Direxion Technology Bear 3X ETF (TECS) holdings & weights
Per-holding contribution · concentration · sector skew — a deep read
Fund overview
This is a US-listed ETF from Direxion. It tracks the S&P Technology Select Sector. Key facts — expense ratio 1.01%; net assets about $76M; inception Dec 17, 2008. Its 1-year return is -66.47%.
Fund details
Fund overview
This is a US-listed ETF from Direxion. It tracks the S&P Technology Select Sector. Key facts — expense ratio 1.01%; net assets about $76M; inception Dec 17, 2008. Its 1-year return is -66.47%.
75 identified stocks · net exposure / NAV -300.00%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Underlying allocation is estimated using XLK (2026-10-16). Cash and unallocated contracts are excluded from stock attribution.
Weight and calculation basis
75 identified stocks · net exposure / NAV -300.00%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Underlying allocation is estimated using XLK (2026-10-16). Cash and unallocated contracts are excluded from stock attribution.
We have this ETF's holdings, but the prices for those particular listings are outside our quote coverage (currently Korea- and US-listed securities). So today's contribution and return are not computed — showing 0% would claim it did not move, which is a different statement. The holdings and weights below follow the calculation basis above.
Today's summary
Its top 10 holdings make up about 65.2% of the fund. The concentration index (HHI) is 716 — Low — evenly diversified, and the largest sector is Information Technology (100%). The higher the concentration, the more one stock or sector drives the whole ETF's return.
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration is below 1,500 (716), so no single holding dominates.
Information Technology alone is 100%. This is effectively a bet on that one industry — if the sector falls, diversification will not help.
1.01% a year is on the high side — about 10.1% over a decade, so it needs a reason to earn that.
Net assets of $76M are small. Thin funds trade at wider spreads, and very small ones get closed or merged.
A 3x inverse fund. It resets exposure daily, so over more than a few days the result drifts from "index move × 3". Built for short holds.
Concentration and diversification
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration is below 1,500 (716), so no single holding dominates.
Information Technology alone is 100%. This is effectively a bet on that one industry — if the sector falls, diversification will not help.
1.01% a year is on the high side — about 10.1% over a decade, so it needs a reason to earn that.
Net assets of $76M are small. Thin funds trade at wider spreads, and very small ones get closed or merged.
A 3x inverse fund. It resets exposure daily, so over more than a few days the result drifts from "index move × 3". Built for short holds.
Top 20 holdings
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
Normalized to 100% of analysed positions
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
| # | Holding | Weight |
|---|---|---|
| 1 | NVIDIANVDA | 15.45% Short |
| 2 | APPLEAAPL | 14.95% Short |
| 3 | MICROSOFTMSFT | 11.72% Short |
| 4 | BROADCOMAVGO | 4.66% Short |
| 5 | ADVANCED MICRO DEVICESAMD | 4.66% Short |
| 6 | MICRON TECHNOLOGYMU | 3.93% Short |
| 7 | INTELINTC | 2.70% Short |
| 8 | PALANTIR TECHNOLOGIES APLTR | 2.58% Short |
| 9 | CISCO SYSTEMSCSCO | 2.56% Short |
| 10 | LAM RESEARCHLRCX | 1.99% Short |
| 11 | APPLIED MATERIALSAMAT | 1.96% Short |
| 12 | PALO ALTO NETWORKSPANW | 1.68% Short |
| 13 | TEXAS INSTRUMENTSTXN | 1.52% Short |
| 14 | CROWDSTRIKE ACRWD | 1.40% Short |
| 15 | ORACLEORCL | 1.34% Short |
| 16 | INTL BUSINESS MACHINESIBM | 1.32% Short |
| 17 | KLAKLAC | 1.31% Short |
| 18 | MARVELL TECHNOLOGYMRVL | 1.20% Short |
| 19 | SALESFORCECRM | 1.19% Short |
| 20 | AMPHENOLAPH | 1.18% Short |
Holdings below 0.5% or outside the top list are folded into “Others” and omitted above.
Where the weight sits — sector mix
Listed equity weights summed by sector and normalized to 100%. Each band is one sector's share.
Industry breakdown
HHI sums the squared weights. The more it leans on a few names, the higher it goes — and the more the whole ETF moves with them.
Leverage / inverse caveat
This fund tracks 3x the inverse of its index — it rises when the index falls, and vice versa.
That 3x applies to a **single day**. Held longer, the daily reset makes the period return drift from 3x the index: if the index chops up and down and returns to where it started, this fund is still down. That is volatility decay.
It bites hardest in sideways markets and compounds with holding time. These are built for short directional trades.
How concentrated is it
Concentration (HHI) is low at 716, with the top 10 holdings at just 65.2% of equity weight. No single name can dominate the fund.
Good for damping single-stock risk — and equally, a big winner inside gets diluted.
HHI squares each weight and sums them: 10,000 means one stock is everything, and the more evenly spread the holdings, the closer it falls to zero.
Where the sector weight sits
By sector, Information Technology alone is 100% — whatever the fund is called, this is a bet on that industry.
Bad news for the sector moves the whole fund. Worth checking against anything else you hold in the same space.
Weights above sum the individually listed equities and normalize that equity total to 100%.
How much it overlaps others
Its closest neighbour is AAPD at 3995% overlap — effectively the same basket.
Holding both is not diversification, it is buying the same companies twice. Pick whichever is cheaper.
What it is made of
Equities are -300.0% of the fund, the rest swaps and cash — index exposure built synthetically rather than by owning the shares, which adds counterparty risk.
The expense ratio is 1.01% a year, which is not cheap. Fees come out of returns every year you hold, so it is worth checking whether the same index is available for less.
This page is not investment advice. Investment decisions and responsibility are your own.
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