Direxion Daily Small Cap Bear 3X ETF
TZA
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- Direxion Daily Small Cap Bear 3X Shares (TZA) is an exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 300% of the inverse (or opposite) of the daily performance of the Russell 2000 Index, which tracks approximately 2,000 small-capitalization companies representing about 10% of the total market capitalization of the broader Russell 3000 Index. The fund, issued by Direxion Shares ETF Trust and managed by Rafferty Asset Management, LLC, employs financial instruments such as swap agreements, futures contracts, and short positions to achieve its leveraged inverse exposure; it distributes dividends periodically and operates with a net expense ratio of 0.99%, primarily targeting sophisticated investors and active traders seeking short-term tactical opportunities rather than long-term holdings due to daily reset mechanics and compounding effects. TZA trades on the NYSE Arca exchange and maintains assets under management of approximately $316 million as of recent data. The fund invests at least 80% of its net assets in derivatives and related instruments that provide the targeted -3x daily inverse performance of the Russell 2000 Index, which spans sectors including financials (19.31%), industrials (17.08%), health care (15.93%), and information technology (14.77%); it does not hold the underlying securities directly but uses synthetic replication via unfunded swaps and other tools without sector bias, weighted by market capitalization. Geographic operations focus on the United States, with availability extended to markets like Mexico; the fund complements Direxion's broader lineup of leveraged and inverse ETFs offering bull and bear exposure across equities, fixed income, sectors, and single stocks. Launched on November 5, 2008, TZA is part of Direxion Shares ETF Trust, domiciled in Delaware with principal offices at 535 Madison Avenue, New York, New York; Direxion traces its origins to 1997 when it was founded as Potomac Funds in Alexandria, Virginia, later adopting the Direxion name in 2006 and expanding offices to Boston, New York City, and Hong Kong under Rafferty Asset Management, LLC. In September 2024, Direxion selected SS&C ALPS Distributors to provide medallion distribution services, enhancing fund distribution, FINRA compliance, and access to registered fund services for ETFs amid growth strategies. More recently, in October 2025, Direxion launched the Titans Leveraged & Inverse ETFs suite, targeting equal-weighted exposure to the top five leaders in key U.S. sectors with 3x and 2x bull/bear options, alongside April 2025 introductions of single-stock leveraged/inverse ETFs for Boeing and Exxon Mobil, and ongoing innovations like Berkshire Hathaway and Palantir funds in December 2024, reflecting expanded tactical trading solutions.