Leveraged ETF TNA targets 3x Russell 2000 returns but suffers from decay, best for short-term trades.

The Direxion Daily Small Cap Bull 3X ETF (TNA) aims to deliver three times the daily returns of the Russell 2000 index. However, it experiences significant leveraged decay, with an average 12-month drift of -2.97% since 2009, reducing long-term gains. Its annualized return of 12.5% slightly outperforms the unleveraged Russell 2000 ETF's 12.1%, but volatility-driven beta-slippage causes negative drift over time. TNA is more suitable for short-term trading using precise entry and exit signals rather than long-term holding due to unpredictable results.

As of Nov 02, 2026 19:41 WIB, the iShares Russell 2000 ETF (IWM), which the TNA ETF tracks with leverage, is priced at USD 280.72 and has gained 0.48% in the past day on Pluang. The IWM holds a market cap of $75.49 billion and sees a typical holding period of 85 days among Pluang investors. This context highlights the underlying index's steady performance that TNA aims to amplify through its leveraged structure.