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Asset Summary

Daily Performance Report for TNA ETF: Nov 21, 2024

Summary: The day started with TNA ETF opening at $48.97 and closing at $48.14. The ETF showed weakness throughout the day, with the highest price observed at $48.97 and the lowest at $48. The underlying asset had a trading range of $0.97 Overall, it was a negative trading day for TNA ETF, reflecting investor pessimism and market activity.

Change in Closing Price: There was a net decrease of $-0.83 or -1.69% in the closing price from the opening to the closing price over the day.

Volume Analysis: Trading volume for TNA ETF was 190,067 units during Nov 21, 2024, indicating active market participation and investor interest.

Opening Price: The day started at $48.97.

Highest Price: The highest price observed during the day was $48.97.

Lowest Price: The lowest price observed during the day was $48.

Closing Price: The day ended at $48.14.

Asset Performance Metrics and Risk Characteristics:

Understanding asset performance is crucial for evaluating investment quality and making informed decisions. Metrics like trailing return and drawdown provide insights into how an asset has performed over time, its volatility, and the efficiency of its returns relative to risk. Performance indicators help assess the stability, risk, and reward of an investment, allowing investors and portfolio managers to make comparisons and strategize accordingly.

Asset Technical Analysis

Technical analysis involves evaluating an asset's price and volume data to forecast future movements and make informed trading decisions. By using various technical indicators and chart patterns, investors can gain insights into market trends, price momentum, and potential turning points. This section delves into essential technical metrics, including moving averages, pivot points, and other indicators that provide a snapshot of an asset's current technical stance. Analyzing these indicators helps investors identify entry and exit points, assess market sentiment, and refine their trading strategies. Explore the following technical analysis data to understand the asset's performance dynamics and make better-informed decisions.

Moving Averages

Moving Averages are commonly used to smooth out price data and identify trends over a specific period. Here’s a summary of the latest moving averages for various periods:

  • SMA (Simple Moving Average): Reflects the average price over a specific number of periods.
  • EMA (Exponential Moving Average): Gives more weight to recent prices, making it more responsive to new information.
  • WMA (Weighted Moving Average): Assigns a weight to each price, emphasizing more recent prices.
  • WEMA (Weighted Exponential Moving Average): Combines elements of both WMA and EMA for a more responsive moving average.

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Frequently Asked Questions

Key performance metrics for TNA include its net asset value (NAV), expense ratio, total return, and tracking error. NAV represents the per-share value of the ETF, the expense ratio indicates the cost of managing the fund, total return measures overall performance including dividends, and tracking error shows how closely TNA tracks its leveraged target.

Similar ETFs to TNA include the ProShares UltraSmallCap600 (SAA) and the Direxion Daily Small Cap Bear 3X Shares (TZA). These ETFs also provide leveraged exposure to small-cap stocks but may differ in their leverage ratios and investment strategies.

As of the latest update, TNA has an expense ratio of approximately 0.95%. This fee is deducted from the fund’s assets and covers the cost of managing the ETF, including the costs associated with the use of leverage.

While TNA can technically be held in retirement accounts such as IRAs or 401(k)s, it is important to be aware of its high volatility and leverage. It may be more suitable for experienced investors who understand the risks associated with leveraged ETFs.

Investors can purchase shares of TNA through a brokerage account, just like other stocks and ETFs. It is traded on the New York Stock Exchange (NYSE) under the ticker symbol "TNA."

TNA is rebalanced daily to maintain its targeted leverage ratio of three times the daily performance of the Russell 2000 Index. This daily rebalancing can lead to a compounding effect on returns, especially in volatile markets.

TNA aims to provide three times the daily return of the Russell 2000 Index. Therefore, its performance is expected to be significantly more volatile than the index due to its leverage. Performance can vary greatly over time, especially in volatile markets.

TNA is managed by Direxion Investments. The fund uses financial derivatives, including swaps and futures contracts, to achieve its goal of providing three times the daily return of the Russell 2000 Index. Due to its leverage, TNA is rebalanced daily to maintain its targeted leverage ratio.

TNA typically distributes dividends on a quarterly basis. These dividends are paid from the income generated by the underlying securities and financial derivatives in the ETF’s portfolio.

TNA aims to replicate the performance of the Russell 2000 Index, which includes small-cap U.S. stocks. These typically include companies with smaller market capitalizations compared to those in larger indices such as the S&P 500.

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