Direxion Daily TSM Bull 2X ETF (TSMX) Stock Price, Quote, News & History | Benzinga

The Fund, under normal circumstances, invests at least 80% of its net assets in the securities of TSM and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to TSM, consistent with the Fund's investment objective. The financial instrument in which the Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment results. 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 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TSM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund's 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.