{
 "ticker": "TNA",
 "name": "Direxion Daily Small Cap Bull 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/tna",
 "html": "https://etfiq.com/funds/tna",
 "markdown": "https://etfiq.com/funds/tna.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: TNA returned \u221222.3% where its own daily promise gave \u221220.4%, 1.9 points short.",
 "key_facts": [
  {
   "key": "what_iwm_did",
   "label": "What IWM did",
   "value": "\u22126.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TNA, what IWM did: \u22126.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What 3 times a day gives",
   "value": "\u221220.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TNA, what 3 times a day gives: \u221220.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221222.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TNA, what the fund returned: \u221222.3%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.9 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TNA, the fund itself cost: \u22121.9 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$1.3bn",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "TNA, net assets: $1.3bn (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.05%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "TNA, expense ratio: 1.05% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+3 times the daily move of IWM, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+3.22 times, against +3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IWM",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, US small cap",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$1.3bn",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.05%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "13% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221215.8%",
   "IWM": "\u22125.2%",
   "+3x the move": "\u221215.6%",
   "Difference": "\u22120.2 pts",
   "IWM moved about": "12%"
  },
  {
   "window": "3 months",
   "Fund": "\u221222.3%",
   "IWM": "\u22126.9%",
   "+3x the move": "\u221220.8%",
   "Difference": "\u22121.5 pts",
   "IWM moved about": "13%"
  },
  {
   "window": "6 months",
   "Fund": "+28.6%",
   "IWM": "+11.9%",
   "+3x the move": "+35.7%",
   "Difference": "\u22127.1 pts",
   "IWM moved about": "17%"
  },
  {
   "window": "1 year",
   "Fund": "+28.0%",
   "IWM": "+16.0%",
   "+3x the move": "+48.1%",
   "Difference": "\u221220.1 pts",
   "IWM moved about": "19%"
  },
  {
   "window": "3 years",
   "Fund": "+106.5%",
   "IWM": "+62.6%",
   "+3x the move": "+187.7%",
   "Difference": "\u221281.2 pts",
   "IWM moved about": "21%"
  },
  {
   "window": "Since launch",
   "Fund": "+440.2%",
   "IWM": "+444.0%",
   "+3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "IWM moved about": "22%"
  }
 ],
 "questions": [
  {
   "q": "Did TNA return +3 times IWM?",
   "a": "Over the window to Sep 30, 2026, IWM moved \u22126.9% and TNA returned \u221222.3%. 3 times that move is \u221220.8%, so the fund came out 1.5 points short of it."
  },
  {
   "q": "Why does TNA not return +3 times over a year?",
   "a": "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."
  },
  {
   "q": "Which +3x IWM ETF tracked its stated multiple most closely?",
   "a": "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 figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}