At a glance
SPXS charges 1.04% a year, above the 0.68% average of the 5 funds most like it (the most expensive of 3). It has $451.4M in assets, the 3rd largest of that group; it paid 4.74% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −28.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 6 funds; over three years it returned −46.7% a year. At its worst it fell 40.4% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
Direxion Daily S&P 500 Bear 3X Shares (SPXS) aims to deliver three times the opposite of the S&P 500's return each day, using swaps and futures rather than owning stocks. It is built for short-term bets on a falling market, not for holding: it lost an average of 41.28% a year over the 10 years to December 31, 2025. Its 1.04% expense ratio is above the 0.68% average for similar funds.
Price history
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SPXS -28.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPXS official prospectus, to Dec 31, 2025 | — | -41.54% | — | -36.51% | -41.28% | — |
| SPXS price data to Oct 27, 2026 | -29.3% | -28.0% | -46.7% | -32.1% | — | -41.1% |
- Over the year to Oct 27, 2026, SPXS returned -28.0%, 4th of 6 among similar funds.
- Its 5-year annualized return was -32.1%.
- Its worst full calendar year was 2021 (-58.1%); its best was 2022 (+36.1%).
- The deepest fall in its price history was 96.9% (Jun 11, 2020 to Aug 13, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -29.3% | — |
| 2025 | -42.4% | -41.54% |
| 2024 | -42.8% | -42.76% |
| 2023 | -46.0% | -45.87% |
| 2022 | +36.1% | +35.83% |
| 2021 | -58.1% | -58.03% |
| 2020 | — | -70.44% |
| 2019 | — | -56.62% |
| 2018 | — | +3.40% |
| 2017 | — | -44.46% |
| 2016 | — | -35.90% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 82.2% over that stretch · deepest drop along the way 40.4%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9600 | |
| 2025 | $1.0600 | -72.8% |
| 2024 | $3.9000 | -40.0% |
| 2023 | $6.5000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (86.57% of net assets), with its inverse exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $110.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -13.67%, +2.69%, +0.75%.
How it works
The fund's target is the S&P 500, run by S&P Dow Jones Indices. The index holds about 500 leading large US companies. They are picked for size, financial health, sector balance, trading volume and the share of stock available to the public, and each is weighted by market value. As of December 31, 2025, it had 503 members and leaned heavily toward information technology. The index is rebalanced quarterly. SPXS does not own these stocks. It bets against them.
At least 80% of net assets go into instruments that together give the fund -3x daily exposure. These are mainly swaps, which are contracts with banks that pay the fund the opposite of the index's return, and futures. The rest sits in money market funds and short-term government debt. As of July 31, 2026, 86.57% of assets were in cash and similar holdings, alongside seven derivative positions, mostly S&P 500 index swaps. If a bank on the other side of a swap fails to pay, the fund loses money.
At each market close, adviser Rafferty Asset Management resets the fund's exposure. It adds exposure after the index falls and cuts it after the index rises. Because each day's result compounds on the last, returns over longer periods can differ sharply from -3x the index. The fund can even lose money while the index falls. Shares are mostly created and redeemed for cash, so the fund is not expected to be tax efficient.
What it really costs
- SPXS charges 1.04% a year, versus an average of 0.68% for the similar funds below (3rd of 3, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $106 in the first year and $1,271 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPXS | $106 | $331 | $574 | $1,271 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It resets its triple inverse exposure every day and lost an average of 41.28% a year over the 10 years to December 31, 2025.
The price record used here starts June 2, 2020. It doesn't cover the 2008 crisis or the 2020 crash. Even so, 2020 was the fund's worst calendar year, a 70.44% loss, as stocks rebounded. In the 2022 bear market (January 3 to October 12), it rose 82.2%. Even within that stretch, it fell 40.4% between June 16 and August 16, 2022. Its deepest drop was 96.9%, from June 11, 2020 to August 13, 2026, and the fund has not made it back.
Someone who may need to sell in a bad year faces a timing problem. A hedge bought too early can lose most of its value before stocks fall. The 4.74% trailing yield, paid quarterly as of October 27, 2026, doesn't offset that. In the SEC's standard example, the 1.04% expense ratio costs $1,271 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a one-day bet against the S&P 500 at three times the daily move and check their positions daily.
- Experienced investors hedging a stock portfolio for days, not months, who accept a 1.04% expense ratio and the risk of swap counterparties failing to pay.
- Traders who want to bet against the market without a margin account or borrowing shares to short stocks themselves.
Look elsewhere if
- Buy-and-hold and retirement investors: SPXS lost an average of 41.28% a year over the 10 years to December 31, 2025.
- Anyone seeking a long-term hedge: daily resets mean the fund can lose money even while the S&P 500 falls over several months.
- Income seekers: the 4.74% trailing yield, as of October 27, 2026, was far smaller than the fund's 28% one-year decline.
Close alternatives
Matched by leveraged/inverse funds on the same index (s&p 500), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPXS this fund | -3× | 1.04% | $451.4M | -28.0% | -46.7% |
| SPXU ProShares UltraPro Short S&P500 | -3× | — | $546.7M | -28.1% | -48.0% |
| HIBS Direxion Daily S&P 500 High Beta Bear 3X Sh… | -3× | — | $32.2M | -58.2% | -65.9% |
| SDS ProShares UltraShort S&P500 | -2× | — | $450.2M | -17.9% | -32.4% |
| SH ProShares Short S&P500 | -1× | 0.89% | $1.20B | -7.2% | -15.0% |
| SPDN Direxion Daily S&P 500 Bear 1x Shares | -1× | 0.47% | $213.8M | -6.7% | -14.7% |
Questions investors ask
Is SPXS a good long-term investment?
No. The fund is built for single trading days, not long holding periods. Its prospectus says returns over longer periods will very likely differ from -3x the S&P 500. As of December 31, 2025, it lost an average of 36.51% a year over five years and 41.28% a year over 10 years. Its deepest drop was 96.9%, from June 11, 2020 to August 13, 2026, and it has not recovered.
What's the difference between SPXS and SPXU?
Very little in design. Both aim for -3x the daily return of the S&P 500. SPXS comes from Direxion and SPXU from ProShares. As of October 27, 2026, SPXS returned -28% over one year and SPXU -28.1%. Over three years, SPXS returned -46.7% a year and SPXU -48%. SPXU had about $546.7 million in assets, while SPXS had $451.4 million as of July 31, 2026. Their costs are worth comparing in each prospectus.
Why does SPXS lose money even when the stock market goes down?
Daily resets and compounding cause it. Each day the fund resets to -3x exposure, so gains and losses compound on a changing base. In choppy markets this wears away value, and the prospectus warns the fund can lose money even if the index falls over time. It also loses when the index is flat. Costs add up too: the 1.04% expense ratio is above the 0.68% average for similar funds.
Does SPXS pay dividends?
Yes, quarterly. Over the trailing 12 months it paid $1.15 per share, a 4.74% yield as of October 27, 2026. The fund holds no stocks. As of July 31, 2026, 86.57% of its assets were in cash and short-term instruments backing its swaps. Those payouts were small next to the fund's 28% price decline over the year to October 27, 2026.
Can SPXS hedge a stock portfolio in a bear market?
Only for short periods, and timing matters. During the 2022 bear market (January 3 to October 12), SPXS rose 82.2%. Even then, it fell 40.4% between June 16 and August 16, 2022. Investors who want less leverage may compare ProShares Short S&P500 (SH, 0.89% expense ratio) or Direxion Daily S&P 500 Bear 1x Shares (SPDN, 0.47%). Both aim for -1x the daily move but still reset daily.