Direxion Daily Small Cap Bull 3X ETF
CThis 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.
$56.71−0.73 (−1.27%)
- 1.07%
- $1.3B
- +35.1%
- 0.31%
- 4.8M sh
- $58.12
- low $37.03high $77.24
The ETF.net TNA Grade
C
Score 46 out of 100
- 19 of 31
Score 46 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.D27 out of 100Rank 22 of 31Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B56 out of 100Rank 12 of 30Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A70 out of 100Rank 6 of 31Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B63 out of 100Rank 8 of 31
Our read on TNA
CThe 3x pedal on small caps. Live since 2008, TNA aims to deliver 300% of the Russell 2000's move each day, resets every night, and trades with the kind of volume short-term traders live on.
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
- One ticket, 300% of the Russell 2000's daily move. No margin account, no options chain, no futures roll to manage.direxion.com
- A multi-billion-dollar fund and one of the busiest names on the leveraged shelf, which is why traders get in and out at tight spreads most of the day.
- Trading since November 2008, making it one of the longest-running triple-leveraged equity funds in the US market.direxion.com
- The 1.07% fee sits right at the going rate for 3x funds, and a shade under URTY, the other 3x Russell 2000 vehicle.
Worth knowing
- The 300% target is a one-day target. The fund resets nightly, so over a week or a year the math compounds and results can drift far from 3x the index.direxion.com
- Small caps are the twitchiest corner of US equities. Tripling that daily move cuts both ways, and choppy sideways markets are the unfriendliest terrain for a daily-reset fund.
- At 1.07% a year, the fee accrues every day you hold, whichever way small caps go. That is many times what a plain Russell 2000 index fund charges.
TNA Holdings
- Stocks
- 12
- 99%
- IWM
Sectors
- Health Care20.9%
- Financials18.0%
- Technology14.4%
- Industrials13.4%
- Consumer Discretionary8.6%
- Real Estate6.5%
- Energy6.3%
- Materials4.3%
- Utilities2.7%
- Consumer Staples2.6%
- Communication2.3%
Geography
- United States100.00%
TNA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
TNA$13,507
Returns run to the Oct 12, 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.
| Period | TNA |
|---|---|
| Year to date | +26.4% |
| 1 month | −11.3% |
| 3 months | −19.6% |
| 1 year | +35.1% |
| 3 years | +31.2% |
| 5 years | −7.0% |
| 10 years | +4.8% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TNA |
|---|---|---|
| 2026 YTD | +26.4% | |
| 2025 | +9.8% | |
| 2024 | +7.2% | |
| 2023 | +26.2% | |
| 2022 | −62.5% | |
| 2021 | +27.9% | |
| 2020 | −7.8% |
TNA in the news
TNA Dividends
- 0.31%
- $0.18
- $0.04 per share
- Quarterly
Distribution history
TNA Risk
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.
- 60.3%
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.
- 0.61
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.
- −82.4%
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.
- 3.84
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TNA Cost
1.07%
TNA1.07%
- The middle half of 3x Leveraged Long funds
- Median 0.98%
20 of the 30 3x Leveraged Long funds charge less.
Other funds in 3x Leveraged Long
- CNAILDirexion Daily Homebuilders & Supplies Bull 3X ETFExpense ratio 0.96%1 year return −56.9%
- CURTYProShares - UltraPro Russell2000Expense ratio 1.08%1 year return +34.9%
- DEURLDirexion Daily FTSE Europe Bull 3X ETFExpense ratio 1.05%1 year return +15.4%
- DHIBLDirexion Daily S&P 500 High Beta Bull 3X ETFExpense ratio 1.01%1 year return +105.4%
- DTYDDirexion Daily 7-10 Year Treasury Bull 3X ETFExpense ratio 1.08%1 year return −20.7%