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TZA

GradeANew York Stock Exchange Arca

Direxion Daily Small Cap Bear 3X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2008-11-05 · 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.

$45.06+2.07 (+4.82%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 59 prints from 42.99 to 45.06. Range 43.67 to 45.34. Use the arrow keys to read each point.$43.50$44.00$44.50$45.5010 AM12 PM2 PM4 PM
Expense ratio
0.99%
Fund size
$253M
1Y return
−44.0%
Yield · Last 12 months
5.65%
Holdings
12
Volume · 30D
17.8M sh
NAV per share
$44.21
52W range
low $36.33high $95.40

The ETF.net TZA Grade

A

71/ 100

Rank 3 of 14 in 3x Leveraged Inverse⁠

Confidence Medium

Six-pillar profile for TZA. Scores out of 100: Cost 84, Risk 56, Mission 77, Tradability 64, Holdings not scored, Durability 60. Strongest: Cost (84). Weakest: Risk (56). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 71 of 100 sits in the A 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.
    AScore 84
    Category rank4/14 · top 29%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 77
    Category rank3/4 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 56
    Category rank8/14 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 64
    Category rank4/14 · top 29%

  • 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.
    BScore 60
    Category rank4/14 · top 29%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on TZA

ETF.net Research

ABorn in the wreckage of 2008, TZA aims to move three times the inverse of the Russell 2000's daily swing. A heavily traded way to press a bearish small-cap view, with a daily reset that makes it a tool for days, not quarters.

Stated mandate

The Fund seeks daily inverse leveraged investment results equal to negative three times the daily performance of the Russell 2000 Index. Its leverage makes it potentially riskier than nonleveraged alternatives.

Why people hold it

  1. 01Fee of 0.99% comes in under the typical leveraged bear fund, and under every other Russell 2000 short ETF on the shelf (RWM, TWM, SRTY).
  2. 02Very actively traded, which usually means tight spreads and easy exits when a short-term view changes fast.
  3. 03Running since 2008, a long life for a leveraged fund, and it has stayed close to its stated daily target.
  4. 04Sits in the upper half of a crowded leveraged bear peer group on our overall read.

Worth knowing

  1. 01The -3x target resets every day. Hold longer and compounding pulls results away from three times the index move over that stretch, up or down.
  2. 02Triple leverage cuts both ways: a 1% up day in the Russell 2000 is roughly a 3% down day here, before costs.
  3. 03Direxion's own filing flags the fund as potentially riskier than nonleveraged alternatives and built for daily monitoring.

TZA Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Other
Holdings
12
Top-10 weight
158%
Largest holding
RTY SWAP ASSET LEG (RTYSGS)30.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—RTY SWAP ASSET LEG (RTYSGS)30.91%-51,000$-147M1
002—RTY SWAP ASSET LEG (RTYUBS)29.28%-48,312$-139M1
003—RTY SWAP ASSET LEG (RTYBCS)27.82%-45,913$-132M1
004—RTY SWAP ASSET LEG (RTYCTS)26.54%-43,804$-126M1
005—RTY SWAP ASSET LEG (RTYJPS)17.75%-29,283$-84M1
006—RTY SWAP ASSET LEG (RTYMLS)13.41%-22,137$-64M1
007—RTY SWAP ASSET LEG (RTYBPS)11.79%-19,463$-56M1

Showing 1–7 of 7 holdings

TZA Performance

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

TZA$5,597
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. TZA $5,597. SPY $11,723. Use the arrow keys to read each point.$4,117$8,222$12,328Sep 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 TZA. Periods over one year show the average yearly return.
PeriodTZA
Year to date−41.0%
1 month+13.6%
3 months+12.2%
1 year−44.0%
3 years−46.5%per year
5 years−30.5%per year
10 years−41.4%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 TZA
YearReturn barTZA
2026 YTD−41.0%
2025−40.2%
2024−32.2%
2023−41.1%
2022+30.2%
2021−50.8%
2020−80.4%

TZA in the news

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

TZA 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.
5.65%Last 12 months
Payout per share
$2.43Last 12 months
Upcoming payment
$0.47 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. 21 payments from 2018 to 2026 YTD. Mar 20, 2018 $6.00; Sep 25, 2018 $12.00; Dec 27, 2018 $20.23; Mar 19, 2019 $2.16; Sep 24, 2019 $26.07; Dec 23, 2019 $7.17; Mar 21, 2023 $4.60; Jun 21, 2023 $2.36; Sep 19, 2023 $2.88; Dec 21, 2023 $1.11; Mar 19, 2024 $2.36; Jun 25, 2024 $2.33; Sep 24, 2024 $1.47; Dec 23, 2024 $0.84; Mar 25, 2025 $2.38; Jun 24, 2025 $0.56; Sep 23, 2025 $0.53; Dec 23, 2025 $0.34; Mar 24, 2026 $0.71; Jun 23, 2026 $0.38; Sep 22, 2026 $0.47. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.47
Jun 23, 2026Jun 30, 2026$0.38
Mar 24, 2026Mar 31, 2026$0.71
Dec 23, 2025Dec 31, 2025$0.34
Sep 23, 2025Sep 30, 2025$0.53
Jun 24, 2025Jul 1, 2025$0.56
Mar 25, 2025Apr 1, 2025$2.38
Dec 23, 2024Dec 31, 2024$0.84
Sep 24, 2024Oct 1, 2024$1.47
Jun 25, 2024Jul 2, 2024$2.33
Mar 19, 2024Mar 26, 2024$2.36
Dec 21, 2023Dec 29, 2023$1.11

TZA 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.
56.4%
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.
−0.80
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.
−92.1%
Trough Aug 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.
−3.60
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.

TZA Cost

Expense ratio0.99%
  • The middle half of 3x Leveraged Inverse funds
  • Median 1.05%

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

TZA costs $99.00 a year on $10,000. The median 3x Leveraged Inverse fund costs $105.00.