TNA offers 3x leveraged exposure to nearly 2000 US small-cap companies as defined by the Russell 2000. The underlying index specifically contains the 1001st through the 3000th securities pulled from the Russell 3000 index, which covers approximately 10% of its total market capitalization. The fund may invest in securities across various sectors and industry groups without any bias. Selected securities are then weighted by market-cap. As a levered product with daily resets, TNA is not a buy-and-hold ETF, its a short-term tactical instrument. Like many levered funds, it delivers its headline 3x exposure for only one day at a time. As a result, Long-term returns could materially differ from those of the underlying index due to daily compounding.
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