FAS +3x Direxion Daily Financial Bull 3x ETF

BULL ETF extreme · Issuer Direxion · Tracks Financials (XLF) · Listed 2008-11-06

Quote & options All leveraged ETFs

Implied AUM

$1.9B

shares out × price

Last close

$141.04

20261001

30-day avg volume

391,670

options listed →

FAS realized

—

what holders actually earned

Theoretical +3x

—

+3x × Financials's return

Decay gap

—

realized minus theoretical

Realized vs theoretical +3x Financials

Cumulative return of FAS against a clean +3x of Financials's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: FAZ (-3x bear, Direxion Daily Financial Bear 3x ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Financials

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
UYG	+2x	BULL	ProShares	ProShares Ultra Financials	$705.9M	14,333	✓
SKF	-2x	BEAR	ProShares	ProShares UltraShort Financials	$13.5M	33,971	✓
FAZ	-3x	BEAR	Direxion	Direxion Daily Financial Bear 3x ETF	$111.6M	1,158,972	✓

How FAS works

FAS targets +3x the daily return of Financials — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from +3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a +3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.