Direxion Daily AVGO Bear 1X ETF (AVS)

This exchange-traded fund from Direxion seeks daily investment results, before fees and expenses, equal to one times the inverse (opposite) of the daily percentage change in the share price of Broadcom (AVGO). It is a single-stock inverse leveraged product that gains when the stock falls on a given day, and it obtains its exposure through swap agreements and other derivatives, holding cash and short-term instruments as collateral.

The underlying company: Broadcom designs semiconductors used in data center networking, custom AI accelerators, broadband, storage and wireless devices, and also sells infrastructure software, including the VMware virtualization portfolio.

The fund rebalances its exposure every trading day, so its target applies only to one-day returns. Over longer periods, compounding can cause results to differ significantly from one times the inverse of the stock's cumulative return.