SPXS - Direxion Daily S&P 500 Bear 3X ETF
The Direxion Daily S&P 500 Bull and Bear 3X ETFs seek daily investment results, before fees and expenses, of 300%, or 300% of the inverse (or opposite), of the performance of the S&P 500 Index. There is no guarantee the funds will achieve their stated investment objectives.
As of May 29, 2026: spot at $25.82, ATM IV 41.6%, max pain $31.00, net GEX $721.7K.
- Sector
- Financial Services
- Industry
- Asset Management - Leveraged
- Market Cap
- $387.8M
- Beta
- -2.75
- 52-Week Range
- 26.53-56.3
- Dividend Yield
- $1.29
- IPO Date
- Nov 19, 2008
- Exchange
- AMEX
What SPXS Looks Like to Options Traders Today
IV rank of 11.3% is subdued relative to the 1-year history, conditions that typically favor premium-buying or long-volatility structures (debit spreads, calendar spreads, long straddles); positive net gamma exposure ($721.7K) means dealers hedge against trend, damping realized volatility and biasing price toward heavy-OI strikes; the 25-delta skew (-0.107) prices puts richer than calls, the typical equity downside-protection skew.
What This Page Covers
The SPXS overview links into per-metric analysis views: max pain, gamma exposure, volatility skew, expected move, options chain, open interest history, and aggregate Greeks. Microstructure data is available on short interest, short volume, fail-to-deliver, and market structure.
Frequently asked SPXS overview questions
- What is SPXS?
- SPXS is the ticker symbol for Direxion Daily S&P 500 Bear 3X ETF, an listed exchange-traded fund. The Direxion Daily S&P 500 Bull and Bear 3X ETFs seek daily investment results, before fees and expenses, of 300%, or 300% of the inverse (or opposite), of the performance of the S&P 500 Index. There is no guarantee the funds will achieve their stated investment objectives. Listed on AMEX. SPXS is the ETF ticker shown on this page; ETF traders use the fund for diversified exposure to its underlying basket, for sector and factor rotation, and for hedging or replication strategies via the listed options chain.
- What does the SPXS options snapshot look like today?
- As of May 29, 2026, the SPXS options snapshot shows spot at $25.82, ATM IV 41.6%, IV rank 11.3%, max pain $31.00, net GEX $721.7K, expected move 11.94%. The full options chain, Greeks by strike and expiration, per-strike open-interest distribution, dealer gamma and delta exposure, and the volatility skew surface are linked from this overview page. Each per-metric route refreshes once per trading session and reflects the most recent close-of-business listed-options state.
- What are SPXS's key statistics?
- Direxion Daily S&P 500 Bear 3X ETF (SPXS) carries a market capitalization of $387.8M, 52-week range of 26.53-56.3. Full holdings disclosure, expense ratio, and tracking-error history live on the per-ticker fundamentals page or the sponsor's site; daily NAV and premium/discount-to-NAV are accessible from the same view. These structural inputs frame how the ETF options market prices implied volatility relative to its constituents.
- What sector or industry does SPXS belong to?
- Direxion Daily S&P 500 Bear 3X ETF operates in the Financial Services sector, in the Asset Management - Leveraged industry. Sector classification affects how the ticker correlates with sector ETFs, how it reacts to macro factors like rate moves and commodity prices, and how its options pricing compares to sector peers. Compare SPXS's implied volatility and skew against sector benchmarks to gauge whether the options market is pricing single-name or systemic risk relative to the broader peer group.
- How current is the SPXS data on this page?
- The options snapshot above is dated May 29, 2026 and refreshes once per session, with all per-strike Greeks and exposure aggregates recomputed at the daily close. Fund-level fields (sponsor, expense ratio, holdings concentration where available) refresh from the vendor feed nightly. ETF-specific filings (N-CSR, N-PX, N-CEN) update on the SEC EDGAR cadence. FINRA microstructure data refreshes on the source's cadence; for ETFs the off-exchange volume signal is dominated by authorized-participant creation and redemption rather than directional flow.