{
 "ticker": "TSMU",
 "name": "GraniteShares 2x Long TSM Daily ETF",
 "issuer": "GraniteShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/TSMU",
 "html": "https://etfiq.com/funds/TSMU",
 "markdown": "https://etfiq.com/funds/TSMU.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: TSMU returned \u22124.2% where its own daily promise gave \u22120.5%, 3.7 points short.",
 "key_facts": [
  {
   "key": "what_tsm_did",
   "label": "What TSM did",
   "value": "+2.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TSMU, what TSM did: +2.2%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u22120.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TSMU, what +2 times a day gives: \u22120.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22124.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TSMU, what the fund returned: \u22124.2%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22123.7 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TSMU, the fund itself cost: \u22123.7 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$64m",
   "source": "source, as filed for Jun 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "TSMU, net assets: $64m (source, as filed for Jun 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.50%",
   "source": "485BPOS XBRL, Oct 24, 2025",
   "as_of": "2026-09-11",
   "sentence": "TSMU, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of TSM, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "TSM moved +2.2% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "TSM",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$64m",
   "source": "source, as filed for Jun 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.50%",
   "source": "485BPOS XBRL, Oct 24, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Nov 12, 2024",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "45% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22120.1%",
   "TSM": "+0.9%",
   "+2x the move": "+1.9%",
   "Difference": "\u22122.0 pts",
   "TSM moved about": "26%"
  },
  {
   "window": "3 months",
   "Fund": "\u22124.2%",
   "TSM": "+2.2%",
   "+2x the move": "+4.4%",
   "Difference": "\u22128.6 pts",
   "TSM moved about": "45%"
  },
  {
   "window": "6 months",
   "Fund": "+39.0%",
   "TSM": "+28.7%",
   "+2x the move": "+57.4%",
   "Difference": "\u221218.4 pts",
   "TSM moved about": "44%"
  },
  {
   "window": "1 year",
   "Fund": "+107.1%",
   "TSM": "+69.1%",
   "+2x the move": "+138.3%",
   "Difference": "\u221231.1 pts",
   "TSM moved about": "40%"
  },
  {
   "window": "Since launch",
   "Fund": "+191.7%",
   "TSM": "+130.8%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "TSM moved about": "41%"
  }
 ],
 "questions": [
  {
   "q": "Did TSMU return +2 times TSM?",
   "a": "Over the window to Sep 11, 2026, TSM moved +2.2% and TSMU returned \u22124.2%. 2 times that move is +4.4%, so the fund came out 8.6 points short of it."
  },
  {
   "q": "Why does TSMU not return +2 times over a year?",
   "a": "Because it resets daily. TSMU aims at +2 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 +2 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."
  },
  {
   "q": "Which +2x TSM ETF tracked its stated multiple most closely?",
   "a": "4 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 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}