# TSMZ (Direxion Daily TSM Bear 1X ETF)

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

Three months to Sep 30, 2026: TSMZ returned −4.2% where its own daily promise gave −5.7%, 1.5 points over.

## Key facts

- TSMZ, what TSM did: +3.0%, as of Sep 30, 2026.
- TSMZ, what −1 times a day gives: −5.7%, as of Sep 30, 2026.
- TSMZ, what the fund returned: −4.2%, as of Sep 30, 2026.
- TSMZ, the fund itself added: +1.5 pts, as of Sep 30, 2026.
- TSMZ, net assets: $3m (issuer page, as of Sep 30, 2026).
- TSMZ, expense ratio: 1.01% (485BPOS XBRL, Feb 26, 2026).

## TSMZ over each window to Sep 30, 2026

| Window | Fund | TSM | -1x the move | Difference | TSM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −9.0% | +10.1% | −10.1% | +1.1 pts | 25% |
| 3 months | −4.2% | +3.0% | −3.0% | −1.2 pts | 34% |
| 6 months | −29.6% | +34.3% | −34.3% | +4.6 pts | 42% |
| 1 year | −45.3% | +65.0% | −65.0% | +19.7 pts | 40% |
| Since launch | −68.7% | +160.3% | 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 +3.0% over this window, too little to read a multiple from | ETFIQ |
| Underlying | TSM | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $3m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.01% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Oct 3, 2024 | ETFIQ |
| Underlying volatility over the window | 34% annualized | ETFIQ |

## Questions

### Did TSMZ return -1 times TSM?

Over the window to Sep 30, 2026, TSM moved +3.0% and TSMZ returned −4.2%. −1 times that move is −3.0%, so the fund came out 1.2 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 30, 2026. https://etfiq.com/funds/tsmz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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