Direxion Daily S&P 500 Bear 3X ETF
DThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.
$23.42+0.01 (+0.06%)
- 1.04%
- $336M
- −39.7%
- 4.93%
- 12.2M sh
- $23.37
- low $23.04high $44.83
The ETF.net SPXS Grade
D
Score 30 out of 100
- 5 of 5
Score 30 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F21 out of 100Rank 5 of 5Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D33 out of 100Rank 4 of 5Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C45 out of 100Rank 5 of 5Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C42 out of 100Rank 4 of 5
Our read on SPXS
DA one-day trading tool, not a hedge you can forget about. SPXS targets 300% of the inverse daily move of the S&P 500 and resets every session, a mechanism Direxion has been running since the fund launched in November 2008.
The fund seeks daily investment results equal to 300% of the inverse performance of the S&P 500® Index, before fees and expenses.
Why people hold it
- One of the bluntest ways to take the other side of the S&P 500: it targets 300% of the index's inverse daily move, before fees and expenses.direxion.com
- No margin account, no stock borrow, no broker calling in the short. You buy shares in a normal account, and the most at stake is what you put in.direxion.com
- Among the most heavily traded funds in its corner of the market, so getting in and out rarely means hunting for the other side of the trade.
- Launched in November 2008, it has run its daily-reset machinery through crashes, melt-ups and volatility spikes rather than one calm stretch of market.
Worth knowing
- The 3x objective resets every day. Hold it longer and compounding can push the result well away from three times the index move over that stretch, either direction.
- At 1.04% a year it sits above the roughly 0.90% typical of this peer group, and a 1x short such as SPDN charges 0.54% for the same directional view.
- Leverage runs both ways: a 1% index gain is designed to move the fund about 3% the other direction, which makes this a position to watch intraday, not park.
SPXS Holdings
- Other
- 7
- 158%
- Spx Swap Asset Leg (Spxbcs)
SPXS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
SPXS$6,027
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SPXS |
|---|---|
| Year to date | −31.8% |
| 1 month | −5.2% |
| 3 months | −7.6% |
| 1 year | −39.7% |
| 3 years | −44.5% |
| 5 years | −34.6% |
| 10 years | −42.0% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SPXS |
|---|---|---|
| 2026 YTD | −31.8% | |
| 2025 | −41.5% | |
| 2024 | −44.3% | |
| 2023 | −45.9% | |
| 2022 | +36.1% | |
| 2021 | −58.1% | |
| 2020 | −70.5% |
SPXS in the news
SPXS Dividends
- 4.93%
- $1.15
- $0.34 per share
- Quarterly
Distribution history
SPXS Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 34.4%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −1.61
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −91.1%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- −2.86
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SPXS Cost
1.04%
SPXS1.04%
- The middle half of Inverse S&P 500 funds
- Median 0.90%
Every other Inverse S&P 500 fund charges less.
Other funds in Inverse S&P 500
- ASPDNDirexion Daily S&P 500 Bear 1X ETFExpense ratio 0.54%1 year return −12.1%
- BSHProShares - Short S&P500Expense ratio 0.89%1 year return −12.6%
- BSPXUProShares - UltraPro Short S&P500Expense ratio 0.90%1 year return −39.8%
- BSDSProShares - UltraShort S&P500Expense ratio 0.91%1 year return −27.0%