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Summary
SPDN is not the largest or oldest way to short the S&P 500, but it’s a solid choice.
This ETF uses a variety of financial instruments to target a return opposite that of the S&P 500 Index.
SPDN’s 0.49% Expense Ratio is nearly half that of the larger, longer-tenured -1x Inverse S&P 500 ETF.
Details aside, the potential continuation of the equity bear market makes single-inverse ETFs an investment segment investor should be familiar with.
We rate SPDN a Strong Buy because we believe the risks of a continued bear market greatly outweigh the possibility of a quick return to a bull market.
Put a gear stick into R position, (Reverse).
Birdlkportfolio

By Rob Isbitts

Summary
The S&P 500 is in a bear market, and we don’t see a quick-fix. Many investors assume the only way to navigate a potentially long-term bear market is to hide in cash, day-trade or “just hang in there” while the bear takes their retirement nest egg.

The Direxion Daily S&P 500® Bear 1X ETF (NYSEARCA:SPDN) is one of a class of single-inverse ETFs that allow investors to profit from down moves in the stock market.

SPDN is an unleveraged, liquid, low-cost way to either try to hedge an equity portfolio, profit from a decline in the S&P 500, or both. We rate it a Strong Buy, given our concern about the intermediate-term outlook for the global equity market.

Strategy
SPDN keeps it simple. If the S&P 500 goes up by X%, it should go down by X%. The opposite is also expected.

Proprietary ETF Grades
Offense/Defense: Defense

Segment: Inverse Equity

Sub-Segment: Inverse S&P 500

Correlation (vs. S&P 500): Very High (inverse)

Expected Volatility (vs. S&P 500): Similar (but opposite)

Holding Analysis
SPDN does not rely on shorting individual stocks in the S&P 500. Instead, the managers typically use a combination of futures, swaps and other derivative instruments to create a portfolio that consistently aims to deliver the opposite of what the S&P 500 does.

Strengths
SPDN is a fairly “no-frills” way to do what many investors probably wished they could do during the first 9 months of 2022 and in past bear markets: find something that goes up when the “market” goes down. After all, bonds are not the answer they used to be, commodities like gold have, shall we say, lost their luster. And moving to cash creates the issue of making two correct timing decisions, when to get in and when to get out. SPDN and its single-inverse ETF brethren offer a liquid tool to use in a variety of ways, depending on what a particular investor wants to achieve.

Weaknesses
The weakness of any inverse ETF is that it does the opposite of what the market does, when the market goes up. So, even in bear markets when the broader market trend is down, sharp bear market rallies (or any rallies for that matter) in the S&P 500 will cause SPDN to drop as much as the market goes up.

Opportunities
While inverse ETFs have a reputation in some circles as nothing more than day-trading vehicles, our own experience with them is, pardon the pun, exactly the opposite! We encourage investors to try to better-understand single inverse ETFs like SPDN. While traders tend to gravitate to leveraged inverse ETFs (which actually are day-trading tools), we believe that in an extended bear market, SPDN and its ilk could be a game-saver for many portfolios.

Threats
SPDN and most other single inverse ETFs are vulnerable to a sustained rise in the price of the index it aims to deliver the inverse of. But that threat of loss in a rising market means that when an investor considers SPDN, they should also have a game plan for how and when they will deploy this unique portfolio weapon.

Proprietary Technical Ratings
Short-Term Rating (next 3 months): Strong Buy

Long-Term Rating (next 12 months): Buy

Conclusions
ETF Quality Opinion
SPDN does what it aims to do, and has done so for over 6 years now. For a while, it was largely-ignored, given the existence of a similar ETF that has been around much longer. But the more tenured SPDN has become, the more attractive it looks as an alternative.

ETF Investment Opinion

SPDN is rated Strong Buy because the S&P 500 continues to look as vulnerable to further decline. And, while the market bottomed in mid-June, rallied, then waffled since that time, our proprietary macro market indicators all point to much greater risk of a major decline from this level than a fast return to bull market glory. Thus, SPDN is at best a way to exploit and attack the bear, and at worst a hedge on an otherwise equity-laden portfolio.

It can be a very difficult time of year for many people. But does Christmas necessarily need to destroy your bank balance? Or can you take steps to have a more frugal festive holiday?

I have been celebrating the Christmas season for over 30 years now, and one thing I’ve learned over that time is Christmas is about one thing. And that is being surrounded by the people you love (and eating way too much food).

So you really don’t need to spend a fortune to have a fantastic Christmas, and these 4 ways will demonstrate how you can do frugally and for less cash.

Recommended article: 12 Days Of Spectacular Frugal Christmas Tips

Plan Ahead of Time
You should consider running your Christmas like a business. I don’t mean you need to fire Grandpa for falling asleep after dinner, but instead, keep a tight watch on the spending.

And the best way to manage the Christmas finances is to plan, and in order to do this successfully, you need to start early.

The more planning you do the more money you can save. Much like a business would, you should ensure you have everything planned with military precision. That way you are left without costly last-minute surprises.

And the more time you have to plan, the more creative with your spending you can be. You could even start thinking about making some gifts yourself, experimenting in the kitchen, or even getting your gift wrap and crackers the year before.

Did you know gift wrap and crackers are usually 75% less than retail price just a few days after Christmas day?

Save the Year Before
If you really want to have a positive impact on your finances start setting aside money for Christmas the day after. And yes I mean the day after Christmas for the following year. A little saved often is far less impactful both on a physiological and practical level.

It also means that you can afford some treats over the festive period. It is all well and good living frugally, but everyone needs to let their hair down with a drink and something nice to nibble on once in awhile.

Set aside a few dollars each week over the course of 50 weeks building up to Christmas. Even saving just $10 a week will give you a nice $500 package for the holidays.

Shop Smart
When you’re thinking about Christmas gift ideas you should make sure what you are buying is not too expensive. Don’t get carried away and try to think outside the box.

Practical gifts are often way more affordable.

And let’s be honest, far more useful in the long term.

You don’t necessarily need to buy socks and pencils, but something that is useful will be much better and definitely worth the money you do have to spend.

Recommended article: 13 Wonderfully Awesome Christmas Gift Ideas For Men

Cashback
You can’t escape the fact that Christmas is a time of year when you need to spend money. But if you really want to be frugal, then make sure you are getting some of that money back.

Cashback is a great way to get back 2-10% of the total purchase price – and there are countless providers offering this service.

TopCashback has been one of my favourites for many years now.

And if you need to spend the money anyway, you may as well get something in return. If you are spending a total of $1000 on gifts over Christmas, and you are able to get an average of 5% back for all purchases, then that’s $50 for your wallet.

And you can always double down on the savings by searching for discount codes and promotional offers as well.

It truly is a lot easier to have a frugal Christmas than you may think.

Garden benches are so much more than a place to sit. Available in a wide range of materials it’s easy to find one that suits your specific tastes and needs. They also can not only serve to provide you with a great looking focal point, or garden accent, but also can be used to balance and even help define your garden space as well.One reason so many people love garden benches is that there is just such a huge variety. Most people only associate a garden bench with a metal bench yet don’t realize that there are so many different types available. A metal garden bench can actually be made from iron, aluminum, copper, as well as other types of metal too. These can be as ornate or as simple as you like. For a more natural look many homeowners go with a wooden garden bench. These can range from Oak, Teak, or Pine, to something like Eucalyptus. All of these can add a natural charm and appeal to your garden. There are also many different types of stone benches and a wide variety of plastic garden benches too. Whether you prefer a man-made or natural material there is something for everyone and every garden space.Garden benches are also perfect for providing a great looking focal point or even a more subdued accent to your garden. They work so well at both of these because of the huge variety available. Many homeowners opt for their bench to be their focal point which typically means an ornate metal garden bench, but the choice of material is yours. Depending on your garden there are many types which can work well to give you a focal point which not only matches the style of your garden but calls attention to itself as an object of beauty as well. And of course all the while providing you with a place to sit and enjoy your great looking garden at the same time. Using one to accent your garden space is just as easy because all you need to do is find a bench which goes with the feel, look, and style of your garden and you’re golden. Many homeowners choose to go with a simple stone or wooden bench as an accent to enhance the beauty of their garden because they are extremely good looking but also because they are simple looking enough that they don’t demand all the attention.Another reason so many people decide to purchase a garden bench is actually one which a large number of homeowners and gardeners often overlook the importance of, or don’t think of at all. And that reason is balance. So many people tend to work very hard on one aspect or area of their garden that they completely forget about the look of their space as a whole. This often means that they end up with one fantastic looking section in their garden but nothing else. A garden bench can provide balance to this space by making your garden look much more even and well rounded. An added bonus is that at the same time it can help to define the boundaries of your garden space too. Balance is always much more pleasing to the eye and will also make your outdoor space look exponentially better when viewed as a whole.With such huge array of materials and styles available which can provide you with a gentle accent or striking focal point it’s easy to see why so many people love garden benches. This especially true when they can provide balance and help to define your outdoor space at the same time. Who would have thought a place to sit could be so versatile?