TZADirexion Daily Small Cap Bear 3X Shares
Seeks daily investment results of 300% of the inverse of the daily performance of the Index.
By Direxion Funds · Launched 2008
0.99%
#5,127 of 5,861 · expensive
$208M
#2,332 of 5,861 · mid-size
-60.6%
17 years
#612 of 5,861 · established
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
synthetic exposure — holdings shown are derivatives collateral, not the fund's positions
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Listing
- Exchange
- NYSE Arca
Full fund details
- Objective
- Seeks daily investment results of 300% of the inverse of the daily performance of the Index.
- Strategy
- Invests in financial instruments, including swap agreements and futures contracts, to provide 3X daily inverse exposure to small-capitalization companies in the Russell 3000 Index. The Fund is non-diversified and may concentrate investments in specific industries, aiming for daily rebalancing to achieve its investment objective.
- Inception date
- November 5, 2008
- Fund family
- Direxion Funds
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Your return drifts the longer you hold
Leverage amplifies the index's daily move, by 2x or 3x. The fund resets every day, so over weeks and months your real return drifts from that multiple. It can run ahead in a smooth climb and bleed in a choppy one. Hold one for months and you own a different bet than the label suggests.
You can be right and still lose
This fund returns the opposite of its benchmark's daily move, then resets. Hold it longer and the daily compounding takes over: the market can move your way over a week and you still finish down. It works as a one-day hedge and nothing beyond that.
Sources: Cheng & Madhavan, 'The Dynamics of Leveraged and Inverse ETFs' (2009)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-08-04