SPXS Direxion Daily S&P 500 Bear 3X Shares

Price $20.99
Today's Change 1.15 (5.80%)
Today's Volume $6.07 M
3:35pm (ET) 02/05/16

SPXS Fund Description

The Daily S&P 500 Bear 3X provides 3x inverse exposure to a market-cap-weighted index of 500 of the largest and most liquid US companies.

SPXS ETF.com Insight

SPXS is an extremely aggressive bet againstan extremely aggressive bet against the S&P 500 the S&P 500, promising to provide -300% of the index’s return for a one-day period. The fund, like most geared inverse products, is designed to deliver its 3x inverse exposure to the S&P 500—a cap-weighted basket of 500 of the largest firms in the U.S.—for one trading day. Holding it for a period longer than that will introduce the effects of compounding, a dynamic that’s increasingly pronounced as you add more leverage to the strategy. If the fund is held more than one day, your position will need to be adjusted daily to maintain the -3x multiple. SPXS is both more expensive and less liquid than its competitor, SPXU. The first point is not critical, since the product is designed to be held for a day, but the inferior liquidity is a real concern. Roughly $50M trades most days (vs. $140M for SPXU), at spreads of 4 bps (vs. 2 bps for SPXU). Investors should be comfortable with not just the mechanics of the portfolio but the counterparty risk it takes on to get its exposure: SPXS holds swaps on the index to achieve its goals.

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 02/04/16] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
SPXS12.47%23.31%17.26%-4.25%-35.03%-36.54%--
SPXS (NAV)12.38%23.23%17.46%-4.12%------
S&P 500-4.68%-8.37%-6.12%-4.14%10.90%10.23%6.49%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.
Average Spread
Premium/Discount
Volume

SPXS ETF.com/ Block Liquidity

As of 02/05/16
5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of SPXS. SPXS is rated a 5 out of 5.

SPXS Summary Data

Direxion
11/05/08
Open-Ended Fund
0.99%
$285.5 M

SPXS Portfolio Data

0%
12/23/14

SPXS Index Data

S&P 500
Market Cap
Committee
N/A

SPXS Fund Structure

Yes
No
0% / 100%
N/A
N/A
Low
-3x
Daily

SPXS Tax Exposures

20.00% / 39.60%
--
No

SPXS Tradability

7,457,201
$142.13 M
7,003,445
$130.3 M
0.06%
-0.03%
12.23% / -0.32%
None
50,000
140.07
0%
62,082
$19.84
5

SPXS Commentary & News