Did TSYX return +1.3 times TSPY?

Over the three months to Nov 12, 2026, TSPY moved −1.6% and TSYX returned −3.2%. 1.3 times that move is −2.1%, so the fund came out 1.1 points short of it. That is not its objective, which is daily. Against 1.3 times each day's move, compounded, it was 1.1 points short.

Why does TSYX not return +1.3 times over a year?

Because it resets daily. TSYX aims at +1.3 times each day's move, and daily results compound. If the underlying falls and recovers, a holder ends up behind +1.3 times the period move; in a steady run in one direction, possibly ahead. The longer the holding and the more the underlying swings, the wider the gap.

TSYX TSPY LIFT ETF

$22.16

−0.4% · 1 day, price

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<p>Data: <a href="https://etfiq.com/funds/tsyx">ETFIQ TSYX analysis</a></p>

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Over the three months to Nov 12, 2026, TSYX lost 3.2%, against −2.1% for 1.3 times TSPY's daily moves.

Why does TSYX lose ground in choppy markets?How does TSYX compare with its benchmark since launch?What does TSYX hold?

Total return since launch: +7.5%TSPY +9.1% to Nov 12, 2026
Expense ratio: 0.98%a year

Aims to return 1.3 times the daily move of TappAlpha S&P 500 Growth & Daily Income ETF (TSPY)not established Expense ratio 0.98%Fund assets $14m net assets, latest filing (Jun 30, 2026)Benchmark TSPYFirst traded Jan 7, 2026SEC filings ↗Dividend history

Did what it promises: YesOver three months to Nov 12, 2026, TSYX finished 1.1 points behind 1.3 times TSPY's daily moves, compounded.

Analyze TSYX Put to the committee Add to portfolio Alerts

Growth of $10,000

TSYX vs TSPY, since Jan 2026

Total return, distributions reinvested, Jan 7, 2026 to Nov 11, 2026.

TSYX $10,800 +8.0%TSPY $10,941 +9.4%Returns from daily closes. Data

Scorecard · vs TSPY

TSYX risk and return scorecard

vs TSPY · Jan 16, 2026 to Nov 6, 2026 · 42 weekly returns · dividend-adjusted

Short history · 10 months

TSYX +3.2%, TSPY +5.5%, Jan 16, 2026 to Nov 6, 2026, distributions reinvested.

42 weekly returns: annualized numbers and ratios need 52.

MeasureTSYXTSPYEdge

Return

Total return+3.2%+5.5%TSPY

Price return−10.3%−6.2%TSPY

MeasureTSYXTSPYEdge

Risk

Max drawdown−12.1%−8.5%TSPY

MeasureTSYXTSPYEdge

Alpha vs TSPY

Beta to TSPY1.301.00Higher beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Total return

What you earned

TSYX −3.5%, TSPY −2.4%: total return over one month to Nov 12, 2026.

$10,000 in TSYX would be $9,650, over one month to Nov 12, 2026.

TSYX

−3.5%

TSPY

−2.4%

TSYX −3.2%, TSPY −1.6%: total return over three months to Nov 12, 2026.

$10,000 in TSYX would be $9,680, over three months to Nov 12, 2026.

TSYX

−3.2%

TSPY

−1.6%

TSYX +0.6%, TSPY +2.5%: total return over six months to Nov 12, 2026.

$10,000 in TSYX would be $10,060, over six months to Nov 12, 2026.

TSYX

+0.6%

TSPY

+2.5%

TSYX +7.5%, TSPY +9.1%: total return since launch to Nov 12, 2026.

$10,000 in TSYX would be $10,750, since launch to Nov 12, 2026.

TSYX

+7.5%

TSPY

+9.1%

askIQ: why did TSYX return +7.5% since launch, against TSPY’s +9.1%? ↗

Fees over time · hypothetical

Amount$10,000Growth a year0%

Fees paid

$938

Of the amount

9.4%

At TSYX’s 0.98% a year, taken each year from the amount after growth. Hypothetical.

Sets out to return 1.3 times the daily move of TSPY

Did it deliver its multiple?

−1.6%

What TSPY did

to Nov 12, 2026

Report

−2.1%

What 1.3 times a day gives

to Nov 12, 2026

Report

−3.2%

What the fund returned

to Nov 12, 2026

Report

−1.1 pts

Gap to 1.3 times a day

to Nov 12, 2026

Report

$0.0801

Last payment (paid weekly), ex-date Nov 10, 2026

Report

Stated multiple against delivered, by window

−3.5%

−3.2%

+0.6%

Launch

+7.5%

Black line is the stated multiple of the underlying's move.

Two-day reversal, hypothetical

If TSPY rises 2% one day and falls 2% the next, it ends −0.04%. A daily 1.3× fund ends −0.07%, 1.7 times the index’s loss. Hypothetical.

If TSPY rises 5% one day and falls 5% the next, it ends −0.25%. A daily 1.3× fund ends −0.42%, 1.7 times the index’s loss. Hypothetical.

If TSPY rises 10% one day and falls 10% the next, it ends −1.00%. A daily 1.3× fund ends −1.69%, 1.7 times the index’s loss. Hypothetical.

Formula: (1 + L·m)(1 − L·m) − 1 for a move m up then down at multiple L. Hypothetical; not a forecast.

askIQ: what would a 10% drop in TSPY do to TSYX? ↗

10 committee seats read TSYX on data as of Nov 12, 2026: 2 Supports, 0 Mixed, 2 Challenges, 6 without enough data.

2 Supports0 Mixed2 Challenges6 Not enough data

Bogle
Graham
Buffett & Munger
Lynch
Templeton
Dalio
Marks
Druckenmiller
Swensen
Wood
Livermore
Skeptic

Watch the committee read TSYX How the committee works

12 seats on TSYX, as of Nov 12, 2026: 2 Supports, 2 Challenges, 6 Not enough data, 2 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges

In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data

In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data

In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data

In the tradition ofJohn TempletonTempleton-style Global ContrarianDoes not apply

In the tradition ofRay DalioDalio-style All-WeatherNot enough data

In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data

In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply

In the tradition ofDavid SwensenSwensen-style DiversificationChallenges

In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data

In the tradition ofJesse LivermoreLivermore-style Trend FollowingSupports

Uses ETFIQ’s measuresETFIQ SkepticETFIQ’s own seatSupports

Put TSYX to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Risk Officer

Risk check

What to look at before you hold TSYX. Not advice.

As of Nov 13, 2026, TSYX crossed 1 of 6 ETFIQ risk lines.

OverlapNot publishedNot published

Trading costNot publishedNot published

Premium or discountNot publishedNot published

Promise checkDeliveredClear

Leverage1.3x daily resetTSYX is a 1.3x daily-reset fund.Flag

ClosureNo closure flagClear

Lines and sources: Method. Check several funds at once on My Portfolio.

More on TSYX

Every number below is on this page. Open what you need.

Price and total return since launch, Jan 7, 2026

$22.16−0.4%1 day, priceClose, Nov 12, 2026

−10%−5%0%5%10%Total return +7.5%Price −7.0%

Jan 7, 2026Nov 12, 2026

Price −7.0%Total return +7.5%

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 12, 2026. Updated every trading night. Report a data error

TSYX returns by window: total return, cash paid and price change
Window	Total return	TSPY	+1.3x the move	Difference	TSPY moved about, annualized
1M Oct 13 – Nov 12, 2026	−3.5%	−2.4%	−3.1%	−0.4 pts	21%
3M Aug 13 – Nov 12, 2026	−3.2%	−1.6%	−2.1%	−1.1 pts	14%
6M May 14 – Nov 12, 2026	+0.6%	+2.5%	+3.3%	−2.7 pts	14%
Since launch Jan 7 – Nov 12, 2026	+7.5%	+9.1%	+11.8%	−4.3 pts	14%

Total returns, distributions reinvested. +1.3x the move is +1.3 times the window's move. That is not the fund's objective, which is +1.3 times each day's move. Listed Jan 2026: no year to date, 1 year and 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

What it aimed at, and what it did

Over the 1 month to Nov 12, 2026, TSYX returned −3.5%, where 1.3 times that move implies −3.1%. The difference is −0.4 pts. Of that, daily compounding is −0.1 pts and the gap to 1.3 times each day's move compounded is −0.3 pts.

Over the 3 months to Nov 12, 2026, TSYX returned −3.2%, where 1.3 times that move implies −2.1%. The difference is −1.1 pts. Of that, daily compounding is 0.0 pts and the gap to 1.3 times each day's move compounded is −1.1 pts.

Over the 6 months to Nov 12, 2026, TSYX returned +0.6%, where 1.3 times that move implies +3.3%. The difference is −2.7 pts. Of that, daily compounding is −0.3 pts and the gap to 1.3 times each day's move compounded is −2.4 pts.

From launch to Nov 12, 2026, TSYX returned +7.5%, where 1.3 times that move implies +11.8%. The difference is −4.3 pts. Of that, daily compounding is −0.2 pts and the gap to 1.3 times each day's move compounded is −4.1 pts.

TSYX key stats

High since Jan 7, 2026, daily closes to Nov 12, 2026 (ETFIQ)$24.38 on Jun 2, 2026

Low since Jan 7, 2026, daily closes to Nov 12, 2026 (ETFIQ)$20.29 on Mar 30, 2026

Close on Nov 12, 2026, within that range (ETFIQ)$22.16, 46% of the way from the low to the high

Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 11, 2026

Trading · TSYXas of Nov 11, 2026

Not scored1 of 6 measured · Nov 11, 2026

0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant

Cost for your order · one way, half its 30-day median spread

How to tradeSpread not read.

Full trading page: components, premium history, dealers →

TSYX for holders outside the US

US tax withheld on dividends, no treaty30%

Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%

TSYX interest-related and short-term gain dividendsnot read by ETFIQ

US estate tax filing threshold, non-resident holders$60,000

Share classDistributing

Treaty rate on dividends by country

TSYX is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

Head to head

Funds near this one

Lists

Sector and country leveraged ETFs Every +1.3x fund Every leveraged and inverse ETF What these words mean Method Take the data Every leveraged ETF comparison Promise check: Delivered All leveraged ETFs ranked by it How it is computed

About TSYX

Of that 1.1, daily compounding is 0.0 points, which any 1.3 times fund would show over the same path, and the fund itself is −1.1 points against 1.3 times each day's move, compounded.

Sets out to return+1.3 times the daily move of TSPY, reset daily

Multiple a holder actually got over the window (ETFIQ)TSPY moved −1.6% over this window, too little to read a multiple from

UnderlyingTSPY

Segmentsector or country, index

Net assets (SEC N-PORT, whole fund, as filed for Jun 30, 2026)$14mReport

Expense ratio (497 XBRL, Oct 30, 2026)0.98%Report

First tradedJan 7, 2026

Underlying volatility over the window (ETFIQ)14% annualized

How we measure

Read the multiple against the whole window instead and 1.3 times TSPY's −1.6% implies −2.1%, which makes TSYX look 1.1 points short. That is not the fund's objective, which is daily. TSYX aims to return +1.3 times TSPY's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not +1.3 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. TSPY moved at 14% annualized over that window. The more it moves, the further the two numbers separate.

Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. Method

Questions people ask about TSYX

Did TSYX return +1.3 times TSPY?: Over the three months to Nov 12, 2026, TSPY moved −1.6% and TSYX returned −3.2%. 1.3 times that move is −2.1%, so the fund came out 1.1 points short of it. That is not its objective, which is daily. Against 1.3 times each day's move, compounded, it was 1.1 points short.
Why does TSYX not return +1.3 times over a year?: Because it resets daily. TSYX aims at +1.3 times each day's move, and daily results compound. If the underlying falls and recovers, a holder ends up behind +1.3 times the period move; in a steady run in one direction, possibly ahead. The longer the holding and the more the underlying swings, the wider the gap.

Sources and dates

Prices, TSYX and TSPYTiingo end-of-day prices ↗

Fee, 0.98%497 XBRL · Oct 30, 2026

Net assets, $14mSEC N-PORT, whole fund · Jun 30, 2026

All fund filingsFund filings on SEC EDGAR ↗

SourceSEC investment company series and class file, which lists every registered fund ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →

Cite this pageCitation, APA and Markdown

ETFIQ, TSYX, leveraged ETFs, data as of Nov 12, 2026. https://etfiq.com/funds/tsyx

The label bar for TSYX, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Stated multiple

What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.

Daily reset

The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.

Compounding

Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.

Decay

What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.

Difference against the stated multiple

The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one number that says whether a holder got what the fund’s own multiple describes.

Full definitions: leveraged ETFs vocabulary page. →

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TSYX: TSYX returned −3.2% while 1.3 times TSPY's move would have been −2.1%. Data from Aug 13, 2026 to Nov 12, 2026.

<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/leverage/tsyx/" title="TSYX: TSYX returned −3.2% while 1.3 times TSPY&#x27;s move would have been −2.1%. Data from Aug 13, 2026 to Nov 12, 2026." width="640" height="334" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">TSYX: TSYX returned −3.2% while 1.3 times TSPY&#x27;s move would have been −2.1%. Data from Aug 13, 2026 to Nov 12, 2026. Data: <a href="https://etfiq.com/funds/tsyx">ETFIQ</a></figcaption>
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