At a glance
TSMG charges 0.76% a year. It has $31.4M in assets; it paid 6.95% of its price in distributions over the past 12 months, annual. Over the past year it returned +67.3% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long TSM Daily ETF (TSMG), from Themes ETF, seeks twice the daily percentage move of Taiwan Semiconductor Manufacturing's US-traded shares (TSM), mostly through swap agreements. Because its leverage resets every trading day, returns over weeks or months can drift well away from double the stock's. It is a short-term trading tool tied to one chipmaker. It costs 0.76% a year and fell 63.4% between January and April 2025.
Price history
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TSMG +67.3% 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 | |
|---|---|---|---|---|---|---|
| TSMG price data to Oct 27, 2026 | +65.5% | +67.3% | — | — | — | +82.4% |
- Over the year to Oct 27, 2026, TSMG returned +67.3%.
- The deepest fall in its price history was 63.4% (Jan 23, 2025 to Apr 8, 2025), recovered by Jul 17, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +65.5% |
| 2025 | +76.5% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $2.7300 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (12.12% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $11.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.40%, +25.53%, -30.74%.
How it works
TSMG does not track an index. It is actively managed and seeks 200% of the daily percentage change in the price of Taiwan Semiconductor Manufacturing's American depositary receipt (ADR), a US-traded certificate representing the Taiwanese company's shares. Its main tool is swap agreements, which are contracts with major financial institutions. They pass TSM's gains and losses to the fund on a sum equal to twice the fund's net assets. It may also use exchange-listed options lasting one week to one month to get similar exposure.
The leverage resets daily. At each market close, the adviser rebalances so exposure returns to twice net assets, adding after TSM rises and trimming after it falls. Over any stretch longer than a day, returns compound and can differ sharply from twice TSM's return, usually for the worse in choppy markets. If TSM fell more than 50% in one day, investors would lose all their money.
The fund sets aside 25% to 50% of its assets as swap collateral or to pay for options. The collateral is held in money market funds, high-quality deposit accounts and short-term debt such as US government securities. As of July 31, 2026, it held 12.12% in cash, four swaps on TSM and $31.4 million in net assets. Its board can change the objective without a shareholder vote.
What it really costs
- TSMG charges 0.76% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $78 in the first year and $942 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSMG | $78 | $243 | $422 | $942 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
TSMG doubles the daily moves of a single stock and resets every day, so results over months or years can stray far from twice TSM's, and the prospectus warns investors could lose all their money.
TSMG launched in January 2025, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Soon after launch it fell 63.4% between January 23 and April 8, 2025, then took about 3.3 months to recover. It still gained 76.46% in 2025. But its one-year volatility, a measure of price swings, was 78.5% as of October 27, 2026. Anyone forced to cash out during a slump could lock in deep losses.
Its yield over the prior year was 6.95% as of October 27, 2026, paid once a year. Payouts from a swap-based fund can vary widely and are not a dependable income stream. It charges 0.76% a year, or $78 on $10,000 in year one under the SEC's standard example. Past results don't predict the future, 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 seeking twice the daily move of Taiwan Semiconductor's US-traded shares over short holding periods, who monitor positions closely.
- Traders with a strong short-term view on TSM and AI-related chip demand who can tolerate drops like the 63.4% slide in early 2025.
- Those wanting leveraged TSM exposure through an exchange-traded fund rather than margin borrowing or trading options themselves, at a 0.76% expense ratio.
Look elsewhere if
- Retirees and long-term savers planning to hold for months or years, since daily resets can pull returns far from twice TSM's.
- Income seekers: its 6.95% yield as of October 27, 2026 is paid once a year and can vary widely.
- Anyone wanting diversification: it is tied to one Taiwanese chipmaker, concentrated in semiconductors, and depends on swap counterparties meeting their obligations.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Can you hold TSMG long term?
You can, but TSMG isn't built for it. The fund seeks twice TSM's return for a single trading day and says it does not seek that result over longer periods. Because exposure resets daily, returns over months compound and can differ sharply from double the stock's, usually for the worse in choppy markets. It returned 67.3% over the year to October 27, 2026, yet it also fell 63.4% between January and April 2025.
What's the difference between TSMG and owning TSM stock?
TSMG aims to double TSM's daily move. Owning TSM's US-traded shares directly gives one-for-one exposure with no daily reset. TSMG gets its exposure mainly through swaps and options, which adds the risk that a counterparty fails to pay, and it charges 0.76% a year. A direct shareholder pays no annual fund fee. A one-day TSM drop of more than 50% would hurt that shareholder badly but would cost TSMG investors all their money.
Does TSMG pay dividends?
Yes, TSMG pays distributions once a year. Its yield over the prior year was 6.95% as of October 27, 2026, based on $2.73 per share. Because the fund gets its exposure mainly through swaps and options, its payouts do not simply pass along TSM's dividends and can change sharply from year to year. A fund built for short-term trading is not designed to deliver a steady income stream.
What is TSMG's expense ratio?
TSMG's expense ratio is 0.76% a year, according to its prospectus filed February 27, 2026, and nearly all of that is a 0.75% management fee. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would be $78 after one year, $243 after three, $422 after five and $942 after 10 years. Those longer periods assume holding for years, which this daily-reset fund is not designed for.
How risky is TSMG?
Very risky. TSMG doubles the daily moves of a single company's stock, and the prospectus warns that a one-day TSM drop of more than 50% would cost investors all their money. It fell 63.4% between January 23 and April 8, 2025, and its one-year volatility was 78.5% as of October 27, 2026. It also relies on swap counterparties paying what they owe, and much of TSM's revenue and growth comes from AI-related chip demand.