Swap finder › Leveraged / inverse
FAS tax-loss harvesting alternatives
Direxion Daily Financial Bull 3X ETF (Direxion) tracks S&P Financial Select Sector. If you hold FAS at a loss, these ETFs track a different index, which generally makes them less likely to be considered “substantially identical” — while still moving closely with FAS during the 31-day wait.
| Held fund | Index tracked | Issuer | Expense ratio | AUM | Holdings | Category |
|---|---|---|---|---|---|---|
| FAS3x leveraged Direxion Daily Financial Bull 3X ETF | S&P Financial Select Sector | Direxion | 0.88% | $2.06B | 88 | Leveraged / inverse |
Sources: issuer fund page · public fund profile. Fund data as of 2026-10-16.
FAS wash sale alternatives (different index)
| ETF | Index tracked | Issuer | Expense ratio | AUM | 1-yr correlation | Holdings overlap | Notes |
|---|---|---|---|---|---|---|---|
| UDOW3x leveraged ProShares UltraPro Dow30 | Dow Jones Industrial Average | ProShares | 0.94% | $883.98M | 0.764 | n/a | different indexloose match |
| DDM2x leveraged ProShares Ultra Dow30 | Dow Jones Industrial Average | ProShares | 0.95% | $513.03M | 0.763 | n/a | different indexloose matchdifferent leverage |
| UWM2x leveraged ProShares Ultra Russell2000 | Russell 2000 | ProShares | 0.95% | $218.53M | 0.535 | n/a | different indexloose matchdifferent leverage |
| TNA3x leveraged Direxion Daily Small Cap Bull 3X ETF | Russell 2000 | Direxion | 1.05% | $1.30B | 0.535 | n/a | different indexloose match |
| SSO2x leveraged ProShares Ultra S&P 500 | S&P 500 | ProShares | 0.84% | $9.20B | 0.528 | n/a | different indexloose matchdifferent leverage |
| UPRO3x leveraged ProShares UltraPro S&P500 | S&P 500 | ProShares | 0.88% | $5.70B | 0.525 | n/a | different indexloose match |
| SPXL3x leveraged Direxion Daily S&P 500 Bull 3X ETF | S&P 500 | Direxion | 0.84% | $7.34B | 0.524 | n/a | different indexloose match |
| TQQQ3x leveraged ProShares UltraPro QQQ | NASDAQ 100 Index | ProShares | 0.78% | $38.96B | 0.272 | n/a | different indexloose match |
Sorted by 1-year correlation of daily total returns with FAS (through 2026-10-16). Holdings overlap = sum of the smaller weight of each common stock, from issuer holdings files; “n/a” where the issuer does not offer a free download or for bond/international/commodity funds. Hover a value for its as-of dates.
Reserved for a clearly-labeled brokerage referral link in the future. There are no referral or affiliate links on this site today, and listings are not influenced by any issuer or broker.
Unleveraged funds on the same index
These track S&P Financial Select Sector without leverage. Not suggested as swaps: a fund on the same index with different leverage is a gray area that some practitioners treat as potentially substantially identical.
| ETF | Index tracked | Issuer | Expense ratio | AUM | 1-yr correlation | Holdings overlap | Notes |
|---|---|---|---|---|---|---|---|
| XLF State Street Financial Select Sector SPDR ETF | S&P Financial Select Sector | State Street | 0.08% | $51.08B | 0.999 | n/a | same index, different leverage — gray area |
30-day wash-sale calendar for FAS
The window is 30 calendar days before and after the sale (61 days total, IRC §1091(a)). Buying the replacement fund right away is the point of a swap; the dates above are about buying back the fund you sold, or anything substantially identical to it.
Before you swap
- Turn off dividend reinvestment for FAS in every account (including IRAs) for the window — a reinvested dividend is a purchase.
- Check automatic investments, a spouse’s accounts, and any FAS bought in the 30 days before the sale.
- Your broker generally only flags wash sales for the identical security in the same account. You are responsible for the rest.
- Read how wash sales work and the FAQ, then confirm your plan with a tax professional.