Only if SPX/SPY goes up by 33% in a day, but that should be prevented by circuit breakers and the laws of nature, so rather won’t happen. However, it can go to $0.01 and even lower over the years, though before then it would either be liquidated or reverse split. And that’s actually what happened in the past, if you look at its chart since 2009 - the only reason it’s still above $0.01 is because it’s been reverse split a few times. Its actually designed to continually go lower, as every spike in SPY/SPX makes SPXS go down by a higher percentage that is hard for it to recover from.
%% Possible, in theory, but so highly unlikely/dont worry about that. PLENTY of REASONS it almost certainly will not go that low. [1] They are not 100% invested@ all. [2] They use offsets also, so takes much more than any kind of monster move %%. [3]They stock split it before then [4] IN thier 500 page +or whatever annual report/that manager team has thought of + prepared for risks we never thought about...............................................................] [5,6,7] They are allowed to use , say it closes big time against them monster move monday; not only do they rebalance daily which you probably noticed, they can use tuesday close instead of mondays close.