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FAZ

GradeBNew York Stock Exchange Arca

Direxion Daily Financial Bear 3x ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2008-11-06 · SEC filings

This 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.

$36.85+0.27 (+0.74%)

As of Sep 23, 2026, 3:10 PM EDT

Intraday session: up, 69 prints from 36.58 to 36.85. Range 36.09 to 37.01. Use the arrow keys to read each point.$36.00$36.4010 AM12 PM2 PM4 PM
Expense ratio
1.03%
Fund size
$110M
1Y return
−7.2%
Yield · Last 12 months
3.20%
Holdings
9
Volume · 30D
0.7M sh
NAV per share
$35.05
52W range
low $30.33high $56.37

The ETF.net FAZ Grade

B

60/ 100

Rank 5 of 14 in 3x Leveraged Inverse⁠

Confidence Medium

Six-pillar profile for FAZ. Scores out of 100: Cost 57, Risk 73, Mission not scored, Tradability 59, Holdings not scored, Durability 53. Strongest: Risk (73). Weakest: Durability (53). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 60 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 57
    Category rank6/14 · top 43%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 73
    Category rank3/14 · top 21%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 59
    Category rank7/14 · top 50%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 53
    Category rank6/14 · top 43%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on FAZ

ETF.net Research

BLaunched in November 2008, as the banking system was cracking, FAZ aims for 300% of the inverse daily move of the Financial Select Sector Index. A triple-strength short on financials that starts fresh every trading day.

Stated mandate

The fund seeks daily investment results equal to 300% of the inverse performance of the Financial Select Sector Index, before fees and expenses.

Why people hold it

  1. 01At 1.03%, the fee runs below the typical leveraged or inverse fund in its group, and lands near household-name shorts like PSQ (1.00%).
  2. 02One clean lever: 300% of the inverse daily move of a single, widely followed financials index. No stock picking, no basket surprises.direxion.com
  3. 03Trading since 2008 and paired with a 3x bull fund on the same index, so direction can be flipped without leaving the same product family.direxion.com
  4. 04Stands in the upper half of a crowded field of bear and inverse funds, helped by that below-median fee.

Worth knowing

  1. 01The 3x is a one-day mandate. Held longer, compounding can pull results well away from three times the index move, in either direction.
  2. 02Triple leverage on one sector means violent swings; this sits among the higher-risk profiles in its peer group.
  3. 031.03% is many times what a plain index fund charges, and the daily reset adds its own trading frictions on top.

FAZ Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Other
Holdings
9
Top-10 weight
152%
Largest holding
IXM SWAP ASSET LEG (IXMJPS)45.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—IXM SWAP ASSET LEG (IXMJPS)45.85%-136,008$-94M1
002—IXM SWAP ASSET LEG (IXMSGS)41.47%-123,000$-85M1
003—IXM SWAP ASSET LEG (IXMGSS)40.21%-119,255$-82M1
004—IXM SWAP ASSET LEG (IXMMLS)15.43%-45,759$-32M1
005—IXM SWAP ASSET LEG (IXMUBS)8.82%-26,169$-18M1

Showing 1–5 of 5 holdings

FAZ Performance

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

FAZ$9,284
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. FAZ $9,284. SPY $11,723. Use the arrow keys to read each point.$7,243$10,671$14,099Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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 FAZ. Periods over one year show the average yearly return.
PeriodFAZ
Year to date−3.5%
1 month+14.0%
3 months−6.5%
1 year−7.2%
3 years−40.4%per year
5 years−30.0%per year
10 years−43.4%per year

As of the close, 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 FAZ
YearReturn barFAZ
2026 YTD−3.5%
2025−37.2%
2024−51.6%
2023−27.5%
2022+1.2%
2021−67.0%
2020−73.9%

FAZ in the news

ETF.net Research hasn’t filed on FAZ yet — coverage lands here as it’s written.

FAZ 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 Sep 22, 2026.
3.20%Last 12 months
Payout per share
$1.17Last 12 months
Last payment
$0.25 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2018–2026

One bar per payment. 17 payments from 2018 to 2026 YTD. Sep 25, 2018 $8.40; Mar 19, 2019 $10.80; Sep 24, 2019 $19.28; Dec 23, 2019 $5.84; Dec 20, 2022 $0.0094; Jun 21, 2023 $1.69; Sep 19, 2023 $1.49; Dec 21, 2023 $0.80; Mar 19, 2024 $1.80; Jun 25, 2024 $1.45; Dec 23, 2024 $0.42; Mar 25, 2025 $1.03; Jun 24, 2025 $0.38; Sep 23, 2025 $0.38; Dec 23, 2025 $0.16; Mar 24, 2026 $0.38; Jun 23, 2026 $0.25. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Jun 23, 2026Jun 30, 2026$0.25
Mar 24, 2026Mar 31, 2026$0.38
Dec 23, 2025Dec 31, 2025$0.16
Sep 23, 2025Sep 30, 2025$0.38
Jun 24, 2025Jul 1, 2025$0.38
Mar 25, 2025Apr 1, 2025$1.03
Dec 23, 2024Dec 31, 2024$0.42
Sep 24, 2024Oct 1, 2024Data unavailable
Jun 25, 2024Jul 2, 2024$1.45
Mar 19, 2024Mar 26, 2024$1.80
Dec 21, 2023Dec 29, 2023$0.80
Sep 19, 2023Sep 26, 2023$1.49

FAZ Risk

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.
39.6%
Annualised · 36 months to Aug 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.
−1.26
vs 3-month T-bills · to Aug 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.
−89.3%
Trough Sep 2026
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.
−2.11
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.

FAZ Cost

Expense ratio1.03%
  • The middle half of 3x Leveraged Inverse funds
  • Median 1.05%

5 of the 14 3x Leveraged Inverse funds charge less.

FAZ costs $103.00 a year on $10,000. The median 3x Leveraged Inverse fund costs $105.00.