# SPXS (Direxion Daily S&P 500(R) Bear 3X ETF)

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SPXS returned −5.5% where its own daily promise gave −8.9%, 3.4 points over.

## Key facts

- SPXS, what SPY did: +2.5%, as of Sep 30, 2026.
- SPXS, what −3 times a day gives: −8.9%, as of Sep 30, 2026.
- SPXS, what the fund returned: −5.5%, as of Sep 30, 2026.
- SPXS, the fund itself added: +3.4 pts, as of Sep 30, 2026.
- SPXS, net assets: $334m (issuer page, as of Sep 30, 2026).
- SPXS, expense ratio: 1.04% (485BPOS XBRL, Feb 26, 2026).

## SPXS over each window to Sep 30, 2026

| Window | Fund | SPY | -3x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +1.6% | −0.3% | +1.0% | +0.7 pts | 10% |
| 3 months | −5.5% | +2.5% | −7.6% | +2.1 pts | 11% |
| 6 months | −35.9% | +17.0% | −50.9% | +15.0 pts | 12% |
| 1 year | −32.3% | +15.7% | −47.1% | +14.8 pts | 13% |
| 3 years | −82.2% | +85.0% | −254.9% | +172.8 pts | 15% |
| Since launch | −100.0% | +804.6% | not meaningful over this window | not meaningful over this window | 17% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 times the daily move of SPY, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SPY moved +2.5% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPY | ETFIQ |
| Segment | broad index, US large cap | ETFIQ |
| Net assets | $334m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.04% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 11% annualized | ETFIQ |

## Questions

### Did SPXS return -3 times SPY?

Over the window to Sep 30, 2026, SPY moved +2.5% and SPXS returned −5.5%. −3 times that move is −7.6%, so the fund came out 2.1 points ahead of it.

### Why does SPXS not return -3 times over a year?

Because it resets daily. SPXS aims at -3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which -3x SPY ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from −3 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.


## Cite this page

ETFIQ, SPXS, data as of Sep 30, 2026. https://etfiq.com/funds/spxs
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/spxs  ·  JSON: https://etfiq.com/funds/spxs.json