SPXS is the bear side of the S&P 500 leveraged pair. It targets -300% of the index's daily move, so a 1% drop in the S&P aims for a 3% gain in SPXS. Traders use it to bet against the broad market, or to hedge a long portfolio for a few days without selling anything.
Direxion Daily S&P 500 Bear 3X ETF (SPXS) is currently trading at $24.99. Over the past 52 weeks, SPXS has traded between a low of $23.40 and a high of $44.83. Recent daily volume is around 14.3M. These figures update live as the market moves.
Like its bull counterpart, SPXS holds swaps and futures and rebalances daily. Inverse leveraged funds carry an extra headwind that long ones do not: the market's long-run drift is upward, so simply holding SPXS through a rising market compounds losses on top of the decay from the daily reset. It is built for days and weeks, not quarters.
Hedgers offsetting broad equity exposure, and short-term traders positioning for a down session. Because it is an ETF, it can be held in accounts that do not permit short selling or options — which is a large part of why inverse funds exist at all.
Volume arrives on risk-off days: hot inflation data, geopolitical shocks, credit scares, or a hawkish surprise from the Fed. Watching SPXS alongside UVXY gives a quick read on whether a selloff is broad-market weakness or a genuine volatility event.