TZA - Direxion Daily Small Cap Bear 3X ETF
The Direxion Daily Small Cap Bull and Bear 3X Shares are designed to generate daily investment outcomes, before deductions for fees and expenses, that correspond to 300% of the daily performance of the Russell 2000 Index, or 300% of its inverse. However, there is no certainty that these funds will consistently meet their specified targets.
As of Jun 30, 2026: spot at $3.79, ATM IV 61.9%, max pain $4.00, net GEX $231.7K.
- Sector
- Financial Services
- Industry
- Asset Management - Leveraged
- Market Cap
- $251.1M
- Beta
- -3.69
- 52-Week Range
- 3.74-12.38
- Dividend Yield
- $0.20
- IPO Date
- Nov 19, 2008
- Exchange
- AMEX
What TZA Looks Like to Options Traders Today
IV rank of 32.4% sits near the 1-year median, where strategy choice depends on directional conviction and the event calendar rather than vol regime alone; positive net gamma exposure ($231.7K) means dealers hedge against trend, damping realized volatility and biasing price toward heavy-OI strikes; the 25-delta skew (-0.093) prices puts richer than calls, the typical equity downside-protection skew.
What This Page Covers
The TZA overview links into per-metric analysis views: max pain, gamma exposure, volatility skew, expected move, options chain, open interest history, and aggregate Greeks. Microstructure data is available on short interest, short volume, fail-to-deliver, and market structure.
Frequently asked TZA overview questions
- What is TZA?
- TZA is the ticker symbol for Direxion Daily Small Cap Bear 3X ETF, an listed exchange-traded fund. The Direxion Daily Small Cap Bull and Bear 3X Shares are designed to generate daily investment outcomes, before deductions for fees and expenses, that correspond to 300% of the daily performance of the Russell 2000 Index, or 300% of its inverse. However, there is no certainty that these funds will consistently meet their specified targets. Listed on AMEX. TZA is the ETF ticker shown on this page; ETF traders use the fund for diversified exposure to its underlying basket, for sector and factor rotation, and for hedging or replication strategies via the listed options chain.
- What does the TZA options snapshot look like today?
- As of Jun 30, 2026, the TZA options snapshot shows spot at $3.79, ATM IV 61.9%, IV rank 32.4%, max pain $4.00, net GEX $231.7K, expected move 17.75%. The full options chain, Greeks by strike and expiration, per-strike open-interest distribution, dealer gamma and delta exposure, and the volatility skew surface are linked from this overview page. Each per-metric route refreshes once per trading session and reflects the most recent close-of-business listed-options state.
- What are TZA's key statistics?
- Direxion Daily Small Cap Bear 3X ETF (TZA) carries a market capitalization of $251.1M, 52-week range of 3.74-12.38. Full holdings disclosure, expense ratio, and tracking-error history live on the per-ticker fundamentals page or the sponsor's site; daily NAV and premium/discount-to-NAV are accessible from the same view. These structural inputs frame how the ETF options market prices implied volatility relative to its constituents.
- What sector or industry does TZA belong to?
- Direxion Daily Small Cap Bear 3X ETF operates in the Financial Services sector, in the Asset Management - Leveraged industry. Sector classification affects how the ticker correlates with sector ETFs, how it reacts to macro factors like rate moves and commodity prices, and how its options pricing compares to sector peers. Compare TZA's implied volatility and skew against sector benchmarks to gauge whether the options market is pricing single-name or systemic risk relative to the broader peer group.
- How current is the TZA data on this page?
- The options snapshot above is dated Jun 30, 2026 and refreshes once per session, with all per-strike Greeks and exposure aggregates recomputed at the daily close. Fund-level fields (sponsor, expense ratio, holdings concentration where available) refresh from the vendor feed nightly. ETF-specific filings (N-CSR, N-PX, N-CEN) update on the SEC EDGAR cadence. FINRA microstructure data refreshes on the source's cadence; for ETFs the off-exchange volume signal is dominated by authorized-participant creation and redemption rather than directional flow.