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Launched · SEC filings

Direxion Daily Financial Bear 3x ETF

FAZNYSE ArcaDirexionCThis 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.

$31.74−1.75 (−5.23%)

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

C53/ 100

Rank 6 of 14 in 3x Leveraged Inverse

C53/100Rank 6 of 14in3x Leveraged Inverse
Intraday session: down, 79 prints from 33.49 to 31.74. Range 31.48 to 32.88. Use the arrow keys to read each point.31.5032.0032.5033.0010 AM12 PM2 PM4 PM
Expense ratio
1.03%
Fund size
$86M
1Y total return
−22.4%
Yield · Last 12 months
2.98%
Holdings
5
Avg volume · 30D
930K sh
52W range
low $30.33high $56.37
Launched
Filings
SEC EDGAR

The ETF.net FAZ Grade

Based on 4 of 6 pillars

C

Score 53 out of 100

Category
3x Leveraged Inverse⁠
Rank
6 of 14
Six-pillar profile for FAZ. Scores out of 100: Cost 42, Risk 68, Mission not scored, Tradability 61, Holdings not scored, Durability 53. Strongest: Risk (68). Weakest: Cost (42). Based on 4 of 6 pillars.

Score 53 of 100 falls in the C 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.
    C42 out of 100
    Rank 8 of 14

  • 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.
    B68 out of 100
    Rank 4 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B61 out of 100
    Rank 6 of 14

  • 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.
    C53 out of 100
    Rank 6 of 14

Our read on FAZ

ETF.net Research

In short

CLaunched 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

  • 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

Asset class
Other
Holdings
5
Top-10 weight
162%
Largest holding
Ixm Swap Asset Leg (Ixmjps)59.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataIxm Swap Asset Leg (Ixmjps)59.75%-136,008−$95.5M1
2No dataIxm Swap Asset Leg (Ixmsgs)54.03%-123,000−$86.3M1
3No dataIxm Swap Asset Leg (Ixmgss)24.11%-54,891−$38.5M1
4No dataIxm Swap Asset Leg (Ixmmls)12.57%-28,624−$20.1M1
5No dataIxm Swap Asset Leg (Ixmubs)11.50%-26,169−$18.4M1

Showing 1–5 of 5 holdings

FAZ 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.

FAZ$7,760
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. FAZ $7,760. 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 FAZ. Periods over one year show the average yearly return.
PeriodFAZ
Year to date−11.1%
1 month−15.3%
3 months+2.5%
1 year−22.4%
3 yearsper year−44.4%
5 yearsper year−27.1%
10 yearsper year−44.0%

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−11.1%
2025−37.2%

FAZ in the news

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 Oct 30, 2026.
2.98%Last 12 months
Payout per share
$1.00Last 12 months
Last payment
$0.20 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. 18 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; Sep 22, 2026 $0.20. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Sep 29, 2026$0.20
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, 2024No data
Jun 25, 2024Jul 2, 2024$1.45
Mar 19, 2024Mar 26, 2024$1.80
Dec 21, 2023Dec 29, 2023$0.80

See all 23 payments⁠

$10,000 in FAZ 10 years ago paid $41.23 in dividends.⁠

FAZ Risk

Risk pillarB68 out of 100Rank 4 of 14 in 3x Leveraged Inverse

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.
42.2%
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.
−1.25
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.
−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.

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

FAZ Cost

Compare FAZ and SQQQ

Overpaying vs SQQQ, cheapest in 3x Leveraged Inverse

$1,469

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

  • FAZ 1.03%

    $19,173

  • SQQQ 0.94% Cheapest

    $17,704

$10,000
30 years

Cost over time

  • FAZ 1.03%
  • SQQQ 0.94%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FAZ $19,173SQQQ $17,704

Year by year

YearFAZSQQQOverpaying
10$1,814$1,661$153
20$6,807$6,260$547
30$19,173$17,704$1,469

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