US-listed · NYSE Arca · FIF-eligible (above NZ$50K)
Direxion TZA Direxion Daily Small Cap Bear 3X Shares
Designed to deliver -3× the daily return of the Russell 2000 Index. Inverse-leveraged: profits if small-caps fall. Daily rebalancing produces severe decay over multi-day holds.
Updated Reviewed quarterly
TZA is an INVERSE-leveraged ETF (-3× daily Russell 2000). Compounding losses are the historical norm over multi-month holds — the structural combination of daily-reset decay PLUS small-cap upward drift means TZA typically loses 70-95% of starting value over multi-year periods. Designed by Direxion for daily-cycle bearish bets only. Never a buy-and-hold instrument. ASIC and the US SEC have issued investor alerts on this product class. Read our full leveraged-ETF risk explainer at /learn/leveraged-etfs-risk-nz/ before considering this fund.
About this fund
What is TZA?
TZA is the US-listed ticker for Direxion Daily Small Cap Bear 3X Shares, issued by Direxion. Designed to deliver -3× the daily return of the Russell 2000 Index. Inverse-leveraged: profits if small-caps fall. Daily rebalancing produces severe decay over multi-day holds. TER is 0.94% per year.
TZA does not distribute. Returns are reflected in unit price (accumulating / no distribution).
Platform availability
Where to buy TZA from New Zealand
Based on each platform's advertised market coverage and fee schedule. Verify with the platform before transacting — instrument coverage can change.
| Platform | Per-trade fee | FX | Min | Notes |
|---|---|---|---|---|
 Sharesies Sharesies | 1.9% per trade | 0.5% | NZ$0 | Beginners, fractional shares, mixing NZ + US ETFs |
 Hatch Hatch | US$3 per trade (≤300 shares) | 0.5% | NZ$0 (US$1 to invest) | NZ investors who want US-only ETFs (SPY, VOO, QQQ, SCHD, JEPI) |
 Stake Stake | US$0 trades | 0.70% | NZ$0 | Frequent US-share traders who hate per-trade fees |
 Interactive Brokers Interactive Brokers | From US$0.35 / trade (Tiered) or US$1 flat (Fixed) | ~0.002% (US$2 min) | US$0 | Larger portfolios, frequent traders, multi-market investors |
 Tiger Brokers Tiger Brokers | US$1.99 per US trade | 0.50% | NZ$0 | NZ investors who want NZ + US + Asian markets in one account |
 Jarden Direct Jarden Direct | NZ$29.90 per NZX trade | ~0.40% | NZ$0 | Larger NZX trades and global market access through one NZ broker |
 ASB Securities ASB Securities | NZ$30 per NZX trade | Bank rates (~1%) | NZ$0 (ASB customer) | Existing ASB customers wanting one login for banking + brokerage |
Showing 7 platforms that list this ETF. Full platform comparison: all 11 NZ brokers → · Full coverage matrix: availability matrix →
NZ tax treatment
How is TZA taxed for NZ investors?
TZA is US-domiciled. NZ investors apply Foreign Investment Fund rules once total overseas-share cost basis crosses the de-minimis threshold. Below it, only dividends are taxable.
The FIF de-minimis threshold is NZ$50,000 (source) of overseas-share cost basis. Below it, FIF rules do not apply and only dividends are taxable.
Most NZ retail investors use Fair Dividend Rate (FDR): deemed income = 5% × opening market value × your marginal rate. Comparative Value (CV) can be lower in flat or down years.
FDR vs CV method → · PIE vs FIF comparison →
🧮 Model your own after-tax outcome
Mechanical NZ-tax calculator comparing PIE @ PIR vs FIF @ FDR vs FIF @ CV on your principal, assumed return, time horizon, PIR, and marginal rate. → Open the after-tax calculator
General information only — not personalised tax advice. Confirm your treatment with a registered NZ tax adviser before transacting.
Add up to 4 more tickers to compare TER · yield · distribution · NZ tax structure.
Similar ETFs
ETFs with similar focus to TZA
Same asset class, issuer cousins, and exchange peers — ranked by closest match. Click any row to compare side-by-side in the multi-compare tool.
| Ticker | Name | TER | Yield | Distribution | NZ tax | Compare |
|---|---|---|---|---|---|---|
| FNZ | NZ Top 50 (FNZ) Smartshares · NZX | 0.52% | 3.8% | Quarterly | PIE | TZA vs FNZ |
| NZ20 | Kernel NZ 20 Kernel · NZX | 0.29% | 3.2% | Quarterly | PIE | TZA vs NZ20 |
| TNZ | NZ Top 10 (TNZ) Smartshares · NZX | 0.60% | — | Quarterly | PIE | TZA vs TNZ |
| MZY | NZ Mid Cap (MZY) Smartshares · NZX | 0.75% | — | Quarterly | PIE | TZA vs MZY |
| KSC | Kernel NZ 20 (KSC) Kernel · NZX | 0.25% | — | Quarterly | PIE | TZA vs KSC |
Distribution history
Last 12 distributions — TZA
TZA does not pay distributions. Returns are reflected in the unit price (accumulating). There is no distribution-payment history to display.
FAQ
Common questions about TZA
What is the TZA ETF? ⌄
TZA is the Direxion Daily Small Cap Bear 3X Shares — an inverse-leveraged ETF designed to deliver -3× the daily return of the Russell 2000 Index (US small-cap index). When the Russell 2000 falls 1% in a day, TZA aims to rise ~3% (and vice versa). The exposure resets every trading day. TER is 0.94%. Designed for daily-cycle bearish bets on US small-caps; never for buy-and-hold.
Why does TZA typically lose money over time? ⌄
Two structural reasons. First, the daily-reset volatility decay common to all leveraged ETFs (see our risk explainer). Second, US small-caps have a long-run upward bias — the Russell 2000 has appreciated meaningfully over multi-decade periods, so an inverse-leveraged product is fighting the underlying drift even before decay. Over multi-year holds, TZA has historically lost ~70-95% of starting value across most measurement windows. TZA only "wins" during sustained small-cap bear markets held for short windows.
Can NZ residents buy TZA? ⌄
Yes. TZA is available via Hatch, Stake, Sharesies (US market), and Interactive Brokers. Above NZ$50,000 cost basis FIF rules apply. Note: inverse-leveraged products interact particularly badly with FDR — you pay 5% × MV regardless of fund performance, and "FIF income on a position designed to lose money in trending up-markets" is generally a poor tax outcome.
What use case does TZA fit? ⌄
Strictly daily-cycle bearish tactical bets, or short-term hedging of an existing long small-cap position over a 1-3 day event window (e.g. ahead of a Fed announcement or earnings season). Holding for periods longer than days exposes the position to compounding decay PLUS the small-cap upward drift simultaneously. ETFs.co.nz publishes TZA reference data factually but does not recommend it for any investor profile longer than tactical short windows.
Where to buy TZA from New Zealand
The platforms below all support TZA. Each link opens the platform's site directly — we don't take any payment for placement or for clicks.
Hatch 
Sharesies 
Interactive Brokers 
Stake 
Tiger Brokers Fees + platform details verified against each provider's published rate card. Always check the current schedule before transacting. Full platform comparison →
Sources for this TZA data
Every TER, yield, and holdings figure on this page traces to one of the documents below. We do not pull live prices; the data is reviewed monthly against issuer fact sheets and exchange listings (last reviewed 2026-05-04).
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
Related ETFs and resources
Leveraged ETFs — risk explainer (READ FIRST)
Why TZA / SOXS / SPXU lose money over time even when wrong-way.
IWM — Russell 2000 (unleveraged)
Direct unleveraged small-cap exposure if your view is bullish.
SPXU — 3× inverse S&P 500
Same inverse-leverage mechanic on broader index.
SOXS — 3× inverse semiconductor
Same approach, semiconductor-sector bear bet.
FIF tax explained
Why FIF + inverse-leverage = particularly poor after-tax outcomes.
