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TSXD

GradeFNew York Stock Exchange Arca

Direxion Daily Semiconductors Top 5 Bear 2X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2025-10-01

This 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.

$4.70+0.19 (+4.21%)

As of Sep 23, 2026, 1:54 PM EDT

History starts Oct 1, 2025.History starts Oct 1, 2025.
Intraday session: up, 23 prints from 4.51 to 4.70. Range 4.51 to 4.75. Use the arrow keys to read each point.$4.50$4.6010 AM12 PM2 PM4 PM
Expense ratio
9.79%
Fund size
$2M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0.1M sh
NAV per share
$5.23
52W range
low $4.50high $23.62

The ETF.net TSXD Grade

F

9/ 100

Rank 53 of 54 in Leveraged Inverse (2x & Other)⁠

Confidence Medium

Six-pillar profile for TSXD. Scores out of 100: Cost 2, Risk 5, Mission not scored, Tradability 29, Holdings not scored, Durability 14. Strongest: Tradability (29). Weakest: Cost (2). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 9 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned10This cap took−0Published score9 Grade F

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 2
    Category rank53/54 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 5
    Category rank53/53 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 29
    Category rank43/54 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 14
    Category rank53/54 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on TSXD

ETF.net Research

FMost chip bear funds short the whole semiconductor index. TSXD aims for -2x the daily move of just five names, equal weighted: the sector's biggest. A single-day tactical instrument, about as concentrated as inverse chip exposure gets.

Stated mandate

The fund seeks daily investment results equal to -200% of the performance of the NYSE Semiconductor Top 5 Equal Weight Index, before fees and expenses. Its objective applies for a single day.

Why people hold it

  1. 01One ticker, five chip giants: TSXD seeks -200% of the index's daily move, equal weighted, rather than shorting five stocks separately.direxion.com
  2. 02Each of the five sits at 20%, reset every quarter, and the index swaps in a new name if a company drops out of the top five by market cap.direxion.com
  3. 03It has a mirror twin: TSXU runs the same index at +2x daily, so the same basket is available from either side.direxion.com

Worth knowing

  1. 01The -200% objective applies to a single day. Hold longer and daily resets plus compounding can push results well away from -2x the index's move over that stretch.direxion.com
  2. 02Costs run high: the stated expense ratio is several times the roughly 1% typical for leveraged and inverse funds, though the adviser has an operating expense limit in place.direxion.com
  3. 03Launched in 2025, it is still a small fund with light trading volume, so bid-ask spreads and order type matter more here than with the largest inverse ETFs.

TSXD Holdings

As of Sep 22, 2026, 10:03 PM
Asset class
Other
Holdings
—
Top-10 weight
289%
Largest holding
SEMIEW SWAP ASSET LEG (SEMIEWMLS)141.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SEMIEW SWAP ASSET LEG (SEMIEWMLS)141.91%-572$-2M1
002—SEMIEW SWAP ASSET LEG (SEMIEWBCS)98.25%-396$-1M1
003—SEMIEW SWAP ASSET LEG (SEMIEWGSS)38.70%-156$-449K1
004—SEMIEW SWAP ASSET LEG (SEMIEWBPS)10.42%-42$-121K1

Showing 1–4 of 4 holdings

TSXD Performance

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

TSXD$2,527
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. TSXD $2,527. SPY $11,430. Use the arrow keys to read each point.$1,812$6,997$12,183Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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 TSXD. Periods over one year show the average yearly return.
PeriodTSXD
Year to date−74.7%
1 month−19.2%
3 months−8.0%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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 TSXD
YearReturn barTSXD
2026 YTD−74.7%
2025−22.9%

Since listing, Oct 1, 2025

TSXD in the news

ETF.net Research hasn’t filed on TSXD yet — coverage lands here as it’s written.

TSXD 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 Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Upcoming payment
$0.06 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 4 payments from 2025 to 2026 YTD. Dec 23, 2025 $0.19; Mar 24, 2026 $0.08; Jun 23, 2026 $0.05; Sep 22, 2026 $0.06. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.06
Jun 23, 2026Jun 30, 2026$0.05
Mar 24, 2026Mar 31, 2026$0.08
Dec 23, 2025Dec 31, 2025$0.19

TSXD 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.

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
−3.74
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.

TSXD Cost

Expense ratio9.79%
  • The middle half of Leveraged Inverse (2x & Other) funds
  • Median 1.44%

51 of the 53 Leveraged Inverse (2x & Other) funds charge less.

TSXD costs $979.00 a year on $10,000. The median Leveraged Inverse (2x & Other) fund costs $144.00.