TZA ETF — Direxion Daily Small Cap Bear 3X Shares

Direxion Daily Small Cap Bear 3X Shares (TZA)

Updated October 16, 2026.

TZA is an ETF that tracks the Russell 2000. its distribution rate is 3.68%, its trailing-12-month yield is 3.69%, its expense ratio is 0.99%. Total return is -100.0% over the past 17.9 years, 669.9 points behind IWM at 569.9%.

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

Price and return data through 2026-10-16.

Total return is -100.0% over the past 17.9 years, 669.9 points behind IWM at 569.9%. Over the past year its total return — price change plus distributions reinvested — is -31.8%. Its deepest 1-year drawdown was 60.8%.

TZA key facts

Issuer

Direxion

Asset type

ETF

Asset class

Equity

Inception date

11/05/2008

Expense ratio

0.99%

Distribution rate

3.68%

Distribution frequency

Quarterly

Trailing yield

3.69%

Last close

$51.51 (as of 2026-10-16)

AUM

$238,419,291

Average volume

5059566.0

Dividend

$0.47334

Ex-dividend date

09/22/2026

Payment date

09/29/2026

Beta

-3.58

How Dividend Vision calculates yield and returns

Distribution rate (3.68%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.69%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Direxion or company 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 60.8%.

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.

More on TZA

• All tickers starting with T

Tagged: Leverage, Short, Russell 2000, Small Caps.

Frequently asked questions

More securities from Direxion.