# TSMU (GraniteShares 2x Long TSM Daily ETF)

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

Three months to Sep 11, 2026: TSMU returned −4.2% where its own daily promise gave −0.5%, 3.7 points short.

## Key facts

- TSMU, what TSM did: +2.2%, as of Sep 11, 2026.
- TSMU, what +2 times a day gives: −0.5%, as of Sep 11, 2026.
- TSMU, what the fund returned: −4.2%, as of Sep 11, 2026.
- TSMU, the fund itself cost: −3.7 pts, as of Sep 11, 2026.
- TSMU, net assets: $64m (source, as filed for Jun 30, 2026).
- TSMU, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025).

## TSMU over each window to Sep 11, 2026

| Window | Fund | TSM | +2x the move | Difference | TSM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −0.1% | +0.9% | +1.9% | −2.0 pts | 26% |
| 3 months | −4.2% | +2.2% | +4.4% | −8.6 pts | 45% |
| 6 months | +39.0% | +28.7% | +57.4% | −18.4 pts | 44% |
| 1 year | +107.1% | +69.1% | +138.3% | −31.1 pts | 40% |
| Since launch | +191.7% | +130.8% | not meaningful over this window | not meaningful over this window | 41% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of TSM, reset daily | ETFIQ |
| Multiple a holder actually got over the window | TSM moved +2.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | TSM | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $64m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Nov 12, 2024 | ETFIQ |
| Underlying volatility over the window | 45% annualized | ETFIQ |

## Questions

### Did TSMU return +2 times TSM?

Over the window to Sep 11, 2026, TSM moved +2.2% and TSMU returned −4.2%. 2 times that move is +4.4%, so the fund came out 8.6 points short of it.

### Why does TSMU not return +2 times over a year?

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.

### Which +2x TSM ETF tracked its stated multiple most closely?

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.


## Cite this page

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

HTML: https://etfiq.com/funds/TSMU  ·  JSON: https://etfiq.com/funds/TSMU.json