{"url":"https://etfiq.com/compare/leverage/faz-vs-sef","section":"compare","title":"FAZ vs SEF: which held to its multiple? | ETFIQ","description":"FAZ sets out to return -3 times XLF each day and SEF -1 times. Over the three months to Sep 30, 2026 they finished +1.6 pts and +1.3 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, FAZ or SEF?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, FAZ finished 1.6 points from what its multiple implies and SEF finished 1.3 points from its own, so SEF came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are FAZ and SEF levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on financials, FAZ at -3 times and SEF at -1 times the daily move."}},{"@type":"Question","name":"Which one decays faster, FAZ or SEF?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window FAZ\u2019s moved at 13% annualized and SEF\u2019s at 13%, so FAZ has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold FAZ or SEF for a year?","acceptedAnswer":{"@type":"Answer","text":"Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, FAZ or SEF?","acceptedAnswer":{"@type":"Answer","text":"FAZ charges 1.03% a year and SEF charges 0.95%, so SEF is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"FAZ vs SEF","item":"https://etfiq.com/compare/leverage/faz-vs-sef"}]},{"@type":"WebPage","name":"FAZ vs SEF: which held to its multiple?","description":"FAZ sets out to return -3 times XLF each day and SEF -1 times. Over the three months to Sep 30, 2026 they finished +1.6 pts and +1.3 pts away.","url":"https://etfiq.com/compare/leverage/faz-vs-sef","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, FAZ finished 4.0 points over and SEF 1.7 points over.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of FAZ and SEF","description":"FAZ sets out to return -3 times XLF each day and SEF -1 times. Over the three months to Sep 30, 2026 they finished +1.6 pts and +1.3 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/faz-vs-sef","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":6751,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / FAZ vs SEF \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n FAZ vs SEF: which held to its multiple?\n\n Over three months against its own daily promise, FAZ finished 4.0 points over and SEF 1.7 points over.\n Copy this for sharing \n \n Direxion Daily Financial Bear 3X ETF and ProShares Short Financials.\n\n Download as PDF \n\n +8.1% FAZ returned, 3 months \n +3.5% SEF returned, 3 months \n +1.6 pts FAZ from its stated multiple \n +1.3 pts SEF from its stated multiple \n\n ETFIQ Decay Resistance Score: FAZ scores higher\n Did it keep up with its","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/faz-vs-sef","a":{"ticker":"FAZ","name":"Direxion Daily Financial Bear 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: FAZ returned +8.1% where its own daily promise gave +4.2%, 4.0 points over.","url":"https://etfiq.com/funds/faz","key_facts":[{"label":"What XLF did","value":"\u22122.2%","as_of":"2026-09-30","source":null},{"label":"What \u22123 times a day gives","value":"+4.2%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+8.1%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+4.0 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$96m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.03%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"b":{"ticker":"SEF","name":"ProShares Short Financials","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SEF returned +3.5% where its own daily promise gave +1.8%, 1.7 points over.","url":"https://etfiq.com/funds/sef","key_facts":[{"label":"What XLF did","value":"\u22122.2%","as_of":"2026-09-30","source":null},{"label":"What \u22121 times a day gives","value":"+1.8%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+3.5%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+1.7 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$18m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/faz-vs-sef"}