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Leveraged & Inverse ETFs


The Direxion Daily Financial Bull and Bear 3X Shares seek daily investment results, before fees and expenses, of 300%, or 300% of the inverse (or opposite), of the performance of the Financial Select Sector Index. There is no guarantee the funds will meet their stated investment objective.

NAVas of Sep 22, 2023
1 Day NAV Changeas of Sep 22, 2023
$-1.47(-2.33 %)
NAVas of Sep 22, 2023
1 Day NAV Changeas of Sep 22, 2023
$0.44(2.37 %)

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Fund Information

Fund SymbolDaily TargetIntra-day ValueBenchmark IndexSecurity IdentifierExpense Ratio (gross/net %)Inception Date
FAS300%FAS.IVIXMTR25459Y6940.96 / 0.96*Nov 06, 2008
FAZ-300%FAZ.IVIXMTR25460E2401.09 / 1.09*Nov 06, 2008

These leveraged ETFs seek a return that are 300% or -300% of the return of their benchmark index for a single day. The funds should not be expected to provide three times or negative three times the return of the benchmark’s cumulative return for periods greater than a day.

Documents & Downloads

Strategy & Benefits

You know that TRADING is different than investing. But the opportunity to take advantage of short-term trends is only won, if you get the direction right.

Whether you’re a bull or a bear, Direxion is with you. Our leveraged ETFs are powerful tools built to help you:

  • Magnify your short-term perspective with daily 3X leverage
  • Go where there’s opportunity, with bull and bear funds for both sides of the trade; and
  • Stay agile – with liquidity to trade through rapidly changing markets

Leveraged and inverse ETFs pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying index over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments.

Target Index

The Financial Select Sector Index (IXMTR) is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: Banks; Thrifts & Mortgage Finance; Diversified Financial Services; Consumer Finance; Capital Markets; Insurance; and Mortgage Real Estate Investment Trusts (REITs). One cannot directly invest in an index.

Pricing & Performance

NAV and Market Price information as of September 22, 2023. Line chart shows pricing trend over the last 30 days.

Net asset value (NAV)
  • 61.74
    NAV $
  • -1.47
    Change $
  • -2.33
    Change %
Market price closing
  • 61.72
    Market $
  • -1.42
    Change $
  • -2.25
    Change %
Premium / Discount
monthly1M %3M %YTD %1Y %3Y %5Y %10Y %Since InceptionInception DateExpense Ratio*
(Gross / Net %)
NAV-9.09 23.64 -9.43 -4.97 19.75 -1.48 16.10 3.62 11/06/20080.96 / 0.96*
Market Close-9.08 23.63 -9.29 -5.01 19.85 -1.45 16.13 3.63
As of August 31, 2023
quarterly1M %3M %YTD %1Y %3Y %5Y %10Y %Since InceptionInception DateExpense Ratio*
(Gross / Net %)
NAV19.56 11.40 -12.42 3.19 28.00 1.34 15.55 3.43 11/06/20080.96 / 0.96*
Market Close19.42 11.40 -12.38 2.93 28.06 1.26 15.54 3.42
IXMTR6.69 5.33 -0.53 -
As of June 30, 2023

The Primary Listing Exchange is the NYSE Arca, Inc.

*The Net Expense Ratio includes management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 0.91% for FAS and 0.95% for FAZ. The Funds’ adviser, Rafferty Asset Management, LLC (“Rafferty”), has entered into an Operating Expense Limitation Agreement with each Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Funds for Other Expenses through September 1, 2024, to the extent that a Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses). If these expenses were included, the expense ratio would be higher.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the funds’ website at

Short-term performance, in particular, is not a good indication of a fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund’s prospectus.


Record DateEx DatePay DateIncome DividendShort-Term Capital GainLong-Term Capital Gain
09/20/202309/19/2023 09/26/2023 0.29278
06/22/202306/21/2023 06/28/2023 0.62055
03/22/202303/21/2023 03/28/2023 0.16632
12/21/202212/20/2022 12/28/2022 0.32590
09/21/202209/20/2022 09/27/2022 0.22257
06/23/202206/22/2022 06/29/2022 0.12167
12/22/202112/21/2021 12/29/2021 0.35754

Tax Documents

Download the following Tax Reporting Documents