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SPXS

GradeDNew York Stock Exchange Arca

Direxion Daily S&P 500 Bear 3X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2008-11-05 · SEC filings

This 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.

$24.14+0.47 (+1.96%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 59 prints from 23.67 to 24.14. Range 23.76 to 24.29. Use the arrow keys to read each point.$23.80$24.00$24.2010 AM12 PM2 PM4 PM
Expense ratio
1.04%
Fund size
$350M
1Y return
−34.9%
Yield · Last 12 months
6.44%
Holdings
12
Volume · 30D
12.2M sh
NAV per share
$25.22
52W range
low $23.40high $44.83

The ETF.net SPXS Grade

D

30/ 100

Rank 5 of 5 in Inverse S&P 500⁠

Confidence Low

Six-pillar profile for SPXS. Scores out of 100: Cost 21, Risk 33, Mission not scored, Tradability 45, Holdings not scored, Durability 42. Strongest: Tradability (45). Weakest: Cost (21). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 30 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 21
    Category rank5/5 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 33
    Category rank4/5 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 45
    Category rank5/5 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 42
    Category rank4/5 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on SPXS

ETF.net Research

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.

Stated mandate

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

  1. 01One 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
  2. 02No 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
  3. 03Among 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.
  4. 04Launched 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

  1. 01The 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.
  2. 02At 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.
  3. 03Leverage 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

As of Sep 22, 2026, 10:02 PM
Asset class
Other
Holdings
12
Top-10 weight
159%
Largest holding
SPX SWAP ASSET LEG (SPXBCS)55.8%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPX SWAP ASSET LEG (SPXBCS)55.76%-47,017$-365M1
002—SPX SWAP ASSET LEG (SPXGSS)36.06%-30,404$-236M1
003—SPX SWAP ASSET LEG (SPXMLS)18.81%-15,863$-123M1
004—SPX SWAP ASSET LEG (SPXCTS)14.99%-12,636$-98M1
005—SPX SWAP ASSET LEG (SPXJPS)14.88%-12,547$-97M1
006—SPX SWAP ASSET LEG (SPXUBS)10.11%-8,522$-66M1
007—SPX SWAP ASSET LEG (SPXBPS)8.00%-6,748$-52M1

Showing 1–7 of 7 holdings

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$6,514
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. SPXS $6,514. SPY $11,723. Use the arrow keys to read each point.$5,951$9,154$12,357Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for SPXS. Periods over one year show the average yearly return.
PeriodSPXS
Year to date−31.1%
1 month−3.0%
3 months−10.1%
1 year−34.9%
3 years−44.6%per year
5 years−34.2%per year
10 years−41.7%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SPXS
YearReturn barSPXS
2026 YTD−31.1%
2025−41.5%
2024−44.3%
2023−45.9%
2022+36.1%
2021−58.1%
2020−70.5%

SPXS in the news

ETF.net Research hasn’t filed on SPXS yet — coverage lands here as it’s written.

SPXS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
6.44%Last 12 months
Payout per share
$1.52Last 12 months
Upcoming payment
$0.34 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2018–2026

One bar per payment. 23 payments from 2018 to 2026 YTD. Mar 20, 2018 $0.29; Sep 25, 2018 $0.48; Dec 27, 2018 $10.18; Mar 19, 2019 $6.21; Jun 25, 2019 $7.50; Sep 24, 2019 $5.61; Dec 23, 2019 $3.68; Mar 24, 2020 $2.00; Mar 21, 2023 $2.33; Jun 21, 2023 $1.58; Sep 19, 2023 $1.59; Dec 21, 2023 $1.04; Mar 19, 2024 $0.14; Jun 25, 2024 $0.12; Sep 24, 2024 $0.84; Dec 23, 2024 $0.50; Mar 25, 2025 $0.84; Jun 24, 2025 $0.34; Sep 23, 2025 $0.37; Dec 23, 2025 $0.19; Mar 24, 2026 $0.38; Jun 23, 2026 $0.24; Sep 22, 2026 $0.34. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.34
Jun 23, 2026Jun 30, 2026$0.24
Mar 24, 2026Mar 31, 2026$0.38
Dec 23, 2025Dec 31, 2025$0.19
Sep 23, 2025Sep 30, 2025$0.37
Jun 24, 2025Jul 1, 2025$0.34
Mar 25, 2025Apr 1, 2025$0.84
Dec 23, 2024Dec 31, 2024$0.50
Sep 24, 2024Oct 1, 2024$0.84
Jun 25, 2024Jul 2, 2024$0.12
Mar 19, 2024Mar 26, 2024$0.14
Dec 21, 2023Dec 29, 2023$1.04

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.

How much the fund’s monthly returns vary, scaled to a year.
36.4%
Annualised · 36 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−1.38
vs 3-month T-bills · to Aug 2026
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.

The largest fall from a peak to the low that followed.
−91.1%
Trough Aug 2026
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.

How strongly the fund’s returns move with its asset-class index.
−2.87
vs its asset-class index
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

Expense ratio1.04%
  • The middle half of Inverse S&P 500 funds
  • Median 0.90%

Every other Inverse S&P 500 fund charges less.

SPXS costs $104.00 a year on $10,000. The median Inverse S&P 500 fund costs $90.00.