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Launched · SEC filings

Direxion Daily Small Cap Bear 3X ETF

TZANYSE ArcaDirexionBThis 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.

$46.90+0.15 (+0.32%)

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

B61/ 100

Rank 4 of 14 in 3x Leveraged Inverse

B61/100Rank 4 of 14in3x Leveraged Inverse
Intraday session: up, 79 prints from 46.75 to 46.90. Range 45.00 to 46.90. Use the arrow keys to read each point.45.0045.5046.0010 AM12 PM2 PM4 PM
Expense ratio
0.99%
Fund size
$191M
1Y total return
−37.2%
Yield · Last 12 months
4.06%
Holdings
7
Avg volume · 30D
17.8M sh
52W range
low $36.33high $95.40
Launched
Filings
SEC EDGAR

The ETF.net TZA Grade

Based on 5 of 6 pillars

B

Score 61 out of 100

Category
3x Leveraged Inverse⁠
Rank
4 of 14
Six-pillar profile for TZA. Scores out of 100: Cost 64, Risk 54, Mission 75, Tradability 63, Holdings not scored, Durability 60. Strongest: Mission (75). Weakest: Risk (54). Based on 5 of 6 pillars.

Score 61 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.
    B64 out of 100
    Rank 5 of 14

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A75 out of 100
    Rank 4 of 4

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C54 out of 100
    Rank 7 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B63 out of 100
    Rank 5 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.
    B60 out of 100
    Rank 4 of 14

Our read on TZA

ETF.net Research

In short

BBorn 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

  • Fee 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).
  • Very actively traded, which usually means tight spreads and easy exits when a short-term view changes fast.
  • Running since 2008, a long life for a leveraged fund, and it has stayed close to its stated daily target.
  • Sits in the upper half of a crowded leveraged bear peer group on our overall read.

Worth knowing

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

TZA Performance

Launched Nov 5, 2008

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

TZA$6,281
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. TZA $6,281. SPY $11,199. Use the arrow keys to read each point.$5,000$7,500$10,000Oct 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 TZA. Periods over one year show the average yearly return.
PeriodTZA
Year to date−35.8%
1 month−1.5%
3 months+13.1%
1 year−37.2%
3 yearsper year−48.5%
5 yearsper year−27.5%
10 yearsper year−41.8%

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−35.8%
2025−40.2%
2024−32.2%
2023−41.1%

TZA in the news

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 Oct 30, 2026.
4.06%Last 12 months
Payout per share
$1.90Last 12 months
Last payment
$0.47 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. 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, 2026Sep 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

See all 22 payments⁠

$10,000 in TZA 10 years ago paid $73.81 in dividends.⁠

TZA Risk

Risk pillarC54 out of 100Rank 7 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.
53.9%
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.
−1.01
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.
−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.
−3.25
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.

TZA Cost

Compare TZA and SQQQ

Overpaying vs SQQQ, cheapest in 3x Leveraged Inverse

$821

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

  • TZA 0.99%

    $18,525

  • SQQQ 0.94% Cheapest

    $17,704

$10,000
30 years

Cost over time

  • TZA 0.99%
  • 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$20K051015202530TZA $18,525SQQQ $17,704

Year by year

YearTZASQQQOverpaying
10$1,746$1,661$85
20$6,565$6,260$305
30$18,525$17,704$821

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