TZA vs. HDGE ETF Comparison

Comparison of Direxion Small Cap Bear 3X Shares (TZA) to Ranger Equity Bear Bear ETF (HDGE)

TZA

Direxion Small Cap Bear 3X Shares

TZA Description

The investment seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the Russell 2000Â® Index. The fund, under normal circumstances, creates short positions by investing at least 80% of its assets in financial instruments that, in combination, provide leveraged and unleveraged exposure to the index. The index measures the performance of the small-cap segment of the U.S. equity universe and is comprised of the smallest 2000 companies in the Russell 3000Â® Index, representing approximately 10% of the total market capitalization of that index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$18.32

Average Daily Volume

22,100,636

Number of Holdings ^*

* may have additional holdings in another (foreign) market

HDGE

Ranger Equity Bear Bear ETF

HDGE Description

The investment seeks capital appreciation through short sales of domestically traded equity securities. The Sub-Advisor seeks to achieve the fund's investment objective by short selling a portfolio of liquid mid- and large-cap U.S. exchange-traded equity securities, ETFs registered pursuant to the 1940 Act, ETNs and other ETPs. The Sub-Advisor implements a bottom-up, fundamental, research driven security selection process that seeks to identify securities with low earnings quality or aggressive accounting that may tend to mask operational deterioration and bolster the reported earnings per share over a short time period.

Grade (RS Rating)

Last Trade

$20.83

Average Daily Volume

88,840

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	TZA	HDGE
30 Days	-4.73%	1.12%
60 Days	0.50%	5.79%
90 Days	-8.70%	5.79%
12 Months	-44.29%	-14.75%

5 Overlapping Holdings

Symbol	Grade	Weight in TZA	Weight in HDGE	Overlap
FIVN	F	0.21%	-1.26%	-1.26%
LITE	F	0.28%	-1.25%	-1.25%
MRCY	D	0.19%	-1.44%	-1.44%
TGNA	B	0.18%	-1.4%	-1.4%
VLY	D	0.21%	-1.57%	-1.57%

TZA Overweight 82 Positions Relative to HDGE

Symbol	Grade	Weight
NVCR	C	0.38%
TDOC	F	0.32%
GNRC	B	0.3%
AMED	A	0.27%
TREX	D	0.27%
HAE	A	0.27%
ARWR	F	0.25%
POR	B	0.25%
RGEN	D	0.25%
REXR	D	0.25%
PFGC	D	0.25%
SAIC	B	0.25%
VAC	C	0.25%
FR	D	0.25%
ESNT	C	0.24%
HQY	D	0.24%
CHDN	B	0.24%
RDN	C	0.24%
SLAB	D	0.24%
EGP	D	0.24%
CHGG	F	0.24%
MSA	C	0.23%
EME	A	0.23%
TTEK	A	0.23%
ACAD	F	0.23%
DECK	D	0.23%
CRUS	A	0.23%
BKH	B	0.23%
OGS	C	0.23%
HELE	D	0.22%
BCO	A	0.22%
BXMT	F	0.22%
DAR	D	0.22%
MMS	B	0.22%
FCN	B	0.21%
FFIN	C	0.21%
SR	B	0.2%
KBR	B	0.2%
SBRA	B	0.2%
ACIW	A	0.2%
AXON	C	0.2%
ALE	B	0.2%
STAG	D	0.2%
SF	A	0.2%
BPMC	B	0.19%
RHP	D	0.19%
BLKB	C	0.19%
SIGI	F	0.19%
GMED	A	0.19%
PNM	C	0.19%
AAN	D	0.19%
SWX	A	0.19%
LPX	A	0.18%
TRNO	D	0.18%
RLI	A	0.18%
NWE	B	0.18%
HWC	B	0.18%
TXRH	A	0.18%
THC	A	0.18%
MTZ	B	0.18%
QTWO	A	0.18%
CBRL	F	0.18%
TNDM	B	0.18%
SITE	D	0.18%
VRNT	C	0.18%
NJR	B	0.18%
GBCI	C	0.18%
OMCL	C	0.17%
NHI	A	0.17%
VIAV	F	0.17%
ASGN	C	0.17%
NVRO	F	0.17%
JBT	D	0.17%
SMTC	B	0.17%
DOC	A	0.17%
NEOG	F	0.17%
CBU	B	0.17%
RH	C	0.17%
UBSI	C	0.17%
EXPO	B	0.17%
SSD	D	0.17%
BLD	C	0.17%

TZA Underweight 58 Positions Relative to HDGE

Symbol	Grade	Weight
VRSN	F	--0.61%
ELF	D	--0.92%
ALB	C	--1.03%
CZR	F	--1.05%
PX	D	--1.06%
JACK	F	--1.11%
NAPA	F	--1.11%
SNA	D	--1.15%
EXTR	F	--1.15%
IPGP	D	--1.2%
GT	D	--1.2%
NTST	B	--1.22%
ENR	C	--1.24%
APTV	C	--1.25%
SNV	A	--1.26%
AMCR	A	--1.27%
LUV	D	--1.29%
GO	F	--1.29%
PHR	F	--1.3%
CLVT	F	--1.3%
OLED	B	--1.32%
ROIC	D	--1.33%
ACI	C	--1.33%
PAYC	F	--1.34%
EQC	B	--1.35%
MRTN	D	--1.35%
APD	C	--1.37%
RKLB	C	--1.38%
MCD	D	--1.38%
NXST	B	--1.39%
RF	B	--1.41%
DAN	C	--1.43%
HLIO	B	--1.43%
GLBE	F	--1.43%
CABO	F	--1.43%
REG	D	--1.44%
LTC	A	--1.45%
RIVN	F	--1.46%
CGNX	B	--1.47%
PYCR	F	--1.49%
AY	B	--1.5%
WK	D	--1.5%
YETI	D	--1.5%
ALGT	F	--1.54%
WHR	F	--1.56%
HUM	D	--1.58%
THS	F	--1.58%
SNDR	D	--1.58%
FRSH	F	--1.6%
BILL	F	--1.63%
WAL	B	--1.69%
CAR	D	--1.77%
KMX	D	--1.93%
CHRW	B	--2.07%
O	B	--2.09%
SPT	F	--2.15%
DEO	D	--2.17%
ATGE	A	--2.54%