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

BEAR ETF extreme · Issuer Direxion · Tracks S&P 500 (SPY) · Listed 2008-11-05

Quote & options All leveraged ETFs

Implied AUM

$369.5M

shares out × price

Last close

$24.77

20260930

30-day avg volume

13,075,963

options listed →

SPXS realized

—

what holders actually earned

Theoretical -3x

—

-3x × S&P 500's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -3x S&P 500

Cumulative return of SPXS against a clean -3x of S&P 500's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: SPXL (+3x bull, Direxion Daily S&P 500 Bull 3x ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on S&P 500

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
SPYU	+4x	BULL	MAX	MAX S&P 500 4x Leveraged ETN	—	621,250
SPXL	+3x	BULL	Direxion	Direxion Daily S&P 500 Bull 3x ETF	$7.1B	1,493,060	✓
UPRO	+3x	BULL	ProShares	ProShares UltraPro S&P 500	$5.3B	1,791,852	✓
HIBL	+3x	BULL	Direxion	Direxion Daily S&P 500 High Beta Bull 3X ETF	$78.7M	41,336	✓
SSO	+2x	BULL	ProShares	ProShares Ultra S&P500	$8.4B	3,073,733	✓
SPUU	+2x	BULL	Direxion	Direxion Daily S&P 500 Bull 2X ETF	$284.4M	12,627	✓
URSP	+2x	BULL	ProShares	ProShares Ultra S&P 500 Equal Weight	—	33,654
SDS	-2x	BEAR	ProShares	ProShares UltraShort S&P500	$352.3M	2,898,674	✓
SPXU	-3x	BEAR	ProShares	ProShares UltraPro Short S&P 500	$429.2M	7,040,294	✓
HIBS	-3x	BEAR	Direxion	Direxion Daily S&P 500 High Beta Bear 3X ETF	$21.2M	210,699	✓

How SPXS works

SPXS targets -3x the daily return of S&P 500 — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.