price return was approximately -34.50%. When including distributions, the one-year total return was approximately -31.12%.

• Estimated Price History: Based on the one-year price return, the estimated price from roughly one year ago was approximately $29.36.

To see how a share-price decline affects an investment, imagine you had $10,000 in this ETF one year ago. If the share price dropped by 34.50%, that $10,000 would have decreased to approximately $6,550 before considering any cash distributions.

Income and distribution explanation

This ETF has a distribution yield of approximately 5.26%. This represents the cash distributions relative to the ETF price. Over the last 12 months, there were 3 distributions. The frequency is described as irregular or less frequent, with Tuesday being the most common weekday for payouts.

It is important to remember that a high distribution yield does not mean an investor earned that percentage as their total return. Distributions provide cash income, but they do not guarantee that your original investment (your principal) will stay the same.

NAV erosion explanation

This ETF has a severe erosion-risk flag. StockValueFinder also reports an erosion-risk score of 30, which is labeled as "significant price erosion."

"NAV erosion" refers to a decline in the Net Asset Value of the fund. While a falling market price is not the same thing as NAV erosion, this fund shows significant price deterioration. When an ETF's share price falls heavily—such as dropping from an estimated $29.36 to $19.23—it can destroy the principal an investor originally put in. Income investors usually prefer funds that stay steady or grow slightly, rather than funds where the price collapses, because a collapsing price can quickly outweigh any cash income received.

Pros

• The fund has shown a positive YTD price return of approximately 11.37%.

• It provides a distribution yield of approximately 5.26%.

Cons

• There has been a significant one-year share-price decline of approximately 34.50%.

• The fund carries a severe erosion-risk flag and significant price erosion.

• Total returns over the last year were negative at approximately -31.12%.

Beginner takeaway

When looking at ETFs, always look at both the price return and the total return. A fund might pay out cash (distribution yield), but if the share price is dropping quickly, the total value of your investment may still go down. High yields can sometimes be misleading if the share price is not stable.