# FAZ (Direxion Daily Financial Bear 3X ETF)

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

Three months to Sep 11, 2026: FAZ returned −19.0% where its own daily promise gave −21.9%, 2.9 points over.

## Key facts

- FAZ, what XLF did: +7.7%, as of Sep 11, 2026.
- FAZ, what −3 times a day gives: −21.9%, as of Sep 11, 2026.
- FAZ, what the fund returned: −19.0%, as of Sep 11, 2026.
- FAZ, the fund itself added: +2.9 pts, as of Sep 11, 2026.
- FAZ, net assets: $120m (source, as filed for Apr 30, 2026).
- FAZ, expense ratio: 1.03% (485BPOS XBRL, Feb 26, 2026).

## FAZ over each window to Sep 11, 2026

| Window | Fund | XLF | -3x the move | Difference | XLF moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +4.2% | −1.2% | +3.5% | +0.7 pts | 13% |
| 3 months | −19.0% | +7.7% | −23.1% | +4.1 pts | 13% |
| 6 months | −38.2% | +18.1% | −54.3% | +16.1 pts | 14% |
| 1 year | −17.2% | +7.6% | −22.8% | +5.6 pts | 14% |
| 3 years | −79.2% | +73.0% | −219.0% | +139.7 pts | 16% |
| Since launch | −100.0% | +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 | -2.47 times, against -3 stated | ETFIQ |
| Underlying | XLF | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $120m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.03% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 13% annualized | ETFIQ |

## Questions

### Did FAZ return -3 times XLF?

Over the window to Sep 11, 2026, XLF moved +7.7% and FAZ returned −19.0%. 3 times that move is −23.1%, so the fund came out 4.1 points ahead of it.

### Why does FAZ not return -3 times over a year?

Because it resets daily. FAZ 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, FAZ, data as of Sep 11, 2026. https://etfiq.com/funds/FAZ
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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