Direxion Daily Financial Bear 3x ETF
New York Stock Exchange ArcaRecent
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- Direxion Daily Financial Bear 3X Shares (FAZ) is an exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 300% of the inverse (or opposite) of the performance of the Financial Select Sector Index, which includes securities from industries such as banks, diversified financial services, consumer finance, capital markets, insurance, and mortgage real estate investment trusts. The fund employs derivatives including swaps and futures to achieve its leveraged inverse exposure; it invests at least 80% of its net assets in financial instruments providing three times the daily short exposure to the index. Managed passively by Rafferty Asset Management, LLC as part of Direxion Shares ETF Trust, FAZ distributes dividends treated as ordinary income and has a net expense ratio of 1.04%, with an operating expense limitation agreement in place through September 1, 2026. Launched on November 6, 2008, and listed on NYSE Arca, Inc., the fund operates primarily in the United States, with availability extending to markets including Mexico and the Netherlands. Direxion Shares ETF Trust, the issuer, is domiciled in Wilmington, Delaware, with principal operations through Rafferty Asset Management at 1301 Avenue of the Americas, New York, New York. Direxion, founded in 1997 as Potomac Funds and rebranded in 2006, maintains headquarters in New York and additional offices in Boston. Recent developments include Direxion's appointment of Mo Sparks as Chief Product Officer in April 2025 to drive innovation in leveraged and inverse ETFs; multiple new single-stock leveraged and inverse ETF launches throughout 2025, such as those targeting Ford (July), Cisco and Qualcomm (June), Boeing and Exxon Mobil (April), Eli Lilly and Palo Alto Networks (March), and AMD (February); and announcements of ETF closures including WFH, EVAV, and XXCH on October 30, 2025, alongside prior liquidations like OOTO and CLDL in June 2025. The firm reported approximately $50.6 billion in assets under management as of June 30, 2025, reflecting ongoing expansion in its lineup of over 50 leveraged and inverse ETFs focused on short-term tactical trading. No major acquisitions, funding rounds, or strategic alliances specific to FAZ were reported in the last 1-2 years.
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