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SPXS tax-loss harvesting alternatives
Direxion Daily S&P 500 Bear 3X ETF (Direxion) tracks S&P 500. If you hold SPXS at a loss, these ETFs track a different index, which generally makes them less likely to be considered “substantially identical” — while still moving closely with SPXS during the 31-day wait.
| Held fund | Index tracked | Issuer | Expense ratio | AUM | Holdings | Category |
|---|---|---|---|---|---|---|
| SPXS-3x inverse Direxion Daily S&P 500 Bear 3X ETF | S&P 500 | Direxion | 1.04% | $338.04M | 11 | Leveraged / inverse |
Sources: issuer fund page · public fund profile. Fund data as of 2026-10-16.
SPXS wash sale alternatives (different index)
| ETF | Index tracked | Issuer | Expense ratio | AUM | 1-yr correlation | Holdings overlap | Notes |
|---|---|---|---|---|---|---|---|
| SQQQ-3x inverse ProShares UltraPro Short QQQ | NASDAQ 100 Index | ProShares | 0.94% | $1.98B | 0.926 | n/a | different index |
| SDOW-3x inverse ProShares UltraPro Short Dow30 | Dow Jones Industrial Average | ProShares | 0.95% | $142.74M | 0.830 | n/a | different index |
| TZA-3x inverse Direxion Daily Small Cap Bear 3X ETF | Russell 2000 | Direxion | 0.99% | $240.84M | 0.825 | n/a | different index |
| SOXS-3x inverse Direxion Daily Semiconductor Bear 3X ETF | NYSE Semiconductor Index | Direxion | 1.00% | $2.51B | 0.726 | n/a | different indexloose match |
Sorted by 1-year correlation of daily total returns with SPXS (through 2026-10-16). Holdings overlap = sum of the smaller weight of each common stock, from issuer holdings files; “n/a” where the issuer does not offer a free download or for bond/international/commodity funds. Hover a value for its as-of dates.
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Avoid as a replacement: same index as SPXS
These track the same index (S&P 500). Buying one of them within the window is the classic “substantially identical” risk.
| ETF | Index tracked | Issuer | Expense ratio | AUM | 1-yr correlation | Holdings overlap | Notes |
|---|---|---|---|---|---|---|---|
| SPXU-3x inverse ProShares UltraPro Short S&P500 | S&P 500 | ProShares | 0.90% | $411.25M | 1.000 | n/a | same index — avoid |
| SH-1x inverse ProShares Short S&P500 | S&P 500 | ProShares | 0.88% | $963.51M | 0.999 | n/a | same index — avoid |
| SDS-2x inverse ProShares UltraShort S&P 500 | S&P 500 | ProShares | 0.91% | $350.29M | 0.999 | n/a | same index — avoid |
Unleveraged funds on the same index
These track S&P 500 without leverage. Not suggested as swaps: a fund on the same index with different leverage is a gray area that some practitioners treat as potentially substantially identical.
| ETF | Index tracked | Issuer | Expense ratio | AUM | 1-yr correlation | Holdings overlap | Notes |
|---|---|---|---|---|---|---|---|
| IVV iShares Core S&P 500 ETF | S&P 500 | BlackRock | 0.03% | $896.46B | -0.999 | n/a | same index, different leverage — gray area |
| VOO Vanguard S&P 500 ETF | S&P 500 | Vanguard | 0.03% | $1.06T | -1.000 | n/a | same index, different leverage — gray area |
| SPYM State Street SPDR Portfolio S&P 500 ETF | S&P 500 | State Street | 0.02% | $185.28B | -1.000 | n/a | same index, different leverage — gray area |
| SPY State Street SPDR S&P 500 ETF | S&P 500 | State Street | 0.09% | $821.83B | -1.000 | n/a | same index, different leverage — gray area |
30-day wash-sale calendar for SPXS
The window is 30 calendar days before and after the sale (61 days total, IRC §1091(a)). Buying the replacement fund right away is the point of a swap; the dates above are about buying back the fund you sold, or anything substantially identical to it.
Before you swap
- Turn off dividend reinvestment for SPXS in every account (including IRAs) for the window — a reinvested dividend is a purchase.
- Check automatic investments, a spouse’s accounts, and any SPXS bought in the 30 days before the sale.
- Your broker generally only flags wash sales for the identical security in the same account. You are responsible for the rest.
- Read how wash sales work and the FAQ, then confirm your plan with a tax professional.