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FAS vs TNA

Direxion Daily Financial Bull 3X ETF

FASANYSE Arca

Direxion Daily Small Cap Bull 3X ETF

TNACNYSE Arca

Overlap

Expense ratio

FAS −0.17pt a year

FAS0.88%TNA1.05%

Avg volume · 30D

TNA 10.5×the volume

FAS413KTNA4.32M

10Y return · a year

FAS +15.1pt

FAS+20.9%TNA+5.8%

FAS vs TNA Performance

Oct 29, 2021 – Oct 30, 2026

+31.4%FAS−35.5%TNA

Oct 29, 2021 to Oct 30, 2026. FAS +31.4%. TNA −35.5%. Use the arrow keys to read each point.−75%−50%0%50%Oct 2021Apr 2024Oct 2026
Expense ratio
FAS 0.88%, better
TNA 1.05%
Fund size
FAS $2.17B
TNA $1.4B
1Y total return
FAS +12.3%
TNA +24.0%, better
Yield (12M)
FAS 8.87%, better
TNA 0.31%
Holdings
FAS 87
TNA 12
Avg volume (30D)
FAS 413K sh
TNA 4.32M sh, better
NAV per share
FAS $168.18
TNA $60.85
52W range

ETF.net Grade

FAS: Cost 92, Risk 69, Mission not scored, Tradability 73, Holdings not scored, Durability 66. TNA: Cost 17, Risk 57, Mission not scored, Tradability 67, Holdings not scored, Durability 63.
Pillar letters and Scores for FAS, TNA, with each pillar’s weight
PillarFASTNA
Cost30% weightA92HigherF17
Mission25% weightNot scoredNot scored
Risk15% weightB69HigherB57
Tradability15% weightA73HigherB67
Holdings10% weightNot scoredNot scored
Durability5% weightB66HigherB63

Rank among 3x Leveraged Long funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FAS and TNA are both graded against the same 30 3x Leveraged Long funds, so their Grades compare head to head.

3x Leveraged Long⁠

Category · 30 funds
See all 30 ›

FAS ranks 3rd and TNA 20th of 30 funds in the 3x Leveraged Long Category.

  1. Rank 1ATQQQProShares UltraPro QQQScore 86
  2. Rank 2AUDOWProShares UltraPro Dow30Score 81
  3. Rank 3AFASDirexion Daily Financial Bull 3X ETFScore 80
  4. Rank 4ASOXLDirexion Daily Semiconductor Bull 3X ETFScore 76
  5. Rank 19CMIDUDirexion Daily Mid Cap Bull 3X ETFScore 42
  6. Rank 20CTNADirexion Daily Small Cap Bull 3X ETFScore 41
  7. Rank 21DPILLDirexion Daily Pharmaceutical & Medical Bull 3X ETFScore 37

Our read on each fund

ETF.net Research

FASADirexion Daily Financial Bull 3X ETF

TNACDirexion Daily Small Cap Bull 3X ETF

In short

FAS Born in November 2008 with the banking system on fire, FAS aims to deliver three times the daily move of the Financial Select Sector Index. A one-day tool on roughly 80 financial stocks, built around a single-day objective.

TNA Three times the Russell 2000's daily move, run by the same fund since November 2008. In a category full of sector bets, this one is a straight leveraged play on US small caps.

Stated mandate

FAS The fund seeks a daily return equal to three times the performance of the Financial Select Sector Index, before fees and expenses. It is designed for a single-day objective rather than a multiple of the index’s cumulative return over longer periods.

TNA The fund seeks daily investment results, before fees and expenses, equal to 300% of the performance of the Russell 2000® Index. Its objective is daily and is not intended to deliver three times the index's cumulative return over periods longer than one day.

Why people hold it

  • FAS Launched in November 2008, into the crisis itself, and still one of the strongest implementations in its 3x peer group.
  • Costs 0.88% net of a waiver through September 1, 2027 (0.92% gross), below the median for 3x leveraged funds.
  • A multi-billion-dollar fund that trades steadily, so the leverage arrives in a reasonably liquid wrapper.
  • Straightforward plumbing: 3x the daily move of one named large-cap financials index, about 80 stocks, no stock-picking overlay.
  • TNA Aims for 300% of the Russell 2000's daily performance before fees and expenses, with exposure reset each day. The mandate is spelled out, not fuzzy.direxion.com
  • A billion-dollar-scale fund that trades actively, making it one of the main venues for leveraged small-cap exposure.
  • Live since November 2008, so its record spans multiple small-cap booms and busts, not just one cycle.

Worth knowing

  • FAS The 3x goal resets every day. Hold longer and compounding can push results away from three times the index's move over that stretch, especially in choppy markets.
  • Leverage runs both directions: down days are magnified just as sharply, and this is one sector in one direction with no diversification cushion.
  • Not the cheapest 3x on the shelf: SOXL runs 0.75% and TQQQ 0.78%, each net of waivers through September 1, 2027 and September 30, 2027.
  • TNA Fee is 1.05% (1.07% gross, net of a waiver through September 1, 2027), above the category median. URTY tracks the same index at 0.95% net of a waiver through September 30, 2027.
  • The objective resets daily. Hold longer and compounding can push results far from 3x the index's cumulative move, especially in choppy markets.
  • Triple exposure cuts both ways: a rough day in small caps lands three times as hard.

Full FAS profile⁠

Full TNA profile⁠

FAS vs TNA Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FAS vs TNA Cost

Overpaying TNA vs FAS

$2,790

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

  • FAS 0.88%

    $16,705

  • TNA 1.05%

    $19,495

$10,000
30 years

Cost over time

  • FAS 0.88%
  • TNA 1.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TNA $19,495FAS $16,705

Year by year

YearFASTNAOverpaying
10$1,559$1,847$288
20$5,891$6,927$1,036
30$16,705$19,495$2,790

Expense ratio

  • 0.88%FAS, cheaper
  • 1.05%TNA
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

FAS 4th cheapest of 30 funds

TNA 25th cheapest of 30 funds

FAS vs TNA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FAS 8.87%, better
TNA 0.31%
Payout (12M)
FAS $14.62
TNA $0.18
Last payment
FAS $1.00
TNA $0.04
Ex-dividend
FAS Sep 22, 2026
TNA Sep 22, 2026
Paid on
FAS Sep 29, 2026
TNA Sep 29, 2026
Frequency
FAS Quarterly
TNA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FASQuarterly · 36 paymentsAll FAS payments⁠
One bar per payment. 36 payments from 2017 to 2026 YTD. Dec 19, 2017 $0.08; Mar 20, 2018 $0.13; Jun 19, 2018 $0.16; Sep 25, 2018 $0.19; Dec 27, 2018 $0.16; Mar 19, 2019 $0.16; Jun 25, 2019 $0.17; Sep 24, 2019 $0.15; Dec 23, 2019 $0.11; Mar 24, 2020 $0.12; Jun 23, 2020 $0.04; Sep 22, 2020 $0.05; Dec 22, 2020 $0.08; Mar 23, 2021 $0.13; Jun 22, 2021 $0.14; Sep 21, 2021 $0.15; Dec 21, 2021 $0.36; Jun 22, 2022 $0.12; Sep 20, 2022 $0.22; Dec 20, 2022 $0.33; Mar 21, 2023 $0.17; Jun 21, 2023 $0.62; Sep 19, 2023 $0.29; Dec 21, 2023 $0.38; Mar 19, 2024 $0.36; Jun 25, 2024 $0.27; Sep 24, 2024 $0.32; Dec 23, 2024 $0.19; Mar 25, 2025 $0.46; Jun 24, 2025 $0.50; Sep 23, 2025 $0.39; Dec 10, 2025 $12.09; Dec 23, 2025 $0.39; Mar 24, 2026 $0.60; Jun 23, 2026 $0.53; Sep 22, 2026 $1.00. Use the arrow keys to read each point.$0$102017202020232026YTD
TNAQuarterly · 24 paymentsAll TNA payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Dec 19, 2017 $0.11; Sep 25, 2018 $0.01; Dec 27, 2018 $0.14; Jun 25, 2019 $0.17; Dec 23, 2019 $0.15; Jun 23, 2020 $0.01; Dec 22, 2020 $0.01; Dec 21, 2021 $0.05; Dec 20, 2022 $0.10; Mar 21, 2023 $0.04; Jun 21, 2023 $0.23; Sep 19, 2023 $0.02; Dec 21, 2023 $0.22; Mar 19, 2024 $0.03; Jun 25, 2024 $0.15; Sep 24, 2024 $0.03; Dec 23, 2024 $0.18; Mar 25, 2025 $0.10; Jun 24, 2025 $0.15; Sep 23, 2025 $0.07; Dec 23, 2025 $0.03; Mar 24, 2026 $0.02; Jun 23, 2026 $0.09; Sep 22, 2026 $0.04. Use the arrow keys to read each point.$0$102017202020232026YTD

FAS vs TNA Risk

Fall from peak · 5 years

  • FAS
  • TNA
Oct 29, 2021 to Oct 30, 2026. Worst fall: TNA −82.4% · Apr 2025. Use the arrow keys to read each point.−80%−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FAS 46.3%, betterTNA 58.6%
Return per unit of riskSharpe ratio, 3 years
FAS 1.03, betterTNA 0.75
Worst fallMax drawdown, 5 years
FAS −66.9%, betterTNA −82.4%
Market sensitivityBeta, 5 years
FAS 2.63TNA 3.84

Popular comparisons

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