Skip to content
etf.net

Launched

Direxion HCM Tactical Enhanced US ETF

HCMTNYSE ArcaDirexionF

$38.09−0.89 (−2.28%)

As of Nov 2, 2026, 3:59 PM ET

F23/ 100

Rank 116 of 126 in US Active Equity

F23/100Rank 116 of 126inUS Active Equity
Intraday session: down, 79 prints from 38.98 to 38.09. Range 38.09 to 39.68. Use the arrow keys to read each point.38.5039.5010 AM12 PM2 PM4 PM
Expense ratio
1.18%
Fund size
$598M
1Y total return
−2.2%
Yield · Last 12 months
0.50%
Holdings
509
Avg volume · 30D
38.7K sh
52W range
low $34.19high $44.85
Launched

The ETF.net HCMT Grade

Based on 5 of 6 pillars

F

Score 23 out of 100

Category
US Active Equity⁠
Rank
116 of 126
Six-pillar profile for HCMT. Scores out of 100: Cost 10, Risk 12, Mission 5, Tradability 45, Holdings not scored, Durability 77. Strongest: Durability (77). Weakest: Mission (5). Based on 5 of 6 pillars.

Score 23 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F10 out of 100
    Rank 113 of 126

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    F5 out of 100
    Rank 49 of 49

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F12 out of 100
    Rank 120 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C45 out of 100
    Rank 67 of 126

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A77 out of 100
    Rank 22 of 126

Our read on HCMT

ETF.net Research

In short

FA market-timing model in ETF form. HCMT follows the HCM-BuyLine signal: leveraged exposure to a broad basket of US stocks when the trend is on, cash when it flips off. An all-in-or-all-out design few active US equity funds attempt.

Stated mandate

The Fund seeks capital appreciation and enhanced returns across market cycles broadly correlated with U.S. equities. Its model shifts assets between U.S. equity securities and cash, using derivatives for leveraged exposure when allocated to equities.

Why people hold it

  • One ticker, one decision rule. The HCM-BuyLine momentum signal moves the fund between derivative-boosted US equity exposure and cash, instead of leaving the timing call to you.
  • The equity sleeve is broad, roughly 500 US stocks, so the leverage rides the whole market rather than a handful of names.
  • Conventional 1940 Act fund wrapper: a standard 1099 rather than a K-1, with distributions paid quarterly.

Worth knowing

  • The 1.18% expense ratio sits well above the typical active US equity ETF, and far above broad index-style peers like DFAU and DFAC that charge a fraction of it.
  • Leverage magnifies losses as well as gains, and a model that steps to cash can be late in both directions: into the decline and out of the rebound.
  • Launched in 2023 and thinly traded, so the live record is short and bid-ask spreads can run wider than the category's heaviest-volume names.

HCMT Performance

Launched Jun 22, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
HCMT$9,785
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. HCMT $9,785. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for HCMT. Periods over one year show the average yearly return.
PeriodHCMT
Year to date+1.6%
1 month−8.6%
3 months+0.3%
1 year−2.2%
3 yearsper year+20.4%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for HCMT
YearReturn barHCMT
2026 YTD+1.6%
2025+7.4%
2024+39.2%
2023+5.6%

Since listing, Jun 22, 2023

HCMT in the news

HCMT Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.50%Last 12 months
Payout per share
$0.20Last 12 months
Last payment
$0.0037 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 14 payments from 2023 to 2026 YTD. Sep 19, 2023 $0.06; Dec 21, 2023 $0.11; Mar 19, 2024 $0.05; Jun 25, 2024 $0.06; Sep 24, 2024 $0.06; Dec 12, 2024 $0.75; Dec 23, 2024 $0.06; Mar 25, 2025 $0.06; Jun 24, 2025 $0.05; Sep 23, 2025 $0.04; Dec 23, 2025 $0.0087; Mar 24, 2026 $0.06; Jun 23, 2026 $0.13; Sep 22, 2026 $0.0037. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Sep 29, 2026$0.0037
Jun 23, 2026Jun 30, 2026$0.13
Mar 24, 2026Mar 31, 2026$0.06
Dec 23, 2025Dec 31, 2025$0.0087
Sep 23, 2025Sep 30, 2025$0.04
Jun 24, 2025Jul 1, 2025$0.05
Mar 25, 2025Apr 1, 2025$0.06
Dec 23, 2024Dec 31, 2024$0.06
Dec 12, 2024Dec 19, 2024$0.75
Sep 24, 2024Oct 1, 2024$0.06
Jun 25, 2024Jul 2, 2024$0.06
Mar 19, 2024Mar 26, 2024$0.05

See all 14 payments⁠

$10,000 in HCMT 3 years ago paid $625 in dividends.⁠

HCMT Risk

Risk pillarF12 out of 100Rank 120 of 126 in US Active Equity
How much the fund’s monthly returns vary, scaled to a year.
24.8%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.70
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−36.3%
40 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.56
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

HCMT Cost

Compare HCMT and TACU

Overpaying vs TACU, cheapest in US Active Equity

$21,543

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HCMT 1.18%

    $21,543

  • TACU 0.00% Cheapest

    $0

$10,000
30 years

Cost over time

  • HCMT 1.18%
  • TACU 0.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530HCMT $21,543TACU $0

Year by year

YearHCMTTACUOverpaying
10$2,065$0$2,065
20$7,697$0$7,697
30$21,543$0$21,543

Other funds in US Active Equity

See others