SDOW vs SOXS

SDOWAProShares UltraPro Short Dow30

SOXSBDirexion Daily Semiconductor Bear 3X ETF

In short

SDOW The only -3x ETF pointed at the Dow. SDOW aims to deliver three times the inverse of the index's daily move, reset at each close, for 0.95% net of a waiver through September 30, 2027.

SOXS The bear half of Direxion's semiconductor pair. SOXS aims for 300% of the inverse of the NYSE Semiconductor Index for one trading day, then resets. A short-term instrument for doubting chips.

Stated mandate

SDOW SDOW seeks daily investment results, before fees and expenses, corresponding to three times the inverse of the daily performance of the Dow Jones Industrial Average.

SOXS The fund seeks daily investment results, before fees and expenses, equal to 300% of the inverse of the NYSE Semiconductor Index's performance.

Why people hold it

• SDOW ProShares calls it the only -3x ETF built to move against the Dow's daily price, so a bearish view on the 30 blue chips has one address, not a Nasdaq or small-cap stand-in.proshares.com
• 0.95% net of a waiver through September 30, 2027 (0.98% gross) lands below the 3x bear median, next to SQQQ at 0.94% and SRTY at 0.95% net of a waiver through the same date.
• Running since 2010 and actively traded, it sits among the stronger implementations in the 3x bear group, which matters for a tool used in days rather than years.

• SOXS Charges 1.00% a year, below the typical fee among leveraged and inverse funds. Cheap is relative here, but it is the cheaper side of a pricey neighborhood.
• One of the most heavily traded inverse funds around, so bearish chip exposure comes without a margin account or borrowing shares.
• Running since 2010, through multiple boom-and-bust chip cycles. Among the longest-tenured -3x sector bear funds on the tape.
• Stands in the upper half of its leveraged and inverse peer group on cost and tradability.

Worth knowing

• SDOW The -3x target is a one-day target. Held longer, compounding can push results away from -3x the Dow's move over the same stretch, especially after choppy markets.proshares.com
• Leverage cuts both ways: on a day the Dow rises, the fund is designed to lose roughly three times as much.proshares.com
• Exposure comes from swaps and futures rather than Dow shares, and the fee runs above a plain Dow index fund.proshares.com

• SOXS The -3x objective is a daily one. Leverage resets each session, so results over a week or a month can diverge sharply from three times the index move, especially in choppy tape.
• Triple leverage on semiconductors, a sector that swings hard on its own. This is one of the most volatile risk profiles in the ETF wrapper.
• A 1.00% expense ratio is many times what a plain index fund charges, and distributions come quarterly rather than monthly.

Full SDOW profile⁠

Full SOXS profile⁠