# TSMX (Direxion Daily TSM Bull 2X ETF)

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

Three months to Sep 30, 2026: TSMX returned −0.2% where its own daily promise gave +3.0%, 3.2 points short.

## Key facts

- TSMX, what TSM did: +3.0%, as of Sep 30, 2026.
- TSMX, what 2 times a day gives: +3.0%, as of Sep 30, 2026.
- TSMX, what the fund returned: −0.2%, as of Sep 30, 2026.
- TSMX, the fund itself cost: −3.2 pts, as of Sep 30, 2026.
- TSMX, net assets: $571m (issuer page, as of Sep 30, 2026).
- TSMX, expense ratio: 0.99% (485BPOS XBRL, Feb 26, 2026).

## TSMX over each window to Sep 30, 2026

| Window | Fund | TSM | +2x the move | Difference | TSM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +19.6% | +10.1% | +20.3% | −0.7 pts | 25% |
| 3 months | −0.2% | +3.0% | +5.9% | −6.1 pts | 34% |
| 6 months | +55.6% | +34.3% | +68.5% | −12.9 pts | 42% |
| 1 year | +106.7% | +65.0% | +130.1% | −23.4 pts | 40% |
| Since launch | +283.2% | +160.3% | 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 +3.0% over this window, too little to read a multiple from | ETFIQ |
| Underlying | TSM | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $571m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.99% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Oct 3, 2024 | ETFIQ |
| Underlying volatility over the window | 34% annualized | ETFIQ |

## Questions

### Did TSMX return +2 times TSM?

Over the window to Sep 30, 2026, TSM moved +3.0% and TSMX returned −0.2%. 2 times that move is +5.9%, so the fund came out 6.1 points short of it.

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

Because it resets daily. TSMX 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 figure itself.


## Cite this page

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

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