# TZA (Direxion Daily Small Cap Bear 3X ETF)

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

Three months to Sep 30, 2026: TZA returned +25.0% where its own daily promise gave +20.8%, 4.2 points over.

## Key facts

- TZA, what IWM did: −6.9%, as of Sep 30, 2026.
- TZA, what −3 times a day gives: +20.8%, as of Sep 30, 2026.
- TZA, what the fund returned: +25.0%, as of Sep 30, 2026.
- TZA, the fund itself added: +4.2 pts, as of Sep 30, 2026.
- TZA, net assets: $237m (issuer page, as of Sep 30, 2026).
- TZA, expense ratio: 0.99% (485BPOS XBRL, Feb 26, 2026).

## TZA over each window to Sep 30, 2026

| Window | Fund | IWM | -3x the move | Difference | IWM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +17.9% | −5.2% | +15.6% | +2.3 pts | 12% |
| 3 months | +25.0% | −6.9% | +20.8% | +4.2 pts | 13% |
| 6 months | −29.7% | +11.9% | −35.7% | +6.0 pts | 17% |
| 1 year | −40.1% | +16.0% | −48.1% | +8.0 pts | 19% |
| 3 years | −82.9% | +62.6% | −187.7% | +104.8 pts | 21% |
| Since launch | −100.0% | +444.0% | 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 IWM, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -3.61 times, against -3 stated | ETFIQ |
| Underlying | IWM | ETFIQ |
| Segment | broad index, US small cap | ETFIQ |
| Net assets | $237m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.99% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 13% annualized | ETFIQ |

## Questions

### Did TZA return -3 times IWM?

Over the window to Sep 30, 2026, IWM moved −6.9% and TZA returned +25.0%. −3 times that move is +20.8%, so the fund came out 4.2 points ahead of it.

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

Because it resets daily. TZA 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.

### Which -3x IWM ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from −3 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.


## Cite this page

ETFIQ, TZA, data as of Sep 30, 2026. https://etfiq.com/funds/tza
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/tza  ·  JSON: https://etfiq.com/funds/tza.json