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TSMG vs USAX

Leverage Shares 2x Long TSM Daily ETF

TSMGANasdaq

Tradr 2X Long USAR Daily ETF

USAXDCboe

Overlap

Expense ratio

TSMG −0.73pt a year

TSMG0.76%USAX1.49%

Avg volume · 30D

USAX 2.2×the volume

TSMG69KUSAX149K

TSMG vs USAX Performance

Jul 31, 2026 – Nov 2, 2026

−7.6%TSMG−71.4%USAX

Jul 31, 2026 to Nov 2, 2026. TSMG −7.6%. USAX −71.4%. Use the arrow keys to read each point.−50%−25%25%50%75%Jul 2026Sep 2026Nov 2026
Expense ratio
TSMG 0.76%, better
USAX 1.49%
Fund size
TSMG $28M
USAX $5M
1Y total return
TSMG +36.4%
USAX No data
Holdings
TSMG 5
USAX 1
Avg volume (30D)
TSMG 69K sh
USAX 149K sh, better
NAV per share
TSMG $33.77
USAX $2.44
52W range

ETF.net Grade

TSMG: Cost 70, Risk 84, Mission 79, Tradability 74, Holdings not scored, Durability 67. USAX: Cost 11, Risk 29, Mission 92, Tradability 47, Holdings not scored, Durability 51.
Pillar letters and Scores for TSMG, USAX, with each pillar’s weight
PillarTSMGUSAX
Cost30% weightA70HigherF11
Mission25% weightA79A92Higher
Risk15% weightA84HigherD29
Tradability15% weightA74HigherC47
Holdings10% weightNot scoredNot scored
Durability5% weightB67HigherC51

Rank among Single-Stock Long Leveraged funds

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

Same Category. TSMG and USAX are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

TSMG ranks 1st and USAX 291st of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 291DRIOXDaily Target 2X Long RIOT ETFScore 26
  4. Rank 291DUSAXTradr 2X Long USAR Daily ETFScore 26
  5. Rank 295DCIFUT-REX 2X Long CIFR Daily Target ETFScore 25

Our read on each fund

ETF.net Research

TSMGALeverage Shares 2x Long TSM Daily ETF

USAXDTradr 2X Long USAR Daily ETF

In short

TSMG Two times TSM, one day at a time. TSMG aims for 200% of Taiwan Semiconductor's daily move, no margin account required, at 0.75% a year, below what most leveraged single-stock funds charge.

USAX Two times the daily move of USA Rare Earth (USAR) in a single ticker. It resets every day, so it is built for one trading session, not for holding the rare earth story long term.

Stated mandate

TSMG The fund seeks daily investment results equal to 200% of the daily performance of Taiwan Semiconductor Manufacturing Company Ltd stock, before fees and expenses.

USAX The Fund seeks daily results equal to twice the daily performance of USA Rare Earth, Inc. common shares, before fees and expenses. It is intended for a holding period of one trading day.

Why people hold it

  • TSMG Charges 0.75% a year, undercutting the 0.96% on Direxion's 2x single-stock funds such as AAPU and GGLL.leverageshares.com
  • The milder gear on the leveraged shelf: it targets double TSM's daily move, not triple.leverageshares.com
  • Leverage arrives inside a regular 1940 Act ETF. No margin agreement, no lender, and your exposure is capped at what you put in.leverageshares.com
  • Hits its stated daily target tightly, and rates among the stronger builds in a crowded field of 2x and 3x single-stock funds.
  • USAX One ticker gets you 2x daily exposure to a single stock, no margin account or options approval involved.tradretfs.com
  • It has tracked its stated two-times daily target closely, which is the whole job of a daily leveraged fund.
  • Rare exposure: no other fund in its leveraged single-stock peer set is built on USA Rare Earth shares.

Worth knowing

  • TSMG The leverage resets every day. Hold longer and compounding takes over, so multi-day results can drift well away from twice TSM's move, especially in choppy markets.leverageshares.com
  • One stock, one industry. Everything rides on Taiwan Semiconductor, doubled, so company-specific news lands twice as hard.
  • Young and small: launched in January 2025, and it sits among the smaller, less heavily traded names on the leveraged shelf, which can widen spreads.
  • USAX At 1.49% a year, it costs more than established 2x single-stock funds like GGLL (0.96%) or AMDG (0.75%).
  • Daily reset math: hold past one session and compounding can push results well away from 2x the stock's move over that stretch.
  • A small, young fund (launched 2026) with moderate trading, so spreads can be wider than the giants of the category.

Full TSMG profile⁠

Full USAX profile⁠

TSMG vs USAX 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.

TSMG vs USAX Cost

Overpaying USAX vs TSMG

$11,485

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

  • TSMG 0.76%

    $14,656

  • USAX 1.49%

    $26,141

$10,000
30 years

Cost over time

  • TSMG 0.76%
  • USAX 1.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530USAX $26,141TSMG $14,656

Year by year

YearTSMGUSAXOverpaying
10$1,353$2,574$1,221
20$5,142$9,464$4,322
30$14,656$26,141$11,485

Expense ratio

  • 0.76%TSMG, cheaper
  • 1.49%USAX
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

TSMG 131st cheapest of 315 funds

USAX 263rd cheapest of 315 funds

TSMG vs USAX Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
TSMG No data
USAX None
Last payment
TSMG $2.73
USAX No data
Ex-dividend
TSMG Dec 30, 2025
USAX No data
Paid on
TSMG Jan 2, 2026
USAX No data
Frequency
TSMG Irregular
USAX No data

Distribution history

Per share, 2025 to 2026, same scale for both

TSMGIrregular · 1 paymentAll TSMG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $2.73. Use the arrow keys to read each point.$0$2.502026YTD
USAXAll USAX payments⁠

No distribution history available.

TSMG vs USAX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
TSMG 77.9%since Feb 2025USAX No data
Return per unit of riskSharpe ratio, 3 years
TSMG 0.97since Feb 2025USAX No data
Worst fallMax drawdown, 5 years
TSMG −63.7%since Jan 2025USAX No data
Market sensitivityBeta, 5 years
TSMG 3.81USAX 0.00

Popular comparisons

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    Leverage Shares 2x Long TSM Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    0.76% · 0.77%
    Category
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  • USAXDvsUNHGA

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    Expense ratio
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    Category
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    Expense ratio
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    Category
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    Expense ratio
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    Category
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