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TNA vs UDOW

Direxion Daily Small Cap Bull 3X ETF

TNACNYSE Arca

ProShares UltraPro Dow30

UDOWANYSE Arca

Overlap

0.0%by weight

Expense ratio

UDOW −0.11pt a year

TNA1.05%UDOW0.94%

Avg volume · 30D

TNA 2.5×the volume

TNA4.32MUDOW1.72M

10Y return · a year

UDOW +16.5pt

TNA+5.8%UDOW+22.3%

TNA vs UDOW Performance

Oct 29, 2021 – Oct 30, 2026

−35.5%TNA+66.5%UDOW

Oct 29, 2021 to Oct 30, 2026. TNA −35.5%. UDOW +66.5%. Use the arrow keys to read each point.0%100%Oct 2021Apr 2024Oct 2026
Expense ratio
TNA 1.05%
UDOW 0.94%, better
Fund size
TNA $1.4B
UDOW $841M
1Y total return
TNA +24.0%, better
UDOW +16.0%
Yield (12M)
TNA 0.31%
UDOW 1.06%, better
Holdings
TNA 12
UDOW 33
Avg volume (30D)
TNA 4.32M sh, better
UDOW 1.72M sh
NAV per share
TNA $60.85
UDOW $65.43
52W range

ETF.net Grade

TNA: Cost 17, Risk 57, Mission not scored, Tradability 67, Holdings not scored, Durability 63. UDOW: Cost 78, Risk 85, Mission 77, Tradability 89, Holdings 56, Durability 71.
Pillar letters and Scores for TNA, UDOW, with each pillar’s weight
PillarTNAUDOW
Cost30% weightF17A78Higher
Mission25% weightNot scoredA77
Risk15% weightB57A85Higher
Tradability15% weightB67A89Higher
Holdings10% weightNot scoredB56
Durability5% weightB63A71Higher

Rank among 3x Leveraged Long funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. TNA and UDOW are both graded against the same 30 3x Leveraged Long funds, so their Grades compare head to head.

3x Leveraged Long⁠

Category · 30 funds
See all 30 ›

UDOW ranks 2nd and TNA 20th of 30 funds in the 3x Leveraged Long Category.

  1. Rank 1ATQQQProShares UltraPro QQQScore 86
  2. Rank 2AUDOWProShares UltraPro Dow30Score 81
  3. Rank 3AFASDirexion Daily Financial Bull 3X ETFScore 80
  4. Rank 19CMIDUDirexion Daily Mid Cap Bull 3X ETFScore 42
  5. Rank 20CTNADirexion Daily Small Cap Bull 3X ETFScore 41
  6. Rank 21DPILLDirexion Daily Pharmaceutical & Medical Bull 3X ETFScore 37

Our read on each fund

ETF.net Research

TNACDirexion Daily Small Cap Bull 3X ETF

UDOWAProShares UltraPro Dow30

In short

TNA Three 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.

UDOW The only 3x daily play on the Dow: 30 blue-chip names, price-weighted, reset every session. It is the industrial cousin of the semis-and-Nasdaq crowd that fills the leveraged aisle, and it has run since 2010.

Stated mandate

TNA 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.

UDOW The Fund seeks daily results equal to three times the daily performance of the Dow Jones Industrial Average before fees and expenses. It uses equity securities, derivatives, and money-market instruments to pursue that daily leveraged exposure.

Why people hold it

  • TNA 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.
  • UDOW ProShares calls UDOW the only ETF targeting 3x the daily move of the Dow. In a 3x aisle crowded with semiconductor and Nasdaq bets, the blue-chip index has exactly one lever.proshares.com
  • The Dow is a price-weighted measure of 30 US blue chips, so the exposure leans industrials, financials and health care instead of megacap tech.spglobal.com
  • Trading since 2010, it has run through several full market cycles and stays actively traded, which matters when the holding period is hours rather than years.
  • Among the stronger implementations in its 3x bull peer group, it stays close to its stated daily target and trades with the depth short-horizon traders look for.

Worth knowing

  • TNA 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.
  • UDOW The 3x target resets every day. Over longer stretches, compounding and volatility can push results away from 3x the index move, as the prospectus spells out.proshares.com
  • At 0.94% with no waiver propping it up, cost sits near the typical 3x bull fund; TQQQ charges 0.78% net of a waiver through September 30, 2027.
  • Exposure is built with derivatives and cash instruments alongside stocks, so counterparty and derivative risk ride along with the market call.proshares.com

Full TNA profile⁠

Full UDOW profile⁠

TNA vs UDOW Holdings

How TNA and UDOW differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of TNA and 0.0% of UDOW.

Level by level

  • Holdings0 in both0.0%
  • Countryby domicile98.4%
  • Asset classEquity100%

Sector

No Sector split for TNA.

Country, concentration and asset class

Country by domicile

Country weights in TNA and UDOW, widest gap first
CountryMore in TNAMore in UDOW
United StatesUDOW +1.6 points
BrazilTNA +0.6 points
Other countries (11)TNA +1.0 points

Concentration

Weight in the 10 largest Holdings

  • TNA98.7%
  • UDOW68.0%

Securities held

  • TNA3
  • UDOW32

Asset class

TNA
Equity
UDOW
Equity

Holdings

  • Only in TNA3
  • In both0
  • Only in UDOW32

Only in TNA

3 securities, 23.9% of TNA by weight

  • Ishares Russell 2000 Etf20.94%
  • Goldman Sachs Fin Gov 465 Institut2.14%
  • Goldman Finl Sq Trsry Inst 5060.85%

Only in UDOW

32 securities, 86.2% of UDOW by weight

  • Proshares Genius Mny Mkt Etf26.20%
  • Goldman Sachs Group Inc5.73%
  • TREASURY BILL, 0%, due 2026-12-294.14%

Weight gaps

TNA and UDOW share no securities.

All 13 TNA holdings⁠All 46 UDOW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

TNA vs UDOW Cost

Overpaying TNA vs UDOW

$1,791

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

  • TNA 1.05%

    $19,495

  • UDOW 0.94%

    $17,704

$10,000
30 years

Cost over time

  • TNA 1.05%
  • UDOW 0.94%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TNA $19,495UDOW $17,704

Year by year

YearTNAUDOWOverpaying
10$1,847$1,661$186
20$6,927$6,260$667
30$19,495$17,704$1,791

Expense ratio

  • 1.05%TNA
  • 0.94%UDOW, cheaper
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

UDOW 7th cheapest of 30 funds

TNA 25th cheapest of 30 funds

TNA vs UDOW Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TNA 0.31%
UDOW 1.06%, better
Payout (12M)
TNA $0.18
UDOW $0.69
Last payment
TNA $0.04
UDOW $0.15
Ex-dividend
TNA Sep 22, 2026
UDOW Sep 23, 2026
Paid on
TNA Sep 29, 2026
UDOW Sep 29, 2026
Frequency
TNA Quarterly
UDOW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TNAQuarterly · 24 paymentsAll TNA payments⁠
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.$0$0.252017202020232026YTD
UDOWQuarterly · 15 paymentsAll UDOW payments⁠
One bar per payment. 15 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.007; Dec 26, 2017 $0.02; Dec 24, 2019 $0.07; Dec 23, 2020 $0.03; Dec 22, 2022 $0.09; Mar 20, 2024 $0.07; Jun 26, 2024 $0.16; Dec 23, 2024 $0.07; Mar 26, 2025 $0.16; Jun 25, 2025 $0.22; Sep 24, 2025 $0.23; Dec 24, 2025 $0.20; Mar 25, 2026 $0.14; Jun 24, 2026 $0.21; Sep 23, 2026 $0.15. Use the arrow keys to read each point.$0$0.252017202020232026YTD

TNA vs UDOW Risk

Fall from peak · 5 years

  • TNA
  • UDOW
Oct 29, 2021 to Oct 30, 2026. Worst fall: TNA −82.4% · Apr 2025. Use the arrow keys to read each point.−80%−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
TNA 58.6%UDOW 37.2%, better
Return per unit of riskSharpe ratio, 3 years
TNA 0.75UDOW 0.95, better
Worst fallMax drawdown, 5 years
TNA −82.4%UDOW −56.0%, better
Market sensitivityBeta, 5 years
TNA 3.84UDOW 2.62

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