Direxion Daily Small Cap Bull 3X ETF

Frequently Asked Questions About TNA

What does TNA invest in?

These Direxion Daily Small Cap Bull and Bear 3X ETFs aim to generate daily investment outcomes that track either 300% of the Russell 2000 Index's performance or 300% of its inverse (opposite) movement, all prior to the deduction of fees and expenses. However, the funds cannot guarantee that they will successfully achieve their specified investment goals.

What is the expense ratio of TNA?

Direxion Daily Small Cap Bull 3X ETF (TNA) charges an expense ratio of 1.07%. This is the annual fee deducted from fund assets to cover management and operations.

Is TNA a good long-term hold?

TNA is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple — typically negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.

How does TNA's daily reset work?

TNA rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level — so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets.

How big is TNA?

Direxion Daily Small Cap Bull 3X ETF (TNA) manages $1.40B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is TNA actively managed or an index fund?

TNA's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.