US-listed · NYSE Arca · FIF-eligible (above NZ$50K)
Direxion SOXS Direxion Daily Semiconductor Bear 3X Shares
Designed to deliver -3× the daily return of the ICE Semiconductor Index. Inverse-leveraged: profits if semiconductors fall. Daily rebalancing produces severe decay.
Updated Reviewed quarterly
SOXS is an INVERSE-leveraged ETF (-3× daily semiconductor index). Compounding losses are the historical norm — daily-reset decay PLUS the long-run upward drift of the semiconductor sector means SOXS typically loses the vast majority of starting value over multi-month / multi-year holds. Designed by Direxion for daily-cycle bearish bets only. Never a buy-and-hold instrument. Read our full leveraged-ETF risk explainer at /learn/leveraged-etfs-risk-nz/ before considering this fund.
About this fund
What is SOXS?
SOXS is the US-listed ticker for Direxion Daily Semiconductor Bear 3X Shares, issued by Direxion. Designed to deliver -3× the daily return of the ICE Semiconductor Index. Inverse-leveraged: profits if semiconductors fall. Daily rebalancing produces severe decay. TER is 0.94% per year.
How to buy
Where can I buy SOXS from New Zealand?
Hatch NZ-built. US$3 flat per trade, ~0.5% FX.
Stake Commission-free US shares; ~0.7% FX.
Sharesies NZ + AU + US in one account; tiered subscription pricing.
Interactive Brokers Tiered commissions; FX margin ~0.002% (lowest published of platforms reviewed).
See the full platform comparison for fees, minimums, and supported markets across all 11 NZ-accessible brokers.
NZ tax
How is SOXS taxed for NZ investors?
SOXS is US-listed, so it sits in the Foreign Investment Fund (FIF) regime once your overseas-share holdings exceed NZ$50,000 cost basis. Below that threshold, the FIF regime does not apply and you pay tax on dividends only.
Above NZ$50K cost basis, most NZ retail investors use the Fair Dividend Rate (FDR) method — deemed income = 5% × opening market value × your marginal tax rate. FDR vs CV method →
Tax outcomes depend on your portfolio size, marginal rate, and FDR-vs-CV election. See PIE vs FIF for the full comparison and consult a registered NZ tax adviser for personalised guidance.
FAQ
Common questions about SOXS
What is the SOXS ETF? ⌄
SOXS is the Direxion Daily Semiconductor Bear 3X Shares — an inverse-leveraged ETF designed to deliver -3× the daily return of the ICE Semiconductor Index. The exposure resets every trading day. TER is 0.94%. Used for daily-cycle bearish bets on the semiconductor sector. The bull-side counterpart is SOXL.
SOXS vs SOXL — what's the difference? ⌄
Both target 3× daily exposure to the same ICE Semiconductor Index, but in opposite directions. SOXL is +3× (bullish); SOXS is -3× (bearish). Both have ~0.94% TER. Both suffer daily-reset volatility decay. SOXS additionally fights the long-run upward drift of the semiconductor sector — over multi-year periods, SOXS has historically lost the vast majority of starting value.
Can NZ residents buy SOXS? ⌄
Yes. SOXS is available via Hatch, Stake, Sharesies (US market), and Interactive Brokers. Above NZ$50,000 cost basis FIF rules apply. Inverse-leveraged products interact particularly poorly with FDR (5% × MV regardless of performance) — paying tax on a structural loss-maker is unattractive.
What use case does SOXS fit? ⌄
Strictly daily-cycle bearish tactical bets on the semiconductor sector. Or hedging an existing long position in NVDA/AMD/SMH/SOXX over a 1-3 day event window (e.g. ahead of a chip-stock earnings cluster). Holding for periods longer than days compounds decay against the position. ETFs.co.nz publishes SOXS reference data factually but does not recommend it for buy-and-hold use.
Related ETFs and resources
Leveraged ETFs — risk explainer (READ FIRST)
Why SOXS / TZA / SPXU lose money over time even when wrong-way.
SOXL — 3× semiconductor BULL (counterpart)
Bull-side leveraged counterpart on same underlying index.
SMH or SOXX — unleveraged semiconductor
Unleveraged sector exposure if your view is bullish or you want buy-and-hold.
TZA — 3× inverse Russell 2000
Same inverse-leverage mechanic on small-cap index.
FIF tax explained
Why FIF + inverse-leverage = particularly poor after-tax outcomes.