# TECS (Direxion Daily Technology Bear 3X ETF)

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

Three months to Sep 30, 2026: TECS returned −21.0% where its own daily promise gave −23.8%, 2.8 points over.

## Key facts

- TECS, what XLK did: +5.6%, as of Sep 30, 2026.
- TECS, what −3 times a day gives: −23.8%, as of Sep 30, 2026.
- TECS, what the fund returned: −21.0%, as of Sep 30, 2026.
- TECS, the fund itself added: +2.8 pts, as of Sep 30, 2026.
- TECS, net assets: $69m (issuer page, as of Sep 30, 2026).
- TECS, expense ratio: 1.01% (485BPOS XBRL, Feb 26, 2026).

## TECS over each window to Sep 30, 2026

| Window | Fund | XLK | -3x the move | Difference | XLK moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −14.3% | +5.1% | −15.2% | +0.9 pts | 18% |
| 3 months | −21.0% | +5.6% | −16.7% | −4.3 pts | 26% |
| 6 months | −73.2% | +45.4% | −136.3% | +63.1 pts | 29% |
| 1 year | −72.2% | +39.6% | −118.8% | +46.6 pts | 26% |
| 3 years | −96.4% | +143.3% | not meaningful over this window | not meaningful over this window | 25% |
| Since launch | −100.0% | +1992.5% | 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 XLK, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -3.76 times, against -3 stated | ETFIQ |
| Underlying | XLK | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $69m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.01% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 26% annualized | ETFIQ |

## Questions

### Did TECS return -3 times XLK?

Over the window to Sep 30, 2026, XLK moved +5.6% and TECS returned −21.0%. −3 times that move is −16.7%, so the fund came out 4.3 points short of it.

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

Because it resets daily. TECS 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, TECS, data as of Sep 30, 2026. https://etfiq.com/funds/tecs
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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