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SPXS +1.31% today · Analysis updated Nov 13, 2026, 6:30 PM ET
Why is Direxion Daily S&P 500 Bear 3x ETF (SPXS) stock up today?
No news items or SEC filings were found for SPXS in the 14-day news window or the 45-day filings window, so this view rests only on the 30-day price and volume data. The ETF jumped from a $24.53 close on Nov 4 to $27.78 on Nov 5, a gain of about 13%, on 33.8M shares, roughly double its typical 10-17M. That $27.81 intraday high is the top of the 30-day range, which runs from a $23.93 low on Oct 28. Since the peak the shares have pulled back to $25.48 on Nov 13, about 8% below the Nov 5 close. The Nov 9 to Nov 13 closes have stayed between $24.89 and $26.12, near the $25.65 VWAP of the latest session. Volume has eased from the spike, with 11.97M shares on Nov 13 against 33.8M on Nov 5. For a 3x inverse fund, the Nov 5 move is consistent with a sharp drop in the S&P 500, but the data does not show the cause. Daily rebalancing erodes value for holders in sideways or rising markets, so the fund suits short hedging periods rather than multi-month holds.
About Direxion Daily S&P 500 Bear 3x ETF
SPXS is a Direxion fund launched in November 2008 that aims to return three times the opposite (-300%) of the S&P 500's move on a single day, before fees. It is one of the most heavily traded leveraged bearish S&P 500 funds, mostly used by short-term traders to bet against or hedge the US large-cap market.
How the fund works
The fund gets its -3x daily exposure mainly through swap agreements with banks (and sometimes futures) on the S&P 500, and parks most of its assets in cash and Treasury money-market funds. It resets its exposure every day, so if you hold it for longer than a day your return can drift a long way from -3x the index's return over that period, especially when markets are choppy. That drift has meant big long-run losses in years when the market rose, for example roughly -44% in 2025 and -46% in 2024. The net expense ratio is about 1%. Holders also take on counterparty risk from the swaps. It pays distributions quarterly, mostly from interest on its cash holdings.
What usually moves SPXS
- Daily moves in the S&P 500 (inverted and tripled)
- Market volatility and the drag from daily resetting
- Recession fears and sell-offs
- Short-term interest rates (cash yield vs. swap financing costs)
- Trader hedging and speculative flows