FAZ
Direxion Daily Financial Bear 3X Shares
FAZ provides 3x inverse exposure to a market-cap-weighted index of US large-cap financial companies.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
107.3 M
ASSETS UNDER MGMT
109 bp
EXPENSES
Fund Basics
| Fund sponsor | Rafferty Asset Management |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 06, 2008 |
| Assets (mns) | $119 |
| Expense ratio | 109 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Asset Allocation
Historical Performance
Standardized Performance (as of 06/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -31.1% | -58.7% | -51.8% | -46.7% | -50.1% | -45.4% | -- | -54.6% |
| Dividend Yield | 1.3% | 1.6% | 2.0% | 1.9% | 1.0% | 0.7% | -- | 2.3% |
| Total Returns | -29.8% | -57.1% | -49.8% | -44.8% | -49.1% | -44.7% | -- | -52.3% | Ann. Volatility | 72.8% | 61.8% | 50.5% | 55.5% | 58.9% | 63.2% | -- | 67.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | -2.61 | 61% |
| MSCI EAFE | -2.20 | 46% |
| MSCI Emg Mkts | -1.29 | 16% |
Liquidity Measures
| Avg. volume (000) | 25,843 |
| ADV traded (mns) | $113 |
| Turnover | 105.0% |
| Avg. Bid/Ask (% of price) | 0.06% |
Technical Indicators
| Recent close | $4.36 |
| 30d moving avg. | $4.69 |
| Annualized volatility | 53.7% |
| Relative strength (RSI) | 43 |
| Short interest | -9.6% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| FAZ (109 bp) Percentile rank | 97 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| FAZ | 109.0 | 5.5 | 114.5 |
| Peer Avg. | 49.0 | 19.8 | 68.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .