TSXD -2x Direxion Daily Semiconductors Top 5 Bear 2X ETF

BEAR ETF standard · Issuer Direxion · Tracks Semiconductors (SOXX) · Listed 2025-09-30

Quote & options All leveraged ETFs

Implied AUM

—

shares out × price

Last close

$4.74

20260929

30-day avg volume

69,555

no listed options

TSXD realized

—

what holders actually earned

Theoretical -2x

—

-2x × Semiconductors's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x Semiconductors

Cumulative return of TSXD against a clean -2x of Semiconductors's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: USD (+2x bull, ProShares Ultra Semiconductors)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Semiconductors

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
SOXL	+3x	BULL	Direxion	Direxion Daily Semiconductor Bull 3X ETF	$24.4B	59,068,642	✓
SMHU	+3x	BULL	MicroSectors	MicroSectors 3x Long Semiconductor ETNs	—	9,072
USD	+2x	BULL	ProShares	ProShares Ultra Semiconductors	$2.9B	569,129	✓
TSXU	+2x	BULL	Direxion	Direxion Daily Semiconductors Top 5 Bull 2X ETF	—	152,151
SSG	-2x	BEAR	ProShares	ProShares UltraShort Semiconductors	$36.2M	509,734	✓
SOXS	-3x	BEAR	Direxion	Direxion Daily Semiconductor Bear 3X ETF	$1.8B	57,149,269	✓
SMHD	-3x	BEAR	MicroSectors	MicroSectors -3x Short Semiconductor ETNs	—	1,608

How TSXD works

TSXD targets -2x the daily return of Semiconductors — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.