Direxion Daily Small Cap Bear 3X Shares TZA
About this Fund
The fund invests at least 80% of its net assets in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 3X daily inverse or short exposure to the index or to ETFs that track the index, consistent with the fund’s investment objective. The index measures the performance of approximately 2,000 small-cap companies in the Russell 3000® Index, based on a combination of their market capitalization and current index membership. It is non-diversified.
Investment Strategy & Highlights
- Theme: Tracks Inverse Russell 2000 (-3x).
- Category: Trading--Inverse Equity · managed by Direxion Funds.
- Diversification: 11 top holdings reported; the top 10 positions account for -167.5% of the portfolio.
- Largest position: RUSS 2000 INDX SMALL SWAP (RTYCT) at -80.83%.
- Geographic exposure: United States (-177.9%) .
- Cost: Expense ratio of 0.99% — moderate for this category.
- Income: Distributes a yield of approximately 4.33%.
- Track record: 3Y avg -47.58% · 5Y avg -30.63% per year.
- Trading: Listed on PCX, denominated in USD.
Curated from issuer disclosures, fund factsheets, and public market data. Figures are illustrative and not investment advice.
Key Facts
Performance Returns
Total price return over each window. 3Y/5Y use weekly close history; shorter windows use daily closes.
Risk & Volatility
Volatility = stdev of daily returns × √252. Sharpe-like = annualized mean / annualized vol (rf = 0%). Educational estimates from 1-year price history.
Technical Trend
Signal: Bearish (price < SMA50 < SMA200)
Computed from daily close history. SMA-50 above SMA-200 is the classic “golden cross” trend regime. RSI > 70 overbought · RSI < 30 oversold.
PROS
No notable strengths flagged.
CONS
- High volatility (~57% annualized) — significant drawdown risk.
- Large 1-year drawdown (-68.8%).
- Daily-reset leveraged/inverse swap structure — unsuitable for multi-week holds due to compounding decay.
* The pros and cons are auto-generated from fund metrics.
Price Chart
Top Holdings (11)
What you're actually holding: Direxion daily-reset leveraged/inverse ETFs hold money-market cash collateral plus total-return swaps on the underlying index — they do NOT own the constituent stocks. The holdings below are the actual portfolio: cash funds (positive weights) plus index swaps whose negative notional delivers the inverse exposure. Because the swap notional is reset every day, compounding makes these unsuitable as multi-week hedges.
Cash collateral ≈ 122.1% of NAV · Short swap notional ≈ $733,687,332 · Issuer daily CSV
| # | Symbol / CUSIP | Name | Kind | Weight % |
|---|---|---|---|---|
| 1 | RTYCT | RUSS 2000 INDX SMALL SWAP | swap | -80.83% |
| 2 | RTYBC | RUSS 2000 INDX SMALL SWAP | swap | -78.84% |
| 3 | RTYSG | RUSSELL 2000 INDEX SWAP | swap | -61.24% |
| 4 | X9USDDGCM | DREYFUS GOVT CASH MAN INS | cash | +54.50% |
| 5 | X9USDGSFC | GOLDMAN FINL SQ TRSRY INST 506 | cash | +34.01% |
| 6 | RTYJP | RUSS 2000 INDX SMALL SWAP | swap | -30.91% |
| 7 | RTYU | RUSS 2000 INDX SMALL SWAP | swap | -22.23% |
| 8 | X9USDGLDS | GOLDMAN SACHS FIN GOV 465 INSTITUT | cash | +18.37% |
| 9 | RTYBP | RUSS 2000 INDX SMALL SWAP | swap | -15.49% |
| 10 | X9USDDTP3 | DREYFUS TRSRY SECURITIES CASH MGMT | cash | +15.17% |
| 11 | RTYML | RUSS 2000 INDX SMALL SWAP | swap | -10.46% |
Negative weights are short-notional index swaps that produce the inverse return; positive weights are cash/MMF collateral. Total can exceed 100% because of swap leverage.
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