{"url":"https://etfiq.com/compare/leverage/tsmu-vs-tsmz","section":"compare","title":"TSMU vs TSMZ: which held to its multiple? | ETFIQ","description":"TSMU sets out to return +2 times TSM each day and TSMZ -1 times. Over the three months to Sep 30, 2026 they finished \u22127.4 pts and \u22121.2 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, TSMU or TSMZ?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, TSMU finished 7.4 points from what its multiple implies and TSMZ finished 1.2 points from its own, so TSMZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are TSMU and TSMZ levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on Taiwan Semiconductor Manufacturing, TSMU at +2 times and TSMZ at -1 times the daily move."}},{"@type":"Question","name":"Which one decays faster, TSMU or TSMZ?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window TSMU\u2019s moved at 34% annualized and TSMZ\u2019s at 34%, so TSMU has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold TSMU or TSMZ for a year?","acceptedAnswer":{"@type":"Answer","text":"Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, TSMU or TSMZ?","acceptedAnswer":{"@type":"Answer","text":"TSMU charges 1.50% a year and TSMZ charges 1.01%, so TSMZ is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"TSMU vs TSMZ","item":"https://etfiq.com/compare/leverage/tsmu-vs-tsmz"}]},{"@type":"WebPage","name":"TSMU vs TSMZ: which held to its multiple?","description":"TSMU sets out to return +2 times TSM each day and TSMZ -1 times. Over the three months to Sep 30, 2026 they finished \u22127.4 pts and \u22121.2 pts away.","url":"https://etfiq.com/compare/leverage/tsmu-vs-tsmz","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, TSMU finished 4.5 points short and TSMZ 1.5 points over.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of TSMU and TSMZ","description":"TSMU sets out to return +2 times TSM each day and TSMZ -1 times. Over the three months to Sep 30, 2026 they finished \u22127.4 pts and \u22121.2 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/tsmu-vs-tsmz","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":7199,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / TSMU vs TSMZ \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n TSMU vs TSMZ: which held to its multiple?\n\n Over three months against its own daily promise, TSMU finished 4.5 points short and TSMZ 1.5 points over.\n Copy this for sharing \n \n GraniteShares 2x Long TSM Daily ETF and Direxion Daily TSM Bear 1X ETF.\n\n Download as PDF \n\n \u22121.5% TSMU returned, 3 months \n \u22124.2% TSMZ returned, 3 months \n \u22127.4 pts TSMU from its stated multiple \n \u22121.2 pts TSMZ from its stated multiple \n\n ETFIQ Decay Resistance Score: TSMZ scores higher\n Did it k","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsmu-vs-tsmz","a":{"ticker":"TSMU","name":"GraniteShares 2x Long TSM Daily ETF","issuer":"GraniteShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TSMU returned \u22121.5% where its own daily promise gave +3.0%, 4.5 points short.","url":"https://etfiq.com/funds/tsmu","key_facts":[{"label":"What TSM did","value":"+3.0%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"+3.0%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22121.5%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22124.5 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$48m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.50%","as_of":"2026-09-30","source":"485BPOS XBRL, Oct 24, 2025"}]},"b":{"ticker":"TSMZ","name":"Direxion Daily TSM Bear 1X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TSMZ returned \u22124.2% where its own daily promise gave \u22125.7%, 1.5 points over.","url":"https://etfiq.com/funds/tsmz","key_facts":[{"label":"What TSM did","value":"+3.0%","as_of":"2026-09-30","source":null},{"label":"What \u22121 times a day gives","value":"\u22125.7%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22124.2%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+1.5 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$3m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.01%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/tsmu-vs-tsmz"}