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Launched · SEC filings

Direxion Daily Financial Bull 3X ETF

FASNYSE ArcaDirexionAThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$173.22+8.42 (+5.11%)

At close: Nov 2, 2026, 4:00 PM ET

A80/ 100

Rank 3 of 31 in 3x Leveraged Long

A80/100Rank 3 of 31in3x Leveraged Long
Intraday session: up, 79 prints from 164.80 to 173.22. Range 167.73 to 174.32. Use the arrow keys to read each point.166.00168.00170.00172.0010 AM12 PM2 PM4 PM
Expense ratio
0.88%*
Fund size
$2.17B
1Y total return
+12.3%
Yield · Last 12 months
8.87%
Holdings
87
Avg volume · 30D
413K sh
52W range
low $106.91high $187.25
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 1, 2027. Without it: 0.92%.

The ETF.net FAS Grade

Based on 4 of 6 pillars

A

Score 80 out of 100

Category
3x Leveraged Long⁠
Rank
3 of 31
Six-pillar profile for FAS. Scores out of 100: Cost 92, Risk 69, Mission not scored, Tradability 73, Holdings not scored, Durability 66. Strongest: Cost (92). Weakest: Durability (66). Based on 4 of 6 pillars.

Score 80 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A92 out of 100
    Rank 3 of 31

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B69 out of 100
    Rank 4 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A73 out of 100
    Rank 5 of 31

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B66 out of 100
    Rank 5 of 31

Our read on FAS

ETF.net Research

In short

ABorn in November 2008 with the banking system on fire, FAS aims to deliver three times the daily move of the Financial Select Sector Index. A one-day tool on roughly 80 financial stocks, built around a single-day objective.

Stated mandate

The fund seeks a daily return equal to three times the performance of the Financial Select Sector Index, before fees and expenses. It is designed for a single-day objective rather than a multiple of the index’s cumulative return over longer periods.

Why people hold it

  • Launched in November 2008, into the crisis itself, and still one of the strongest implementations in its 3x peer group.
  • Costs 0.88% net of a waiver through September 1, 2027 (0.92% gross), below the median for 3x leveraged funds.
  • A multi-billion-dollar fund that trades steadily, so the leverage arrives in a reasonably liquid wrapper.
  • Straightforward plumbing: 3x the daily move of one named large-cap financials index, about 80 stocks, no stock-picking overlay.

Worth knowing

  • The 3x goal resets every day. Hold longer and compounding can push results away from three times the index's move over that stretch, especially in choppy markets.
  • Leverage runs both directions: down days are magnified just as sharply, and this is one sector in one direction with no diversification cushion.
  • Not the cheapest 3x on the shelf: SOXL runs 0.75% and TQQQ 0.78%, each net of waivers through September 1, 2027 and September 30, 2027.

FAS Performance

Launched Nov 6, 2008

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FAS$11,230
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. FAS $11,230. SPY $11,199. Use the arrow keys to read each point.$8,000$10,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FAS. Periods over one year show the average yearly return.
PeriodFAS
Year to date−0.6%
1 month+17.3%
3 months−4.7%
1 year+12.3%
3 yearsper year+51.1%
5 yearsper year+5.6%
10 yearsper year+20.9%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FAS
YearReturn barFAS
2026 YTD−0.6%
2025+21.1%
2024+84.5%
2023+14.9%
2022−43.2%
2021+116.6%
2020−35.1%

FAS in the news

FAS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
8.87%Last 12 months
Payout per share
$14.62Last 12 months
Last payment
$1.00 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 36 payments from 2017 to 2026 YTD. Dec 19, 2017 $0.08; Mar 20, 2018 $0.13; Jun 19, 2018 $0.16; Sep 25, 2018 $0.19; Dec 27, 2018 $0.16; Mar 19, 2019 $0.16; Jun 25, 2019 $0.17; Sep 24, 2019 $0.15; Dec 23, 2019 $0.11; Mar 24, 2020 $0.12; Jun 23, 2020 $0.04; Sep 22, 2020 $0.05; Dec 22, 2020 $0.08; Mar 23, 2021 $0.13; Jun 22, 2021 $0.14; Sep 21, 2021 $0.15; Dec 21, 2021 $0.36; Jun 22, 2022 $0.12; Sep 20, 2022 $0.22; Dec 20, 2022 $0.33; Mar 21, 2023 $0.17; Jun 21, 2023 $0.62; Sep 19, 2023 $0.29; Dec 21, 2023 $0.38; Mar 19, 2024 $0.36; Jun 25, 2024 $0.27; Sep 24, 2024 $0.32; Dec 23, 2024 $0.19; Mar 25, 2025 $0.46; Jun 24, 2025 $0.50; Sep 23, 2025 $0.39; Dec 10, 2025 $12.09; Dec 23, 2025 $0.39; Mar 24, 2026 $0.60; Jun 23, 2026 $0.53; Sep 22, 2026 $1.00. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Sep 29, 2026$1.00
Jun 23, 2026Jun 30, 2026$0.53
Mar 24, 2026Mar 31, 2026$0.60
Dec 23, 2025Dec 31, 2025$0.39
Dec 10, 2025Dec 17, 2025$12.09
Sep 23, 2025Sep 30, 2025$0.39
Jun 24, 2025Jul 1, 2025$0.50
Mar 25, 2025Apr 1, 2025$0.46
Dec 23, 2024Dec 31, 2024$0.19
Sep 24, 2024Oct 1, 2024$0.32
Jun 25, 2024Jul 2, 2024$0.27
Mar 19, 2024Mar 26, 2024$0.36

See all 41 payments⁠

$10,000 in FAS 10 years ago paid $7,809 in dividends.⁠

FAS Risk

Risk pillarB69 out of 100Rank 4 of 30 in 3x Leveraged Long

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
46.3%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.03
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−66.9%
Trough Oct 2023
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.63
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

FAS Cost

Compare FAS and SOXL

Overpaying vs SOXL, cheapest in 3x Leveraged Long

$2,223

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FAS 0.88%

    $16,705

  • SOXL 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • FAS 0.88%
  • SOXL 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FAS $16,705SOXL $14,482

Year by year

YearFASSOXLOverpaying
10$1,559$1,336$223
20$5,891$5,078$813
30$16,705$14,482$2,223
How the 0.88% is worked out

Full fee 0.92%− waiver 0.04%= you pay 0.88%

The waiver ends Sep 1, 2027. After that the fee is 0.92% unless Direxion renews it. Source: prospectus, Mar 2026.

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