Current Industry Distribution:

• Technology: 25%
• Healthcare: 20%
• Financial Services: 15%

TOP 3 Markets:

• USA: 60%
• Europe: 20%
• Asia: 15%

The Direxion Daily Small Cap Bull 3X Shares ETF (TNA) is designed to leverage the performance of the Russell 2000 Index, which consists of small US companies. The ETF's revenues are heavily dependent on the industry distribution of the index, with technology, healthcare, and financial services making up the largest shares.

The USA is the dominant market as the Russell 2000 Index mainly includes US companies. Europe and Asia follow as important markets covered by the international activities of the companies included in the index.

Direxion Daily Small Cap Bull 3X Shares (TNA) is an exchange-traded fund (ETF) and not a company that produces physical products.

This ETF is managed by Direxion, a financial services company. Direxion creates and manages ETFs that invest in various financial instruments to amplify the performance of a specific index. As a financial services provider, there are no physical production facilities.

Instead, Direxion focuses on developing and managing financial products that help investors diversify and leverage their investment strategies.

Strategy for Future Growth:

The Direxion Daily Small Cap Bull 3X Shares ETF (ARCA:TNA) pursues an aggressive growth strategy aiming to achieve three times the daily performance of the Russell 2000 Index. This is accomplished through the use of leverage products designed to maximize short-term market movements.

The ETF's strategy focuses on:

1. Leverage: The fund utilizes financial derivatives and other instruments to achieve three times leverage on the daily performance of the underlying index. This allows investors to disproportionately benefit from short-term market movements.

2. Focus on Small-Cap Stocks: The ETF invests in small-cap stocks, which typically offer higher growth opportunities but are also more volatile. This aligns with the objective of maximizing short-term gains.

3. Active Management: To effectively implement the strategy, the fund is actively managed to promptly respond to market changes and optimize the leverage.

This strategy is particularly suitable for risk-tolerant investors looking to capitalize on short-term market opportunities. However, it is important to note that this strategy also carries higher risk, especially during negative market movements.

Current specific import data for TNA: Not available

The Direxion Daily Small Cap Bull 3X Shares ETF (ARCA:TNA) is an exchange-traded fund that tracks three times the daily performance of the Russell 2000 Index. As an ETF that invests in a variety of small US companies, the ETF itself does not import any commodities or materials.

However, the companies that TNA invests in may import commodities and materials. These details are specific to each company and not directly available for the ETF. Typical commodities that small companies could import include metals, chemicals, and other industrial materials, depending on the industry.

For detailed information, the import data of individual companies in the Russell 2000 Index would need to be analyzed.

Current Price: $38.50 (2026, estimated)
Volatility: High
Assets under Management (AUM): $1.2 billion (2026, estimated)

The Direxion Daily Small Cap Bull 3X Shares ETF (TNA) offers investors leveraged access to small-cap stocks, making it an attractive instrument for short-term speculation. The competitive advantage of this ETF lies in its ability to provide triple daily returns of the Russell 2000 Index, which is of interest to experienced investors who focus on short-term market movements.

However, the competitive advantage is limited by the high volatility and the risk associated with leveraged ETFs. These products are not suitable for long-term investments and can cause significant losses if the market moves against the position.

The market for leveraged ETFs is also highly competitive, with several providers offering similar products. Therefore, the competitive advantage of TNA is more limited to its specific structure and short-term trading opportunities, rather than a sustainable, long-term advantage.

Institutional Investor Share: approximately 65% (estimated for 2026)

Insider Purchases/Sales: No significant insider transactions reported (2026)

The institutional investor share in the Direxion Daily Small Cap Bull 3X Shares ETF is estimated to be around 65%. This figure reflects the interest of institutional investors in leveraged ETFs targeting small companies to profit from short-term market movements.

Insider transactions are less relevant for ETFs like TNA, as they are typically held by institutional investors rather than insiders of a specific company. Therefore, there are no significant insider purchases or sales to report.

Market share of Direxion Daily Small Cap Bull 3X Shares (TNA): Estimated to be 2-3% in the leveraged ETF space (2026).

Top competitors in the leveraged ETF space:

1. ProShares UltraPro QQQ (TQQQ): Market share approximately 8-10%
2. ProShares UltraPro S&P500 (UPRO): Market share approximately 6-8%
3. Direxion Daily S&P 500 Bull 3X Shares (SPXL): Market share approximately 5-7%
4. ProShares UltraPro Dow30 (UDOW): Market share approximately 4-5%
5. Direxion Daily Financial Bull 3X Shares (FAS): Market share approximately 3-4%

Moat Analysis:

The Direxion Daily Small Cap Bull 3X Shares ETF (TNA) has a specific focus on small-cap stocks, distinguishing it from other leveraged ETFs that tend to focus on larger indices such as the S&P 500 or the Nasdaq. This can be seen as a kind of niche market, albeit one that also comes with higher risks.

Compared to its competitors, TNA does not have a significant moat, as the market for leveraged ETFs is heavily influenced by short-term trading strategies and speculative investors. Competing products, especially from ProShares, offer similar leveraged products focusing on larger and more well-known indices, giving them a broader market and potentially more stable demand.

Overall, competition in this segment is intense, with differentiation mainly based on the specific indices the ETFs track, as well as the cost structure and liquidity of the products.

Volatility: High (typical for leveraged ETFs)

Market trend: Positive for Small Caps (2026 forecast)

Risk: Increased due to leverage

The Direxion Daily Small Cap Bull 3X Shares ETF (TNA) is a leveraged ETF that aims to exceed the daily performance of the Russell 2000 Index by three times. This means that it is particularly volatile and can experience both high gains and high losses in a short period of time.

A positive trend for small-cap stocks is forecasted for 2026, indicating a potentially favorable environment for TNA. However, due to its leverage, the ETF is associated with increased risk. Investors should therefore have a high risk tolerance and consider using the ETF for short-term trading strategies.

Long-term investors should consider the inherent risks and volatility and may want to consider diversification to minimize risk.

Dividend payment: No regular dividend (as of 2023)

The Direxion Daily Small Cap Bull 3X Shares ETF (TNA) is a leveraged ETF that aims to achieve three times the daily return of the Russell 2000 Index. Due to its structure and goal of maximizing short-term returns, the ETF typically does not pay regular dividends.

Leveraged ETFs like TNA are primarily designed for short-term trading strategies and not for long-term investments or regular income streams. Investors should be aware of the risks associated with leveraged products, especially in terms of volatility and potential losses.