TNA – Direxion Daily Small Cap Bull 3X

About TNA

TNA (Direxion Daily Small Cap Bull 3X) is a leveraged small-cap ETF from Direxion. It aims to deliver 3× the daily percentage change of the Russell 2000, for a single day only. We don't show an expense ratio for TNA because the figures in our sources didn't match; check the issuer's fact sheet for the current fee.

What it tracks

The Russell 2000 tracks around 2,000 small-capitalisation US companies, so TNA is exposed to a very different part of the market from funds built on the S&P 500 or the Nasdaq-100.

What to keep in mind

Small caps can be volatile on their own; at 3× daily leverage, sharp swings and compounding can move TNA a long way from three times the index's return over any period longer than a day. IWM follows the same index without leverage.

How the daily reset works

A leveraged or inverse ETF rebalances at the end of every trading day so that it starts the next day with the target exposure again. That is why its return over any period longer than one day depends on the path the index took, not just where it ended. Example: if an index rises 10% and then falls 10%, it is down 1% (1.10 × 0.90); a 3× fund rises 30% and then falls 30%, ending down 9% (1.30 × 0.70) before fees. The more the index swings, the bigger this gap becomes. Issuers describe these funds as intended for short holding periods.

On this page

The TNA price above comes from the US regular trading session via Yahoo Finance and may be delayed; it updates automatically while this page is open. The chart switches between 1 day, 1 week, 1 month and 1 year, and the 1-week, 1-month and 1-year returns are price returns adjusted for share splits, not including distributions. The table below compares TNA with the other funds in the same category, and you can set a free price alert to be notified when TNA crosses a level you choose.

Other ETFs on this site built on the Russell 2000: IWM (1×). See all ETF categories or today's ETF heat map.