SPXS
·ARCA
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Key Stats
Assets Under Management
391.35MUSD
Fund Flows (1Y)
170.87MUSD
Dividend Yield
5.73%
Discount/Premium to NAV
0.06%
Shares Outstanding
10.67M
Expense Ratio
1.02%
About Direxion Daily S&P 500 Bear 3X Shares
Issuer
Rafferty Asset Management, LLC
Brand
Direxion
Inception Date
Nov 5, 2008
Structure
Open-Ended Fund
Index Tracked
S&P 500
Management Style
Passive
Dividend Treatment
Distributes
Distribution Tax Treatment
Ordinary income
Income Tax Type
Capital Gains
Max ST Capital Gains Rate
39.60%
Max LT Capital Gains Rate
20.00%
Primary Advisor
Rafferty Asset Management LLC
Distributor
Foreside Fund Services LLC
SPXS is an extremely aggressive bet against 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 US—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. 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.
Classification
Asset Class
Equity
Category
Size and Style
Focus
Large Cap
Niche
Broad-based
Strategy
Vanilla
Geography
U.S.
Weighting Scheme
Market Cap
Selection Criteria
Committee
Returns
1-Month | 3-Month | YTD | 1-Year | 3-Year | 5-Year | |
|---|---|---|---|---|---|---|
Price Performance | -8.64% | -8.24% | -42.00% | -42.19% | -83.80% | -91.52% |
NAV Total Return | -1.64% | -11.63% | -38.92% | -38.61% | -80.24% | -90.66% |
Ratings
No data is currently available
Ainvest’s AI-powered ETF Scoring Algorithm, built to help retail investors make smarter, data-driven decisions. Leveraging deep learning, reinforcement learning, and large language models, the algorithm scores ETFs across five key dimensions: Fund Flow, Momentum, Safety, Fundamentals, and Performance. Each factor is weighted by its correlation to future returns, resulting in a single, actionable score. Backtested over five years with consistently strong predictive accuracy. Ainvest brings institutional-grade artificial intelligence to everyday investors—transforming complexity into clarity with every score.
Holdings Analysis
Sector
No data is currently available
Asset
No data is currently available
Region
No data is currently available
Investment Style
No data is currently available
Top 10 Holdings
Symbol
Ratio
DREYFUS GOVT CASH MAN INS
39.64%
GOLDMAN FINL SQ TRSRY INST 506
34.29%
GOLDMAN SACHS FIN GOV 465 INSTITUT
19.16%
DREYFUS TRSRY SECURITIES CASH MGMT
7.35%
S&P 500 INDEX SWAP
-15.01%
S&P 500 INDEX SWAP-1
-23.06%
S&P 500 INDEX SWAP-2
-23.54%
S&P 500 INDEX SWAP-3
-30.27%
S&P 500 INDEX SWAP-4
-36.49%
S&P 500 INDEX SWAP-5
-66.06%
Top 10 Weight -93.98%
11 Total Holdings
Dividends
Dividend Payout History
Declaration Date | Record Date | Payment Date | Amount |
|---|---|---|---|
| 2025-09-23 | 2025-09-23 | 2025-09-30 | 0.037 |
| 2025-06-24 | 2025-06-24 | 2025-07-01 | 0.034 |
| 2025-03-25 | 2025-03-25 | 2025-04-01 | 0.084 |
| 2024-12-23 | 2024-12-23 | 2024-12-31 | 0.050 |
| 2024-09-24 | 2024-09-24 | 2024-10-01 | 0.084 |
| 2024-06-25 | 2024-06-25 | 2024-07-02 | 0.117 |
| 2024-03-19 | 2024-03-20 | 2024-03-26 | 0.137 |
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Premium/Discount Chart
Premium/Discount to NAV
Price
1M
Assets Under Management
Assets Under Management
1M
Fund Flows
Inflows
Outflows
1M
