TZA

Direxion Daily Small Cap Bear 3X Shares
*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

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PERFORMANCE [as of 12/03/19] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
TZA -3.03% -24.32% -47.28% -23.55% -28.67% -31.20% -44.46%
TZA (NAV) -2.88% -24.27% -47.11% -23.43% -28.65% -31.21% -44.44%
Russell 2000 Index 0.98% 9.27% 20.37% 5.00% 8.31% 7.83% -44.44%
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TZA Summary Data

Direxion
11/05/08
Open-Ended Fund
1.11%
$344.65M
0.03%

TZA Portfolio Data

1.79%
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 12/04/19
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

2,671,580
$117.41M
2,493,237
$101.22M
0.03%
$0.01
-0.03%
0.38% / -0.45%
None
0.00%
50,000
49.86
0.00%
--
52,063
$39.80
5

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