FAS and FAZ follow the russell 1000 financial index, not the S&P idiot. God how many freaking times will people make the same stupid mistake. FAS has had time deterioration, a whole lot of it, just like FAZ. All leveraged ETF's are nothing more than a stock market casino where the player will always lose long term. Get a clue before throwing your money away. Unless you can short or write long term calls, that is only way to win with all leveraged ETF's.