SVXY vs TSXD

SVXYBProShares Short VIX Short-Term Futures ETF

TSXDDDirexion Daily Semiconductors Top 5 Bear 2X ETF

In short

SVXY Short volatility, half dose. SVXY targets one-half the inverse of a VIX short-term futures index each day, a deliberately de-tuned take on the short-vol trade, and it has run that mandate since 2011.

TSXD The inverse half of Direxion's Titans line: TSXD aims for -200% of the daily move in an equal-weight basket of the five biggest semiconductor names. Narrower than shorting the whole sector, broader than betting against one chip stock.

Stated mandate

SVXY SVXY seeks daily results equal to one-half the inverse of the S&P 500 VIX Short-Term Futures Index. Its objective is measured daily, so returns over longer periods can differ from the stated daily target.

TSXD The fund seeks daily investment results equal to -200% of the performance of the NYSE Semiconductor Top 5 Equal Weight Index, before fees and expenses. Its objective applies for a single day.

Why people hold it

• SVXY The half-strength design is the whole idea: a -0.5x daily target rather than full inverse, so a jump in VIX futures lands with half the force of a one-for-one short.proshares.com
• 0.95% a year sits below the typical leveraged and inverse fund, and among that crowd this is one of the stronger implementations in its peer group.
• Launched in 2011 and actively traded, so it has a long operating history and a working market for getting in and out.

• TSXD Targets -200% of the daily move in five chip giants, equal weighted and rebalanced quarterly: a narrower instrument than a 30-stock sector short.direxion.com
• 0.99% net of a waiver through September 1, 2027 sits near the category median, close to inverse staples like PSQ (0.95% net of a waiver through September 30, 2027).
• Equal weighting holds any one name to roughly a fifth of the basket at each quarterly reset, so a single chip stock's earnings night matters less than in a single-stock inverse fund.direxion.comdirexion.com 2

Worth knowing

• SVXY The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can look nothing like half the inverse of the index.proshares.com
• It is a commodity pool holding VIX futures, not a basket of stocks. Reporting and tax treatment follow different rules than a standard equity ETF.proshares.com
• Pure price vehicle with no distribution stream, and volatility spikes arrive fast, which is exactly what a short-vol position is on the wrong side of.

• TSXD Daily reset: hold longer than a day and results compound, so they can diverge widely from -2x the index's move over that stretch, especially in choppy markets.direxion.com
• That 0.99% rests on a waiver through September 1, 2027. The gross expense ratio is 9.79%, so the contractual cost without the waiver is far higher.
• Launched October 2025 and still a small, moderately traded fund, which can mean wider bid/ask spreads than the long-running broad inverse ETFs.

Full SVXY profile⁠

Full TSXD profile⁠