TSMZ ETF — Holdings & Analysis

The Direxion Daily TSM Bear 1X ETF (TSMZ) offers investors a way to gain daily inverse exposure to Taiwan Semiconductor Manufacturing Co Ltd (TSM).

With an expense ratio of 1.47%, TSMZ seeks to mirror the inverse of the daily performance of TSM shares. The fund's assets under management (AUM) are currently $0.00B as of 2026-03-15. TSMZ is designed for short-term tactical positioning rather than long-term investment, and commenced operations on 2024-10-03.

Direxion Daily TSM Bear 1X ETF (TSMZ) ETF — Price, Holdings & Analysis

The Direxion Daily TSM Bear 1X ETF (TSMZ) offers investors a way to gain daily inverse exposure to Taiwan Semiconductor Manufacturing Co Ltd (TSM). With an expense ratio of 1.47%, TSMZ seeks to mirror the inverse of the daily performance of TSM shares. The fund's assets under management (AUM) are currently $0.00B as of 2026-03-15. TSMZ is designed for short-term tactical positioning rather than long-term investment, and commenced operations on 2024-10-03.

ETF Overview

The Direxion Daily TSM Bull 2X ETF and Direxion Daily TSM Bear 1X ETF seek daily investment results, before fees and expenses, of 200% and 100% of the inverse (or opposite), respectively, of the performance of the common shares of Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM).

The Direxion Daily TSM Bear 1X ETF (TSMZ) is designed for investors seeking a straightforward inverse relationship to the daily performance of Taiwan Semiconductor Manufacturing Co Ltd (TSM). Unlike traditional ETFs that aim to replicate the performance of a broad index or sector, TSMZ uses a strategy to deliver -100% of the *daily* returns of TSM shares. This means if TSM's stock price falls on a given day, TSMZ is designed to increase by a corresponding percentage, before fees and expenses. The fund achieves this through the use of derivatives and other financial instruments. Given its focus on a single company and inverse daily performance, TSMZ is best suited for sophisticated traders with a short-term outlook who are looking to hedge existing positions or speculate on the short-term movements of TSM stock. The fund's country exposure is 100% to 'Other,' reflecting its targeted investment in TSM.

Risk Metrics

TSMZ carries a high degree of risk due to its leveraged inverse strategy and concentration in a single stock. The 1.47% expense ratio is significantly higher than many broad-market ETFs, creating a substantial drag on performance, especially if held for extended periods. As a leveraged product, TSMZ is designed for daily rebalancing, and its performance over longer periods can deviate significantly from the simple inverse of TSM's cumulative returns due to the effects of compounding. The fund's beta is 0.00, but this is less relevant given the fund's inverse strategy. Investors should be aware that TSMZ is not a buy-and-hold investment and is intended for short-term tactical use only. Past performance does not guarantee future results.

Expense Ratio

1.47%

How Is the Fund Allocated?

Country	Weight
Other	100.0%

Dividend Yield

0.00%

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Risk Metrics

Beta: 0.00

Questions & Answers

What is TSMZ and what does it track?

TSMZ, the Direxion Daily TSM Bear 1X ETF, is designed to provide investors with the inverse of the daily performance of Taiwan Semiconductor Manufacturing Co Ltd (TSM).

This means that TSMZ aims to deliver -100% of TSM's daily returns, before fees and expenses. It is structured for short-term tactical trading and is not intended as a long-term investment vehicle.

What is the expense ratio for TSMZ?

The expense ratio for TSMZ is 1.47%. This is relatively high compared to broad market equity ETFs, where expense ratios can be as low as 0.03% to 0.10%.

Even compared to other specialized or leveraged ETFs, TSMZ's expense ratio is on the higher end.

What are the top holdings in TSMZ?

As an inverse ETF, TSMZ does not hold traditional stock positions in the same way as a typical equity ETF.

Instead, it uses financial instruments, such as swap agreements and futures contracts, to achieve its inverse daily performance target relative to Taiwan Semiconductor Manufacturing Co Ltd (TSM). The fund's exposure is effectively 100% to the inverse performance of TSM. Therefore, there are no 'top holdings' in the conventional sense.

Is TSMZ a good long-term investment?

TSMZ is generally not considered suitable for long-term investment. Its design focuses on delivering the inverse of the *daily* performance of Taiwan Semiconductor Manufacturing Co Ltd (TSM).

Due to the effects of compounding, the ETF's performance over longer periods can deviate significantly from the simple inverse of TSM's cumulative returns.

How does TSMZ compare to similar ETFs?

TSMZ is relatively unique in that it provides a direct inverse exposure to the daily performance of a single stock, Taiwan Semiconductor Manufacturing Co Ltd (TSM).

While there are other inverse ETFs available, most focus on broader market indices or sectors. TSMZ's expense ratio of 1.47% is higher than many other inverse ETFs.

Does TSMZ pay dividends?

According to the latest data, TSMZ does not pay dividends. Its dividend yield is 0.00%.

This is consistent with its investment strategy, which focuses on delivering the inverse of the daily price movements of Taiwan Semiconductor Manufacturing Co Ltd (TSM) rather than generating income. Investors seeking dividend income should consider other ETFs with a focus on dividend-paying stocks.