# FAS (Direxion Daily Financial Bull 3X ETF)

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: FAS returned −9.9% where its own daily promise gave −7.6%, 2.4 points short.

## Key facts

- FAS, what XLF did: −2.2%, as of Sep 30, 2026.
- FAS, what 3 times a day gives: −7.6%, as of Sep 30, 2026.
- FAS, what the fund returned: −9.9%, as of Sep 30, 2026.
- FAS, the fund itself cost: −2.4 pts, as of Sep 30, 2026.
- FAS, net assets: $1.9bn (issuer page, as of Sep 30, 2026).
- FAS, expense ratio: 0.88% (485BPOS XBRL, Feb 26, 2026).

## FAS over each window to Sep 30, 2026

| Window | Fund | XLF | +3x the move | Difference | XLF moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −21.0% | −7.1% | −21.4% | +0.4 pts | 13% |
| 3 months | −9.9% | −2.2% | −6.5% | −3.4 pts | 13% |
| 6 months | +19.7% | +8.8% | +26.3% | −6.6 pts | 13% |
| 1 year | −13.6% | +0.7% | +2.0% | −15.6 pts | 15% |
| 3 years | +167.6% | +68.6% | +205.8% | −38.2 pts | 16% |
| Since launch | +1454.0% | +501.9% | 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 | XLF moved −2.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | XLF | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $1.9bn | issuer page, as of Sep 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 30, 2026, XLF moved −2.2% and FAS returned −9.9%. 3 times that move is −6.5%, so the fund came out 3.4 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 30, 2026. https://etfiq.com/funds/fas
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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