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

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: TNA returned −22.3% where its own daily promise gave −20.4%, 1.9 points short.

## Key facts

- TNA, what IWM did: −6.9%, as of Sep 30, 2026.
- TNA, what 3 times a day gives: −20.4%, as of Sep 30, 2026.
- TNA, what the fund returned: −22.3%, as of Sep 30, 2026.
- TNA, the fund itself cost: −1.9 pts, as of Sep 30, 2026.
- TNA, net assets: $1.3bn (issuer page, as of Sep 30, 2026).
- TNA, expense ratio: 1.05% (485BPOS XBRL, Feb 26, 2026).

## TNA over each window to Sep 30, 2026

| Window | Fund | IWM | +3x the move | Difference | IWM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −15.8% | −5.2% | −15.6% | −0.2 pts | 12% |
| 3 months | −22.3% | −6.9% | −20.8% | −1.5 pts | 13% |
| 6 months | +28.6% | +11.9% | +35.7% | −7.1 pts | 17% |
| 1 year | +28.0% | +16.0% | +48.1% | −20.1 pts | 19% |
| 3 years | +106.5% | +62.6% | +187.7% | −81.2 pts | 21% |
| Since launch | +440.2% | +444.0% | 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 | +3.22 times, against +3 stated | ETFIQ |
| Underlying | IWM | ETFIQ |
| Segment | broad index, US small cap | ETFIQ |
| Net assets | $1.3bn | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.05% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 13% annualized | ETFIQ |

## Questions

### Did TNA return +3 times IWM?

Over the window to Sep 30, 2026, IWM moved −6.9% and TNA returned −22.3%. 3 times that move is −20.8%, so the fund came out 1.5 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 figure itself.


## Cite this page

ETFIQ, TNA, data as of Sep 30, 2026. https://etfiq.com/funds/tna
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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