Direxion Daily TSM Bear 1X ETF (TSMZ)

The Direxion Daily TSM Bear 1X ETF (TSMZ) is an inverse single-stock fund from Direxion that seeks daily investment results equal to the inverse (-100%) of the daily performance of the American depositary receipts of Taiwan Semiconductor Manufacturing Company (TSM), a Taiwan-based chip foundry.

The fund uses swap agreements and other derivatives to obtain its short exposure, so it is designed to rise on days when TSM falls and decline on days when it rises. Because the inverse objective applies to a single day and resets daily, results over longer periods can differ from the opposite of TSM's cumulative return. The ETF trades on the Nasdaq.