Direxion Daily TSM Bear 1X ETF (TSMZ) Stock Price, Quote, News & History | Benzinga

The Fund, under normal circumstances, invests at least 80% of the Funds net assets in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse or short exposure to TSM, consistent with the Funds investment objective. The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TSM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TSM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Funds holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which TSM is assigned.