Direxion Daily Semiconductors Top 5 Bear 2X ETF (TSXD)

The Direxion Daily Semiconductors Top 5 Bear 2X ETF (TSXD) is an inverse leveraged fund from Direxion that seeks daily investment results equal to -200% of the daily performance of an index composed of five of the largest U.S.-listed semiconductor companies.

The fund uses swaps and other derivatives to obtain its short exposure, aiming to gain on days when this concentrated group of chip stocks falls. Its -2x objective applies only to a single day and the fund rebalances daily, so results over longer periods can differ significantly from twice the inverse of the index's cumulative return. The ETF trades on NYSE Arca.