At a glance
TSMU charges 1.53% a year. It has $64.4M in assets. Over the past year it returned +59.9% with distributions reinvested.
The short version
GraniteShares 2x Long TSM Daily ETF (TSMU) aims to deliver twice the daily move of Taiwan Semiconductor Manufacturing's US-listed shares (an American depositary receipt, or ADR, trading as TSM). It gets that exposure mainly through a swap. The fund resets its leverage every day, so returns over longer periods can differ sharply from twice TSM's. It charges 1.53% a year and pays no distributions, which makes it a trading tool rather than a long-term holding.
Price history
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TSMU +59.9% 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 | |
|---|---|---|---|---|---|---|
| TSMU price data to Oct 27, 2026 | +60.1% | +59.9% | — | — | — | +71.9% |
- Over the year to Oct 27, 2026, TSMU returned +59.9%.
- Its worst full calendar year was 2025 (+74.8%); its best was 2025 (+74.8%).
- The deepest fall in its price history was 63.7% (Jan 23, 2025 to Apr 8, 2025), recovered by Jul 17, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +60.1% |
| 2025 | +74.8% |
| 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 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 1 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 346.54% |
By country
United States 346.54%By issuer
US Treasury 346.54%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $3.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +33.92%, +9.02%, +25.29%.
How it works
TSMU does not track an index. It is an actively managed ETF built around one stock: the TSM ADR. It aims to return 200% of TSM's percentage change over a single day, measured from one day's market close to the next. At the end of each trading day, it adjusts its exposure back to about 200% of its net assets. It mainly uses swaps, which are contracts in which a bank agrees to pay the fund the return on a set dollar amount of TSM. As of June 30, 2026, its N-PORT filing showed one total return swap with Nomura Securities, worth about 200% of net assets. If the fund cannot add more swap exposure, it may buy options on TSM that expire in one week to one month, or buy the shares directly.
The fund expects to post 25% to 50% of its assets as collateral for its swaps. Its cash can go into Treasury securities, money market funds and short-term bond ETFs, including GraniteShares' own LBOX. On June 30, 2026, it held a US Treasury bill with an average maturity of about 0.1 years.
Because the leverage resets daily, gains and losses compound from a new starting point each day. In a choppy market where TSM ends up roughly flat, the fund can still lose money.
What it really costs
- TSMU charges 1.53% a year.
- Of that, 1.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.05% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $156 in the first year and $1,872 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSMU | $156 | $494 | $855 | $1,872 |
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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
TSMU resets 2x leverage on a single stock every day, pays nothing and has swung far more than the market, so it suits short-term trading rather than long-term savings.
TSMU adds little that a retirement portfolio typically needs. It pays no distributions. It concentrates on one company through leverage. Its daily reset also makes results over long holding periods hard to predict. The fund launched on November 11, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 74.8%. But that same year included a 63.7% drop between January 23 and April 8, 2025, and the fund did not regain its peak until July 17, 2025. Anyone who had to sell or draw cash during that slide would have locked in heavy losses. As of October 27, 2026, its one-year volatility was 77.9%. In the SEC's standard example, costs on $10,000 come to $156 in the first year. 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 who want magnified one-day bets on Taiwan Semiconductor's US-listed shares and watch their positions daily.
- Experienced investors who understand swaps, counterparty risk with a bank like Nomura, and how daily resets can erode multi-day returns.
- Traders who can stomach swings like a 63.7% drop in early 2025 and one-year volatility of 77.9% as of October 27, 2026.
Look elsewhere if
- Retirees and others seeking income: TSMU has recorded no distributions, so any return depends entirely on short-term price moves.
- Buy-and-hold investors: because exposure resets daily, returns over months can differ sharply from twice TSM's performance.
- Cost-conscious or diversification-minded investors: it charges 1.53% a year ($1,872 over ten years in the SEC's $10,000 example) and tracks just one company.
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
Is TSMU good for long-term investing?
TSMU is designed for single-day results, not long holding periods. It resets its 2x exposure every day, so over weeks or months its return can differ sharply from twice TSM's, usually for the worse in choppy markets. Through October 27, 2026, it gained 59.9% over one year. But it also fell 63.7% between January 23 and April 8, 2025. Those swings, plus a 1.53% expense ratio, make it hard to hold through a long-term plan.
Does TSMU pay dividends?
No. TSMU has recorded no distributions. The fund gets most of its exposure to Taiwan Semiconductor through a swap rather than by owning the shares outright, and it holds its cash in short-term US Treasury bills used as collateral. Any return comes from changes in the share price. That makes it a poor fit for investors who rely on regular income from their holdings.
What's the difference between TSMU and TSM?
TSM is Taiwan Semiconductor's American depositary receipt: a US-listed share that represents ownership in the chipmaker itself. TSMU is a GraniteShares ETF that aims for twice TSM's daily move. As of June 30, 2026, it got that exposure mostly through a total return swap with Nomura Securities. That doubles daily gains and losses. But because the leverage resets every day, TSMU's return over longer periods is not simply 2x TSM's. TSMU also charges a 1.53% expense ratio, while owning the stock directly carries no fund fee.
What is TSMU's expense ratio?
TSMU's expense ratio is 1.53%, according to its prospectus filed October 28, 2026. That includes a 1.30% management fee. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, costs would total about $156 after one year, $494 after three years, $855 after five years and $1,872 after ten years. That is a high cost for a fund built to be held for short periods.
How volatile is TSMU?
Extremely. As of October 27, 2026, its one-year volatility was 77.9% and its beta was 4.22. Beta measures how much a fund moves relative to the broader market, so a beta of 4.22 means TSMU has tended to swing about four times as much as the market. Its strongest quarter, ending June 30, 2025, gained 71.46%. The quarter before that lost 35.73%. Its deepest drop was 63.7%, from January 23 to April 8, 2025, and it recovered by July 17, 2025.