What is the 3x inverse S&P 500 ETF?

Excuse me, could you please clarify what the 3x inverse S&P 500 ETF actually is? Is it a type of investment vehicle that aims to provide investors with Leveraged exposure to the inverse performance of the S&P 500 index? How does it work, and what are the potential risks and benefits associated with investing in such an ETF? I'm interested in understanding the fundamentals of this financial product and how it can potentially impact my portfolio.