# TSMZ (Direxion Daily TSM Bear 1X ETF)

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

Three months to Sep 11, 2026: TSMZ returned −5.6% where its own daily promise gave −6.8%, 1.2 points over.

## Key facts

- TSMZ, what TSM did: +2.2%, as of Sep 11, 2026.
- TSMZ, what −1 times a day gives: −6.8%, as of Sep 11, 2026.
- TSMZ, what the fund returned: −5.6%, as of Sep 11, 2026.
- TSMZ, the fund itself added: +1.3 pts, as of Sep 11, 2026.
- TSMZ, net assets: $3m (source, as filed for Apr 30, 2026).
- TSMZ, expense ratio: not read by ETFIQ, as of Sep 11, 2026.

## TSMZ over each window to Sep 11, 2026

| Window | Fund | TSM | -1x the move | Difference | TSM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −1.0% | +0.9% | −0.9% | 0.0 pts | 26% |
| 3 months | −5.6% | +2.2% | −2.2% | −3.4 pts | 45% |
| 6 months | −27.4% | +28.7% | −28.7% | +1.3 pts | 44% |
| 1 year | −46.6% | +69.1% | −69.1% | +22.5 pts | 40% |
| Since launch | −66.9% | +146.6% | not meaningful over this window | not meaningful over this window | 41% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 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 | $3m | source, as filed for Apr 30, 2026 |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Oct 3, 2024 | ETFIQ |
| Underlying volatility over the window | 45% annualized | ETFIQ |

## Questions

### Did TSMZ return -1 times TSM?

Over the window to Sep 11, 2026, TSM moved +2.2% and TSMZ returned −5.6%. 1 times that move is −2.2%, so the fund came out 3.4 points short of it.

### Why does TSMZ not return -1 times over a year?

Because it resets daily. TSMZ aims at -1 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 -1 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.


## Cite this page

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

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