SPXS -3x Direxion Daily S&P 500 Bear 3x ETF

SPXS

ETF -3x BEAR extreme
Direxion Daily S&P 500 Bear 3x ETF
Issuer: Direxion · Tracks: S&P 500 (SPY) · Listed: 2008-11-05
Implied AUM
$327.0M
Last Close
$27.10
20260720
30d Avg Vol
12,525,511
Options
available
Realized return vs theoretical -3x S&P 500
Pair counterpart found: SPXL (+3x bull, Direxion Daily S&P 500 Bull 3x ETF)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking S&P 500
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
SPYU +4x BULL MAX MAX S&P 500 4x Leveraged ETN — 863,343
SPXL +3x BULL Direxion Direxion Daily S&P 500 Bull 3x ETF $6.68B 2,061,525
UPRO +3x BULL ProShares ProShares UltraPro S&P 500 $5.18B 2,520,358
HIBL +3x BULL Direxion Direxion Daily S&P 500 High Beta Bull 3X ETF $77.3M 66,082
SSO +2x BULL ProShares ProShares Ultra S&P500 $7.90B 3,640,287
SPUU +2x BULL Direxion Direxion Daily S&P 500 Bull 2X ETF $250.9M 25,882
URSP +2x BULL ProShares ProShares Ultra S&P 500 Equal Weight $38.0M 60,948
SDS -2x BEAR ProShares ProShares UltraShort S&P500 $402.2M 3,320,714
SPXU -3x BEAR ProShares ProShares UltraPro Short S&P 500 $430.1M 9,745,714
HIBS -3x BEAR Direxion Direxion Daily S&P 500 High Beta Bear 3X ETF $25.0M 241,949

How SPXS works

SPXS targets -3x the daily return of S&P 500 — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a -3x product on an underlying with 25% annualized vol, expected annual drag is around 18.8%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on SPXS carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.