{
 "ticker": "TSMZ",
 "name": "Direxion Daily TSM Bear 1X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/tsmz",
 "html": "https://etfiq.com/funds/tsmz",
 "markdown": "https://etfiq.com/funds/tsmz.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: TSMZ returned \u22124.2% where its own daily promise gave \u22125.7%, 1.5 points over.",
 "key_facts": [
  {
   "key": "what_tsm_did",
   "label": "What TSM did",
   "value": "+3.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TSMZ, what TSM did: +3.0%, as of Sep 30, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "\u22125.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TSMZ, what \u22121 times a day gives: \u22125.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22124.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TSMZ, what the fund returned: \u22124.2%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.5 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TSMZ, the fund itself added: +1.5 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$3m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "TSMZ, net assets: $3m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.01%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "TSMZ, expense ratio: 1.01% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-1 times the daily move of TSM, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "TSM moved +3.0% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "TSM",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$3m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.01%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Oct 3, 2024",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "34% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22129.0%",
   "TSM": "+10.1%",
   "-1x the move": "\u221210.1%",
   "Difference": "+1.1 pts",
   "TSM moved about": "25%"
  },
  {
   "window": "3 months",
   "Fund": "\u22124.2%",
   "TSM": "+3.0%",
   "-1x the move": "\u22123.0%",
   "Difference": "\u22121.2 pts",
   "TSM moved about": "34%"
  },
  {
   "window": "6 months",
   "Fund": "\u221229.6%",
   "TSM": "+34.3%",
   "-1x the move": "\u221234.3%",
   "Difference": "+4.6 pts",
   "TSM moved about": "42%"
  },
  {
   "window": "1 year",
   "Fund": "\u221245.3%",
   "TSM": "+65.0%",
   "-1x the move": "\u221265.0%",
   "Difference": "+19.7 pts",
   "TSM moved about": "40%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221268.7%",
   "TSM": "+160.3%",
   "-1x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "TSM moved about": "41%"
  }
 ],
 "questions": [
  {
   "q": "Did TSMZ return -1 times TSM?",
   "a": "Over the window to Sep 30, 2026, TSM moved +3.0% and TSMZ returned \u22124.2%. \u22121 times that move is \u22123.0%, so the fund came out 1.2 points short of it."
  },
  {
   "q": "Why does TSMZ not return -1 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}