TZA ETF — Direxion Daily Small Cap Bear 3X Shares

Direxion Daily Small Cap Bear 3X Shares (TZA)

TZA is an ETF that tracks the Russell 2000. As of August 19, 2026, its distribution rate is 3.99%, its trailing-12-month yield is 5.12%, its expense ratio is 0.99%. Fund total return is -100.0% over the past 17.8 years, 741.8 points behind IWM at 641.8%.

At the current 3.99% distribution rate, a $10,000 investment would generate approximately $399 per year, or $33.25 per month on an equivalent basis. Actual quarterly payments vary.

Direxion Daily Small Cap Bear 3X Shares is an ETF that seeks to deliver three times the inverse daily performance of the Russell 2000 Index, which tracks approximately 2,000 small-cap U.S. companies, using financial instruments including swap agreements, futures contracts, and short positions. The fund has a modest current distribution rate, distributes quarterly, and carries an expense ratio of 0.99%. It appeals to traders and tactical investors seeking short-term hedges against small-cap market declines or those betting on market downturns, rather than long-term buy-and-hold income investors.

TZA performance versus IWM

Data as of August 19, 2026.

Fund total return is -100.0% over the past 17.8 years, 741.8 points behind IWM at 641.8%. Its deepest 1-year drawdown was 63.7%.

TZA key facts

Data as of August 19, 2026.

Issuer

Direxion

Asset type

ETF

Asset class

Equity

Inception date

11/05/2008

Expense ratio

0.99%

Distribution rate

3.99%

Distribution frequency

Quarterly

Trailing yield

5.12%

Last close

$38.11

AUM

$225,020,127

Average volume

4834174.0

Last dividend

$0.3800

Ex-dividend date

06/23/2026

Payment date

06/30/2026

Beta

-3.6

How Dividend Vision calculates yield and returns

Distribution rate (3.99%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (5.12%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. We show a 30-day SEC yield when the fund publishes one. Schwab and other issuers may report a TTM distribution yield or SEC yield on a different date — all can be valid; they are not interchangeable. Fund total return uses split-adjusted close with distributions reinvested from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is what the fund did, not your personal gain/loss. Figures below use Dividend Vision data as of August 19, 2026.

Distribution rate methodology · Distribution Safety Score methodology · SEC yield

Sources and review

Data as of August 19, 2026.

Primary sources: Direxion fund page; Index: Russell 2000; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

TZA risks and drawbacks

TZA's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed IWM over the available window. The deepest 1-year drawdown on record here is 63.7%.

Who may consider TZA — and who may not

TZA may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (TZA pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching IWM total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More funds from Direxion.