(TNA) Direxion Daily Small Cap - Ratings and Ratios

The Direxion Daily Small-Cap Bull 3X Shares (NYSE ARCA:TNA) seeks to deliver three times the daily return of the Russell 2000 Index by investing at least 80 % of its net assets in derivatives-primarily swap agreements, index-tracking securities, and ETFs-that together provide 3× leveraged exposure. The underlying index captures roughly 2,000 U.S. small-cap companies selected from the Russell 3000 based on market-cap weighting and current index membership. Because the fund employs leverage and holds concentrated positions, it is classified as non-diversified and is intended for short-term, tactical trading rather than long-term holding.

Key quantitative traits to note: TNA carries an expense ratio of 0.95 % (higher than typical unleveraged small-cap ETFs), and its assets under management hover around $5 billion, reflecting strong investor interest in leveraged exposure. The fund’s average daily trading volume exceeds 30 million shares, providing ample liquidity but also amplifying price swings-its 30-day historical volatility is roughly 70 %, compared with about 25 % for a traditional small-cap ETF. Performance is highly sensitive to macro drivers such as U.S. GDP growth, Federal Reserve interest-rate policy, and the health of the domestic consumer sector, which together account for a sizable portion of earnings in the underlying small-cap universe.

For a deeper dive into the risk-adjusted return profile and scenario analysis of TNA, explore the data-rich tools on ValueRay to see how its leveraged dynamics behave across market regimes.