Direxion Daily Small Cap Bear 3X ETF
AThis 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.
$48.26+0.61 (+1.29%)
- 0.99%
- $232M
- −42.8%
- 3.99%
- 17.8M sh
- $47.10
- low $36.33high $95.40
The ETF.net TZA Grade
A
Score 72 out of 100
- 3 of 14
Score 72 of 100 falls in the A 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.A84 out of 100Rank 2 of 14Mission
Whether the fund did what it promised, tested against its stated mandate.A78 out of 100Rank 3 of 4Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B57 out of 100Rank 6 of 14Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B69 out of 100Rank 4 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.B60 out of 100Rank 4 of 14
Our read on TZA
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.
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 Holdings
- Other
- 7
- 153%
- Rty Swap Asset Leg (Rtysgs)
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$5,720
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 | TZA |
|---|---|
| Year to date | −34.6% |
| 1 month | +12.2% |
| 3 months | +20.7% |
| 1 year | −42.8% |
| 3 years | −45.9% |
| 5 years | −28.6% |
| 10 years | −41.2% |
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 | TZA |
|---|---|---|
| 2026 YTD | −34.6% | |
| 2025 | −40.2% | |
| 2024 | −32.2% | |
| 2023 | −41.1% | |
| 2022 | +30.2% | |
| 2021 | −50.8% | |
| 2020 | −80.4% |
TZA in the news
TZA Dividends
- 3.99%
- $1.90
- $0.47 per share
- Quarterly
Distribution history
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.
- 56.1%
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.
- −0.82
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.
- −92.1%
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.
- −3.25
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
0.99%
TZA0.99%
- The middle half of 3x Leveraged Inverse funds
- Median 1.05%
1 of the 14 3x Leveraged Inverse funds charge less.
Other funds in 3x Leveraged Inverse
- ASDOWProShares - UltraPro Short Dow30Expense ratio 0.97%1 year return −32.0%
- ASQQQProShares - UltraPro Short QQQExpense ratio 0.99%1 year return −55.4%
- BSOXSDirexion Daily Semiconductor Bear 3X ETFExpense ratio 1.00%1 year return −96.1%
- BFAZDirexion Daily Financial Bear 3x ETFExpense ratio 1.03%1 year return −16.9%
- BYANGDirexion Daily FTSE China Bear 3X ETFExpense ratio 1.03%1 year return +24.8%