Direxion Daily Financial Bear 3x ETF
BThis 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.
$36.64+0.39 (+1.08%)
- 1.03%
- $93M
- −16.9%
- 2.76%
- 0.8M sh
- $36.86
- low $30.33high $56.37
The ETF.net FAZ Grade
B
Score 60 out of 100
- 5 of 14
Score 60 of 100 falls in the B 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.B57 out of 100Rank 6 of 14Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A73 out of 100Rank 3 of 14Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B59 out of 100Rank 6 of 14Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C50 out of 100Rank 7 of 14
Our read on FAZ
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.
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
- At 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%).
- One clean lever: 300% of the inverse daily move of a single, widely followed financials index. No stock picking, no basket surprises.direxion.com
- Trading 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
- Stands in the upper half of a crowded field of bear and inverse funds, helped by that below-median fee.
Worth knowing
- The 3x is a one-day mandate. Held longer, compounding can pull results well away from three times the index move, in either direction.
- Triple leverage on one sector means violent swings; this sits among the higher-risk profiles in its peer group.
- 1.03% is many times what a plain index fund charges, and the daily reset adds its own trading frictions on top.
FAZ Holdings
- Other
- 5
- 150%
- Ixm Swap Asset Leg (Ixmjps)
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$8,309
Returns run to the Oct 12, 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.
| Period | FAZ |
|---|---|
| Year to date | −3.8% |
| 1 month | +11.8% |
| 3 months | +4.1% |
| 1 year | −16.9% |
| 3 years | −41.6% |
| 5 years | −28.2% |
| 10 years | −43.6% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FAZ |
|---|---|---|
| 2026 YTD | −3.8% | |
| 2025 | −37.2% | |
| 2024 | −51.6% | |
| 2023 | −27.5% | |
| 2022 | +1.2% | |
| 2021 | −67.0% | |
| 2020 | −73.9% |
FAZ in the news
FAZ Dividends
- 2.76%
- $1.00
- $0.20 per share
- Quarterly
Distribution history
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.
- 42.2%
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.
- −1.07
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.
- −89.3%
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.
- −2.11
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
1.03%
FAZ1.03%
- The middle half of 3x Leveraged Inverse funds
- Median 1.05%
5 of the 14 3x Leveraged Inverse funds charge less.
Other funds in 3x Leveraged Inverse
- ATZADirexion Daily Small Cap Bear 3X ETFExpense ratio 0.99%1 year return −42.8%
- BSOXSDirexion Daily Semiconductor Bear 3X ETFExpense ratio 1.00%1 year return −96.1%
- BYANGDirexion Daily FTSE China Bear 3X ETFExpense ratio 1.03%1 year return +24.8%
- CTECSDirexion Daily Technology Bear 3X ETFExpense ratio 1.01%1 year return −73.3%
- CDRVDirexion Daily Real Estate Bear 3X ETFExpense ratio 1.07%1 year return −15.5%