# FAZ (Direxion Daily Financial Bear 3X ETF)

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

Three months to Sep 30, 2026: FAZ returned +8.1% where its own daily promise gave +4.2%, 4.0 points over.

## Key facts

- FAZ, what XLF did: −2.2%, as of Sep 30, 2026.
- FAZ, what −3 times a day gives: +4.2%, as of Sep 30, 2026.
- FAZ, what the fund returned: +8.1%, as of Sep 30, 2026.
- FAZ, the fund itself added: +4.0 pts, as of Sep 30, 2026.
- FAZ, net assets: $96m (issuer page, as of Sep 30, 2026).
- FAZ, expense ratio: 1.03% (485BPOS XBRL, Feb 26, 2026).

## FAZ over each window to Sep 30, 2026

| Window | Fund | XLF | -3x the move | Difference | XLF moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +25.2% | −7.1% | +21.4% | +3.8 pts | 13% |
| 3 months | +8.1% | −2.2% | +6.5% | +1.6 pts | 13% |
| 6 months | −20.8% | +8.8% | −26.3% | +5.5 pts | 13% |
| 1 year | +0.2% | +0.7% | −2.0% | +2.2 pts | 15% |
| 3 years | −77.8% | +68.6% | −205.8% | +128.0 pts | 16% |
| Since launch | −100.0% | +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 | $96m | issuer page, as of Sep 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 30, 2026, XLF moved −2.2% and FAZ returned +8.1%. −3 times that move is +6.5%, so the fund came out 1.6 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 30, 2026. https://etfiq.com/funds/faz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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