- Last Ratings Update:01/31/2015
- Price as of 01/31/2015 :$72.49
- Net Assets:$990.4 Million
- Peer Rank:210 of 289
- Investment Rating:C-
We rate Direxion Daily Small Cap Bull 3x at C-. This overall rating indicates it is among the top 10% of all closed end funds in its peer group. Positive factors that influence this rating include a well above average total return, low price volatility, low expense structure and long term portfolio management tenure. The fund invests approximately 10% of its assets in stocks and may be considered for investors seeking a Growth - Domestic strategy.
POSITIVES AND RISKS
Total return ranks very high in comparison with peers over the last three years. The Direxion Daily Small Cap Bull 3x has returned an annual rate of 21.95% since inception. More recently, the fund has generated a total return of 32.50% in the last five years, 32.94% in the last three years, and 3.37% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 99% of them. It has also outpaced 98% of its competitors on a three year basis and 42% of them over the last year for the period ending 1/31/2015. On a year to date basis, TNA has returned -10.43%.
Downside risk has been above average. TNA has a draw down risk of -50.92%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 41.5%. This fund has experienced excessive volatility in its monthly performance over the last 36 months. As of 1/31/2015, the fund was trading at a price of $72.49, which is 12.5% below its 52-week high of $82.80 and 3.4% above its 52-week low of $70.10.
High expense ratio hinders performance. On total assets of $990.40 million, TNA maintains a high expense ratio compared to its Growth - Domestic peers of 0.95% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As TNA is an exchange traded fund, it has no front end or back end load.
The Direxion Daily Small Cap Bull 3x is managed by Paul Brigandi at Rafferty Asset Management LLC. This fund is one of 55 Rafferty Asset Management LLC exchange-traded funds launched since 11/5/2008 that we track.
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