Direxion Daily TSM Bull 2X ETF (TSMX)

The Direxion Daily TSM Bull 2X ETF (TSMX) is a leveraged single-stock fund from Direxion that seeks daily investment results equal to 200% of the daily performance of the American depositary receipts of Taiwan Semiconductor Manufacturing Company (TSM), a dedicated semiconductor foundry based in Taiwan.

The fund gains its leveraged exposure through swap agreements and similar derivatives. Because its 2x objective applies to a single day and the fund rebalances daily, returns over longer periods can differ substantially from twice the return of TSM, particularly during volatile markets. The ETF trades on the Nasdaq.