Direxion Small Cap Bear 3X – Triple-Leveraged ETF (TZA)

The Direxion Small Cap Bear 3x is a triple-leveraged ETF offered by Direxion Investments that seeks to negatively triple the returns of the Russell 2000 stock index.


All Direxion ETFs work on a daily timeframe; the TZA ETF’s goal is to give -300% of the return of the small-cap stocks featured in the Russell 2000; this does not mean it will negatively triple the returns over a month or over a year. For example, this particular ETF has lost about 95% of its value since inception because this index has gone up over that time frame. However, if you were to day trade, it may have still been possible to make money with TZA.

Related ETFs

  • TNA: The Direxion Daily Small Cap Bull 3x, provides approximately the opposite returns of the TZA
  • LLSC: Another Russell 2000 leveraged ETF, leveraged at 1.25x
  • SMLL: Another Russell 2000 leveraged ETF, leveraged at 2x