# FAS (Direxion Daily Financial Bull 3X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: FAS returned +20.5% where its own daily promise gave +23.4%, 3.0 points short.

## Key facts

- FAS, what XLF did: +7.7%, as of Sep 11, 2026.
- FAS, what +3 times a day gives: +23.4%, as of Sep 11, 2026.
- FAS, what the fund returned: +20.5%, as of Sep 11, 2026.
- FAS, the fund itself cost: −3.0 pts, as of Sep 11, 2026.
- FAS, net assets: $2.0bn (source, as filed for Apr 30, 2026).
- FAS, expense ratio: 0.88% (485BPOS XBRL, Feb 26, 2026).

## FAS over each window to Sep 11, 2026

| Window | Fund | XLF | +3x the move | Difference | XLF moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −4.5% | −1.2% | −3.5% | −1.1 pts | 13% |
| 3 months | +20.5% | +7.7% | +23.1% | −2.6 pts | 13% |
| 6 months | +52.7% | +18.1% | +54.3% | −1.6 pts | 14% |
| 1 year | +5.6% | +7.6% | +22.8% | −17.2 pts | 14% |
| 3 years | +188.3% | +73.0% | +219.0% | −30.6 pts | 16% |
| Since launch | +1810.9% | +543.0% | not meaningful over this window | not meaningful over this window | 22% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +3 times the daily move of XLF, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.66 times, against +3 stated | ETFIQ |
| Underlying | XLF | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $2.0bn | source, as filed for Apr 30, 2026 |
| Expense ratio | 0.88% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 13% annualized | ETFIQ |

## Questions

### Did FAS return +3 times XLF?

Over the window to Sep 11, 2026, XLF moved +7.7% and FAS returned +20.5%. 3 times that move is +23.1%, so the fund came out 2.6 points short of it.

### Why does FAS not return +3 times over a year?

Because it resets daily. FAS aims at +3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, FAS, data as of Sep 11, 2026. https://etfiq.com/funds/FAS
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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