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Launched · SEC filings

Direxion Daily Small Cap Bull 3X ETF

TNANYSE ArcaDirexionCThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$57.60−0.17 (−0.29%)

At close: Nov 2, 2026, 4:00 PM ET

C41/ 100

Rank 20 of 31 in 3x Leveraged Long

C41/100Rank 20 of 31in3x Leveraged Long
Intraday session: down, 79 prints from 57.77 to 57.60. Range 57.60 to 59.94. Use the arrow keys to read each point.58.5059.0059.5060.0010 AM12 PM2 PM4 PM
Expense ratio
1.05%*
Fund size
$1.4B
1Y total return
+24.0%
Yield · Last 12 months
0.31%
Holdings
12
Avg volume · 30D
4.32M sh
52W range
low $37.03high $77.24
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 1, 2027. Without it: 1.07%.

The ETF.net TNA Grade

Based on 4 of 6 pillars

C

Score 41 out of 100

Category
3x Leveraged Long⁠
Rank
20 of 31
Six-pillar profile for TNA. Scores out of 100: Cost 17, Risk 57, Mission not scored, Tradability 67, Holdings not scored, Durability 63. Strongest: Tradability (67). Weakest: Cost (17). Based on 4 of 6 pillars.

Score 41 of 100 falls in the C 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.
    F17 out of 100
    Rank 26 of 31

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B57 out of 100
    Rank 10 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B67 out of 100
    Rank 8 of 31

  • 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.
    B63 out of 100
    Rank 8 of 31

Our read on TNA

ETF.net Research

In short

CThree times the Russell 2000's daily move, run by the same fund since November 2008. In a category full of sector bets, this one is a straight leveraged play on US small caps.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to 300% of the performance of the Russell 2000® Index. Its objective is daily and is not intended to deliver three times the index's cumulative return over periods longer than one day.

Why people hold it

  • Aims for 300% of the Russell 2000's daily performance before fees and expenses, with exposure reset each day. The mandate is spelled out, not fuzzy.direxion.com
  • A billion-dollar-scale fund that trades actively, making it one of the main venues for leveraged small-cap exposure.
  • Live since November 2008, so its record spans multiple small-cap booms and busts, not just one cycle.

Worth knowing

  • Fee is 1.05% (1.07% gross, net of a waiver through September 1, 2027), above the category median. URTY tracks the same index at 0.95% net of a waiver through September 30, 2027.
  • The objective resets daily. Hold longer and compounding can push results far from 3x the index's cumulative move, especially in choppy markets.
  • Triple exposure cuts both ways: a rough day in small caps lands three times as hard.

TNA Performance

Launched Nov 5, 2008

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

TNA$12,402
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. TNA $12,402. SPY $11,199. Use the arrow keys to read each point.$10,000$12,500$15,000Oct 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 TNA. Periods over one year show the average yearly return.
PeriodTNA
Year to date+27.2%
1 month+0.1%
3 months−14.5%
1 year+24.0%
3 yearsper year+37.7%
5 yearsper year−8.4%
10 yearsper year+5.8%

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 TNA
YearReturn barTNA
2026 YTD+27.2%
2025+9.8%
2024+7.2%
2023+26.2%
2022−62.5%
2021+27.9%
2020−7.8%

TNA in the news

TNA 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.
0.31%Last 12 months
Payout per share
$0.18Last 12 months
Last payment
$0.04 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 24 payments from 2017 to 2026 YTD. Dec 19, 2017 $0.11; Sep 25, 2018 $0.01; Dec 27, 2018 $0.14; Jun 25, 2019 $0.17; Dec 23, 2019 $0.15; Jun 23, 2020 $0.01; Dec 22, 2020 $0.01; Dec 21, 2021 $0.05; Dec 20, 2022 $0.10; Mar 21, 2023 $0.04; Jun 21, 2023 $0.23; Sep 19, 2023 $0.02; Dec 21, 2023 $0.22; Mar 19, 2024 $0.03; Jun 25, 2024 $0.15; Sep 24, 2024 $0.03; Dec 23, 2024 $0.18; Mar 25, 2025 $0.10; Jun 24, 2025 $0.15; Sep 23, 2025 $0.07; Dec 23, 2025 $0.03; Mar 24, 2026 $0.02; Jun 23, 2026 $0.09; Sep 22, 2026 $0.04. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Sep 29, 2026$0.04
Jun 23, 2026Jun 30, 2026$0.09
Mar 24, 2026Mar 31, 2026$0.02
Dec 23, 2025Dec 31, 2025$0.03
Sep 23, 2025Sep 30, 2025$0.07
Jun 24, 2025Jul 1, 2025$0.15
Mar 25, 2025Apr 1, 2025$0.10
Dec 23, 2024Dec 31, 2024$0.18
Sep 24, 2024Oct 1, 2024$0.03
Jun 25, 2024Jul 2, 2024$0.15
Mar 19, 2024Mar 26, 2024$0.03
Dec 21, 2023Dec 29, 2023$0.22

See all 32 payments⁠

$10,000 in TNA 10 years ago paid $667 in dividends.⁠

TNA Risk

Risk pillarB57 out of 100Rank 10 of 30 in 3x Leveraged Long

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
58.6%
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.
0.75
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.
−82.4%
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.
3.84
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.

TNA Cost

Compare TNA and SOXL

Overpaying vs SOXL, cheapest in 3x Leveraged Long

$5,013

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

  • TNA 1.05%

    $19,495

  • SOXL 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • TNA 1.05%
  • SOXL 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TNA $19,495SOXL $14,482

Year by year

YearTNASOXLOverpaying
10$1,847$1,336$511
20$6,927$5,078$1,849
30$19,495$14,482$5,013
How the 1.05% is worked out

Full fee 1.07%− waiver 0.02%= you pay 1.05%

The waiver ends Sep 1, 2027. After that the fee is 1.07% unless Direxion renews it. Source: prospectus, Mar 2026.

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