Direxion Daily S&P 500 Bear 3X ETF

Frequently Asked Questions About SPXS

What does SPXS invest in?

The Fund seeks daily leveraged investment results. The Fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the S&P 500 Index.

What is the expense ratio of SPXS?

Direxion Daily S&P 500 Bear 3X ETF (SPXS) charges an expense ratio of 1.04%. This is the annual fee deducted from fund assets to cover management and operations.

Is SPXS a good long-term hold?

SPXS is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple — typically negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.

How does SPXS's daily reset work?

SPXS rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level — so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets.

How big is SPXS?

Direxion Daily S&P 500 Bear 3X ETF (SPXS) manages $326.7M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is SPXS actively managed or an index fund?

SPXS's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.