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TZA

Direxion Daily Small Cap Bear 3X Shares
ETF.com segment:
Inverse Equity: U.S. - Small Cap
Competing ETFs: SBB, SDD, RWM, TWM, SRTY
Related ETF Channels: Russell 2000 Index, U.S., Equity, Size and Style, North America, Broad-based, Vanilla, Inverse, Small Cap
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*Unless otherwise stated, data provided by FactSet.

TZA Fund Description

TZA provides -3x leveraged exposure to a market-cap-weighted index of US small-cap companies.

TZA Factset Analytics Insight

TZA is an extremely aggressive 1-day bet against the Russell 2000 small-cap index, with enough liquidity to ensure it can be traded quickly and cheaply. It uses ETF and index swaps to get its inverse exposure, which does introduce some counterparty risk. As with nearly the entire universe of geared inverse ETFs, TZA is designed to provide its -3x exposure for 1 trading day, and anyone holding it for longer than a day will be exposed to the effects of compounding. These forces will cause the returns to drift away from the expected 3x inverse exposure to the Russell 2000 Index. Investors should therefore plan to hold TZA for no longer than 1 day, and if they do hold it for longer, they will need to adjust their investment on a daily basis to ensure it provides the -300% return it promises. TZA trades well, with small spreads and excellent block liquidity. Its fees are on the high side, even for the inverse equity segment, but they're still reasonable compared to similar funds.

TZA Charts And Performance

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
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Select ETFs to compare their performance:
PERFORMANCE [as of 10/17/19] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
TZA 6.39% -3.44% -40.39% -9.71% -32.24% -33.47% -43.36%
TZA (NAV) 6.10% -3.31% -40.27% -9.81% -32.26% -33.46% --
Russell 2000 Index -2.18% -0.21% 15.61% -1.57% 9.89% 8.84% --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TZA Summary Data

Rafferty Asset Management
Direxion
11/05/08
Open-Ended Fund
1.11%
$317.98M
0.04%
Fund Home Page

TZA Portfolio Data

1.58%
12/23/19

TZA Index Data

Russell 2000 Index
Market Cap
Market Cap
N/A

TZA Fund Structure

Yes
No
No Policy
N/A
N/A
Low
-3
Daily

TZA Tax Exposures

20.00% / 39.60%
--
No
Cboe Book Viewer
Top Of Book
Last 10 Trades
Bats BZX Real-time Quote -

TZA Factset Analytics Block Liquidity

As of 10/18/19
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of TZA. TZA is rated a 5 out of 5.

TZA Tradability

3,158,088
$151.85M
2,973,525
$147.35M
0.04%
$0.02
-0.03%
0.38% / -0.45%
None
0.00%
50,000
59.47
0.00%
--
72,219
$44.95
5

Options Strategies for Outcome Investing

Options allow you to customize investment outcomes. Using the strategy builders provided by Cboe Vest Technologies, you can construct some of the most common option strategies. Check out our user guide for more information on how to use the tool.

  • Collar Strategy
    Protection Strategy
  • Covered Call Strategy
    Income Strategy

A collar strategy is a protective option strategy constructed by writing a call and buying a put with the same expiration date while being long the underlying security.