# TNA (Direxion Daily Small Cap Bull 3X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: TNA returned −6.9% where its own daily promise gave −4.7%, 2.2 points short.

## Key facts

- TNA, what IWM did: −1.1%, as of Sep 11, 2026.
- TNA, what +3 times a day gives: −4.7%, as of Sep 11, 2026.
- TNA, what the fund returned: −6.9%, as of Sep 11, 2026.
- TNA, the fund itself cost: −2.2 pts, as of Sep 11, 2026.
- TNA, net assets: $1.5bn (source, as filed for Apr 30, 2026).
- TNA, expense ratio: 1.05% (485BPOS XBRL, Feb 26, 2026).

## TNA over each window to Sep 11, 2026

| Window | Fund | IWM | +3x the move | Difference | IWM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −14.2% | −4.6% | −13.7% | −0.5 pts | 12% |
| 3 months | −6.9% | −1.1% | −3.5% | −3.5 pts | 14% |
| 6 months | +48.1% | +17.6% | +52.9% | −4.8 pts | 18% |
| 1 year | +45.8% | +21.2% | +63.7% | −17.9 pts | 19% |
| 3 years | +104.9% | +62.5% | +187.6% | −82.7 pts | 21% |
| Since launch | +506.0% | +464.0% | not meaningful over this window | not meaningful over this window | 22% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +3 times the daily move of IWM, reset daily | ETFIQ |
| Multiple a holder actually got over the window | IWM moved −1.1% over this window, too little to read a multiple from | ETFIQ |
| Underlying | IWM | ETFIQ |
| Segment | broad index, us small cap | ETFIQ |
| Net assets | $1.5bn | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.05% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 14% annualized | ETFIQ |

## Questions

### Did TNA return +3 times IWM?

Over the window to Sep 11, 2026, IWM moved −1.1% and TNA returned −6.9%. 3 times that move is −3.5%, so the fund came out 3.5 points short of it.

### Why does TNA not return +3 times over a year?

Because it resets daily. TNA aims at +3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +3x IWM ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 3 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, TNA, data as of Sep 11, 2026. https://etfiq.com/funds/TNA
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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