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TECS

GradeBNew York Stock Exchange Arca

Direxion Daily Technology Bear 3X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2008-12-17 · 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.

$52.18+0.77 (+1.50%)

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

Intraday session: up, 68 prints from 51.41 to 52.18. Range 51.17 to 53.12. Use the arrow keys to read each point.$51.00$51.50$52.50$53.0010 AM12 PM2 PM4 PM
Expense ratio
1.01%
Fund size
$76M
1Y return
−72.2%
Yield · Last 12 months
11.67%
Holdings
13
Volume · 30D
0.7M sh
NAV per share
$59.39
52W range
low $51.18high $240.40

The ETF.net TECS Grade

B

55/ 100

Rank 7 of 14 in 3x Leveraged Inverse⁠

Confidence Medium

Six-pillar profile for TECS. Scores out of 100: Cost 69, Risk 27, Mission not scored, Tradability 60, Holdings not scored, Durability 46. Strongest: Cost (69). Weakest: Risk (27). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 55 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 69
    Category rank5/14 · top 36%

  • 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.
    DScore 27
    Category rank11/14 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 60
    Category rank6/14 · top 43%

  • 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 46
    Category rank9/14 · mid-pack

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

Our read on TECS

ETF.net Research

BA three-times-daily short on the tech sector, in an ordinary ETF wrapper. TECS aims to deliver -3x the daily move of the Technology Select Sector Index, with no margin account and no borrowed shares involved.

Stated mandate

The fund seeks daily investment results corresponding to the inverse of the Technology Select Sector Index, before fees and expenses.

Why people hold it

  1. 01Targets -3x the daily move of the Technology Select Sector Index, so a bearish tech stance fits inside a plain brokerage account instead of a short position.direxion.com
  2. 02Launched December 2008, part of the first wave of 3x sector funds, and it has traded through every tech boom and bust since.
  3. 03A 1.01% expense ratio, below the median for leveraged and inverse funds.
  4. 04Actively traded, which matters a lot in a product built to be held for short stretches.

Worth knowing

  1. 01The leverage resets every day. Hold past a single session and compounding takes over, so results can diverge widely from -3x the index's move over that period.
  2. 02Swings are violent by design: three times a volatile sector's daily move, in both directions.
  3. 03Everything rides on one sector going one way. Technology is the only exposure here, and only the inverse of it.

TECS Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Other
Holdings
13
Top-10 weight
190%
Largest holding
IXT SWAP ASSET LEG (IXTGSS)39.4%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—IXT SWAP ASSET LEG (IXTGSS)39.36%-10,716$-42M1
002—IXT SWAP ASSET LEG (IXTMLS)39.26%-10,689$-42M1
003—IXT SWAP ASSET LEG (IXTCTS)29.60%-8,058$-32M1
004—IXT SWAP ASSET LEG (IXTBCS)22.35%-6,086$-24M1
005—IXT SWAP ASSET LEG (IXTSGS)18.37%-5,000$-20M1
006—IXT SWAP ASSET LEG (IXTJPS)16.15%-4,397$-17M1
007—IXT SWAP ASSET LEG (IXTBPS)15.66%-4,263$-17M1
008—IXT SWAP ASSET LEG (IXTUBS)8.80%-2,396$-9M1

Showing 1–8 of 8 holdings

TECS Performance

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

TECS$2,781
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. TECS $2,781. SPY $11,723. Use the arrow keys to read each point.$1,998$7,674$13,349Sep 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 TECS. Periods over one year show the average yearly return.
PeriodTECS
Year to date−69.6%
1 month−19.9%
3 months−15.0%
1 year−72.2%
3 years−67.0%per year
5 years−57.6%per year
10 years−61.9%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 TECS
YearReturn barTECS
2026 YTD−69.6%
2025−62.4%
2024−49.7%
2023−74.5%
2022+45.0%
2021−67.9%
2020−87.8%

TECS in the news

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

TECS 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.
11.67%Last 12 months
Payout per share
$6.00Last 12 months
Upcoming payment
$0.50 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2018–2026

One bar per payment. 24 payments from 2018 to 2026 YTD. Mar 20, 2018 $300.00; Jun 19, 2018 $250.00; Sep 25, 2018 $628.10; Dec 27, 2018 $796.80; Mar 19, 2019 $488.20; Jun 25, 2019 $600.80; Sep 24, 2019 $385.70; Dec 23, 2019 $236.40; Mar 24, 2020 $130.40; Mar 21, 2023 $27.07; Jun 21, 2023 $19.74; Sep 19, 2023 $15.35; Dec 21, 2023 $12.27; Mar 19, 2024 $6.06; Jun 25, 2024 $8.63; Sep 24, 2024 $5.56; Dec 23, 2024 $4.72; Mar 25, 2025 $4.69; Jun 24, 2025 $1.68; Sep 23, 2025 $1.82; Dec 23, 2025 $1.89; Mar 24, 2026 $1.28; Jun 23, 2026 $0.51; Sep 22, 2026 $0.50. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.50
Jun 23, 2026Jun 30, 2026$0.51
Mar 24, 2026Mar 31, 2026$1.28
Dec 23, 2025Dec 31, 2025$1.89
Sep 23, 2025Sep 30, 2025$1.82
Jun 24, 2025Jul 1, 2025$1.68
Mar 25, 2025Apr 1, 2025$4.69
Dec 23, 2024Dec 31, 2024$4.72
Sep 24, 2024Oct 1, 2024$5.56
Jun 25, 2024Jul 2, 2024$8.63
Mar 19, 2024Mar 26, 2024$6.06
Dec 21, 2023Dec 29, 2023$12.27

TECS 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.
59.1%
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.
−1.36
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.
−99.0%
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.
−3.67
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.

TECS Cost

Expense ratio1.01%
  • The middle half of 3x Leveraged Inverse funds
  • Median 1.05%

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

TECS costs $101.00 a year on $10,000. The median 3x Leveraged Inverse fund costs $105.00.