At a glance
TNA charges 1.05% a year, above the 0.8% average of the 5 funds most like it. It has $1.33B in assets, the largest of that group; it paid 0.31% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +19.0% with distributions reinvested (S&P 500: +11.5%), 2nd of those 6 funds; over three years it returned +40.1% a year. At its worst it fell 84.8% in the 2020 crash (S&P 500: 33.7%) and 67.5% in the 2022 bear market (S&P 500: 24.5%).
The short version
Direxion Daily Small Cap Bull 3X Shares (TNA) aims to deliver three times the daily return of the Russell 2000 Index of US small-company stocks. It gets that exposure through swaps and shares of the iShares Russell 2000 ETF. Its leverage resets every day, so results over weeks or years can stray far from three times the index. It charges 1.05% a year and is much larger than its closest rival, ProShares UltraPro Russell2000 (URTY).
Price history
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TNA +19.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TNA official prospectus, to Dec 31, 2025 | — | +9.80% | — | -6.51% | +4.12% | — |
| TNA price data to Oct 27, 2026 | +28.4% | +19.0% | +40.1% | -7.1% | +6.0% | +14.8% |
- Over the year to Oct 27, 2026, TNA returned +19.0%, 2nd of 6 among similar funds.
- Its 5-year annualized return was -7.1% and its 10-year +6.0%.
- In the 2020 COVID crash it fell 84.8% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2022 (-62.5%); its best was 2013 (+146.5%).
- The deepest fall in its price history was 88.1% (Aug 31, 2018 to Mar 23, 2020), recovered by Feb 8, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +28.4% | — |
| 2025 | +9.8% | +9.80% |
| 2024 | +7.2% | +7.29% |
| 2023 | +26.2% | +25.95% |
| 2022 | -62.5% | -62.42% |
| 2021 | +27.9% | +28.09% |
| 2020 | -7.8% | -8.18% |
| 2019 | +71.9% | +71.82% |
| 2018 | -39.9% | -39.74% |
| 2017 | +39.2% | +39.59% |
| 2016 | +59.2% | +57.95% |
| 2015 | -21.5% | — |
| 2014 | +5.2% | — |
| 2013 | +146.5% | — |
| 2012 | +42.6% | — |
| 2011 | -38.1% | — |
| 2010 | +69.8% | — |
| 2009 | +42.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 84.7% over that stretch · deepest drop along the way 84.8%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 66.2% over that stretch · deepest drop along the way 67.5%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1500 | |
| 2025 | $0.3500 | -10.3% |
| 2024 | $0.3900 | -23.5% |
| 2023 | $0.5100 | +410.0% |
| 2022 | $0.1000 | +100.0% |
| 2021 | $0.0500 | +150.0% |
| 2020 | $0.0200 | -93.8% |
| 2019 | $0.3200 | +113.3% |
| 2018 | $0.1500 | +36.4% |
| 2017 | $0.1100 | -54.2% |
| 2014 | $0.2400 | -59.7% |
| 2013 | $0.5950 | +2063.6% |
| 2010 | $0.0275 | -97.7% |
| 2009 | $1.1925 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (29.18% of net assets), with its exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Fund held | Weight | |
|---|---|---|
| ISHARES RUSSELL 2000 ETFINDEX FUND | 69.70% |
By country
United States 69.7%By asset type
Stocks 69.7%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $331.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.91%, +9.49%, -9.97%.
How it works
TNA follows the Russell 2000 Index. That index tracks about 2,000 small companies within the broader Russell 3000 Index, chosen by market value and current index membership. The index is rebuilt once a year and adds new stock listings (IPOs) every quarter. As of December 31, 2025, it held 1,958 stocks, weighted most heavily toward healthcare, financials and industrials. The manager, Rafferty Asset Management, does not pick stocks.
To get three times the index's daily move, the fund mostly uses swaps and futures. A swap is a contract in which a bank pays the fund the index's return. If that bank fails to pay, the fund can lose money. As of July 31, 2026, 69.7% of assets sat in the iShares Russell 2000 ETF (IWM), about 29% was in cash and similar holdings, and seven derivative positions, mainly Russell 2000 swaps, made up the rest of the 12 positions.
At each market close, Rafferty resets the fund's exposure. After an up day it adds exposure. After a down day it cuts back. This daily reset drives portfolio turnover of 188%. Over any period longer than one day, the fund's return compounds from each day's result. That return will very likely differ from three times the index, and the fund can lose money even when the index ends flat or higher.
What it really costs
- TNA charges 1.05% a year, versus an average of 0.8% for the similar funds below.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.02% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $107 in the first year and $1,304 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TNA | $107 | $338 | $588 | $1,304 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
Its daily-reset 3x leverage is built for one-day bets, and over longer periods it has suffered losses that would badly hurt anyone who needs to draw on their savings.
TNA adds little to a long-term portfolio beyond magnified small-cap swings. It launched in November 2008, after the 2008 market peak, so it has no full record of that crisis. In the 2020 COVID crash it fell 84.8% in about a month, then regained its prior high by January 7, 2021. In the 2022 bear market it fell 67.5%, and as of October 27, 2026, it had not returned to its January 2022 peak. Its worst calendar year was 2022, when it lost 62.4%. Its deepest drop was 88.1%, from August 2018 to March 2020. Selling shares during a slump like that locks in steep losses.
Income is tiny. The trailing 12-month yield was 0.31% as of October 27, 2026, paid quarterly. The fund charges 1.05% a year, or $1,304 over 10 years in the SEC's standard $10,000 example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want three times the Russell 2000's one-day move and can check and adjust positions every trading day.
- Short-term traders who prefer a larger fund: net assets were $1.33 billion as of July 31, 2026, versus about $306 million for URTY.
- Experienced investors who understand swaps and daily resets and want a small, brief position on a short-term view about US small caps.
Look elsewhere if
- Buy-and-hold and retirement investors: it fell 88.1% from August 2018 to March 2020 and lost 62.4% in calendar 2022.
- Income seekers: the trailing 12-month yield was only 0.31% as of October 27, 2026, paid quarterly.
- Anyone wanting steady small-cap exposure: an unleveraged Russell 2000 fund such as IWM, which TNA itself holds, has no daily reset or leverage.
Close alternatives
Matched by leveraged/inverse funds on the same index (russell 2000), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TNA this fund | 3× | 1.05% | $1.33B | +19.0% | +40.1% |
| URTY ProShares UltraPro Russell2000 | 3× | — | $305.8M | +18.8% | +39.7% |
| UWM ProShares Ultra Russell2000 | 2× | — | $315.8M | +17.4% | +32.6% |
| SAA ProShares Ultra SmallCap600 | 2× | — | $27.6M | +25.8% | +27.5% |
| SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap… | 1× | — | $27.2M | -10.7% | +7.0% |
| SMLL Harbor Active Small Cap ETF | 1× | 0.8% | $14.9M | +2.9% | — |
Questions investors ask
Is TNA a good long-term investment?
TNA is not designed to be held for the long term. Its prospectus says it seeks three times the Russell 2000's return for a single day only, and that over longer periods it can lose money even when the index rises. Through December 31, 2025, its average annual return was -6.51% over five years and 4.12% over 10 years, and it lost 62.42% in 2022 alone.
What's the difference between TNA and URTY?
Both funds aim for three times the daily return of the Russell 2000 Index. TNA comes from Direxion (Rafferty Asset Management) and URTY from ProShares. Their returns have been close: 19.0% versus 18.8% over one year, and 40.1% versus 39.7% a year over three years, as of October 27, 2026. TNA is much bigger, with $1.33 billion in net assets as of July 31, 2026, against about $306 million for URTY. URTY's fee is worth checking in its own prospectus.
Does TNA pay dividends?
Yes, but very little. TNA pays quarterly, and as of October 27, 2026, its trailing 12-month payout was $0.18 per share, a yield of 0.31%. That is small next to its annual expense ratio of 1.05%. Investors looking for income from small-cap stocks will find the payout minor compared with the fund's large price swings.
Why can TNA lose money when the Russell 2000 goes nowhere?
Because TNA resets its leverage every day, each day's gain or loss compounds on a new starting amount. After a drop, the fund has less money working for it, so an equal percentage rebound in the index doesn't fully restore the loss. Leverage magnifies this effect. In choppy markets the losses build up, and the prospectus warns the fund will lose money if the index is flat over time.
What does TNA actually hold?
As of July 31, 2026, TNA had 12 positions. The largest was the iShares Russell 2000 ETF (IWM), at 69.7% of assets. About 29% was in cash and similar short-term holdings. The other positions were seven derivatives, mostly swap agreements on the Russell 2000 with banks, which supply most of the extra leverage. Because it owns another fund instead of individual stocks, TNA is a fund of funds.