tna stock price: live overview and guide

This guide explains the tna stock price for Direxion Daily Small Cap Bull 3X Shares (TNA): what it tracks, how 3x daily leverage and NAV vs market price affect short-term moves, where to find live ...

2024-07-06 13:18:00

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TNA (Direxion Daily Small Cap Bull 3X Shares)

This article explains the tna stock price and everything traders need to know about TNA — a leveraged exchange-traded fund listed on NYSE Arca that seeks +300% of the daily return of the Russell 2000 Index. You will learn what drives the tna stock price, how NAV and market price can differ, where to find live and delayed quotes, the fund’s mechanics, fees, common use cases, and the principal risks. Read on to better interpret short-term price moves and decide if TNA fits your trading needs.

As of 2026-01-25, according to Direxion and major market data providers, TNA is operated by Direxion and continues to advertise a single-day +300% exposure objective to the Russell 2000 Index. For live tna stock price quotes, consult primary market data or your brokerage. (Note: this article is informational and not investment advice.)

Overview

TNA (Direxion Daily Small Cap Bull 3X Shares) is a leveraged equity ETF whose stated objective is to deliver 300% of the daily performance of the Russell 2000 Index, before fees and expenses. It is designed for sophisticated, active traders seeking short-term amplified exposure to U.S. small-cap equities. The tna stock price reflects market demand for that exposure and can move much more quickly and by larger percentages than the underlying index on any given day.

Key points you will find in this guide about the tna stock price:

How TNA attempts to achieve its +300% daily exposure.
Why multi-day returns can diverge from simple 3x multiples due to daily resetting and compounding.
The difference between NAV-based pricing and exchange market price, and how premiums/discounts form.
Where to find reliable live and delayed quotes for the tna stock price.
Costs, fees, liquidity signals, holdings structure, and major risks.

This is a practical, reference-style guide intended primarily for those who need a clear, neutral explanation of TNA and the drivers of the tna stock price.

Fund details and identifiers

Fund name: Direxion Daily Small Cap Bull 3X Shares
Ticker: TNA (NYSE Arca)
Issuer / Manager: Direxion
Primary exchange: NYSE Arca
Inception: (see Direxion product materials for the exact inception date)
Identifiers: CUSIP and ISIN are available in the fund prospectus and issuer materials
AUM and share counts: available and updated on the issuer page and major financial portals; check those sources for the latest metrics before trading

When checking the tna stock price, verify whether quoted figures are real-time or delayed, and whether the data provider shows NAV, market price, or both.

Investment objective and strategy

The fund states a single-day investment objective: to seek 300% of the daily performance of the Russell 2000 Index, before fees and expenses. To pursue that objective, TNA typically uses a mix of derivatives — such as total return swaps, futures contracts, and options — alongside cash and cash equivalents. These instruments, when combined and rebalanced daily, create the targeted leveraged exposure.

Because derivatives and financing are central to the strategy, the tna stock price reflects both the underlying small-cap market moves and the costs/mark-to-market of derivatives and financing used to maintain leverage.

Index tracked

TNA’s exposure is tied to the Russell 2000 Index, which is a widely used benchmark for U.S. small-cap equities. The Russell 2000 measures the performance of approximately 2,000 small-cap companies and is more volatile than large-cap benchmarks. That greater volatility tends to magnify the intraday and daily moves in the tna stock price because the fund amplifies the Russell 2000’s daily return by 3x.

Small-cap characteristics that affect the tna stock price:

Higher volatility than large-cap indexes, increasing path-dependence effects when leverage is applied.
Sector composition and liquidity of underlying components can influence derivative pricing and tracking performance.

Leverage mechanics and daily compounding

TNA is a 3x daily leveraged fund. That means the fund aims to provide 300% of the Russell 2000’s return for a single trading day. The key mechanics:

Daily reset: The fund resets its derivative positions at the close (or at defined rebalancing points) each day to re-establish the 3x exposure for the next trading day.
Compounding: Over multiple days, returns compound. Daily re-leveraging causes multi-day returns to deviate from a simple 3x multiple of the cumulative return of the Russell 2000.

Example of path dependency (illustrative only):

If the Russell 2000 gains 5% on day 1 and loses 5% on day 2, the two-day cumulative index return is roughly -0.25%. A 3x daily fund could produce a different multi-day percentage than simply 3 × (-0.25%), because the leverage is applied and reset each day based on intermediate daily account values. Volatility during the period increases the divergence between the 3x single-day objective and multi-day realized returns.

For traders monitoring the tna stock price, this means:

Short-term trades (intraday or single-day) are most aligned with the fund’s stated objective.
Longer holds require careful attention to daily compounding and volatility drag; long-term buy-and-hold tends to lead to performance outcomes that can significantly diverge from expectations based on a simple 3x cumulative calculation.

Net Asset Value (NAV) vs. Market Price

Two common price references for the tna stock price are the fund’s NAV and its market price on the exchange.

NAV: Calculated at the end of each trading day by valuing the fund’s holdings (derivatives, cash, receivables/payables) and dividing by shares outstanding. NAV indicates the per-share value of the fund’s underlying portfolio.
Market price: The last traded price on the exchange (NYSE Arca) throughout the trading day. This can differ from NAV due to supply/demand, liquidity, and market sentiment.

Premiums and discounts:

When market demand is high, the tna stock price can trade at a premium to NAV; when demand is weak or liquidity is thin, it can trade at a discount.
Spread between bid and ask, intraday volatility, and large market orders can produce temporary gaps between market price and NAV.

Implications for traders:

Consider using limit orders to control execution price and avoid buying at wide intraday premiums.
Institutional or large trades may use NAV-based mechanisms or work with market makers to control execution costs.

Pricing and where to find "tna stock price"

Reliable sources for the tna stock price include:

The fund issuer’s product page and NAV/pricing pages (Direxion product materials provide official NAV and fund documents).
Exchange quotes from NYSE Arca (market price data).
Major financial portals providing quotes and historical charts (examples: Yahoo Finance, CNBC, Nasdaq, Investing.com, ETF data services and retail brokerages).
Broker/platform quotes (your brokerage provides market and trade execution pricing; note differences between providers).

When checking the tna stock price, pay attention to whether a quote is:

Real-time or delayed by a common benchmark (e.g., 15–20 minutes).
Showing NAV, market price, or both.

As of 2026-01-25, according to the issuer and market data services, the official NAV is published daily by the fund and market prices are available intraday on NYSE Arca and financial portals. Always verify timestamps and whether quotes are real-time.

Holdings and exposures

TNA typically does not hold a static basket of equities mirroring the Russell 2000; instead, it maintains derivative exposures (swaps, futures, options) and cash equivalents structured to replicate the target 3x daily exposure. Typical holdings and usage:

Derivative contracts that produce leveraged exposure to the Russell 2000.
Cash or cash equivalents to collateralize derivatives and manage margin/financing obligations.
Counterparty exposures where swap agreements are used.

Because holdings change daily as positions are rebalanced, the tna stock price is influenced by both the underlying index moves and derivative valuation dynamics (margining, funding costs, counterparty pricing). For the most current holdings summary, consult the fund’s daily holdings report on the issuer site.

Fees and costs

Costs that affect the tna stock price and investor returns include:

Expense ratio: the fund’s stated management and operating costs (check the prospectus for the current gross/net expense ratio).
Trading costs: bid-ask spreads on the exchange and brokerage commissions where applicable.
Financing and roll costs: derivative financing, futures roll yields, and swap spreads can create persistent drag or tailwinds depending on market conditions.
Tracking and rebalancing costs: daily rebalancing to maintain 3x exposure causes transactions and associated costs.

When assessing the tna stock price and expected returns, include these costs in your trading plan — particularly for multi-day holds where roll and financing costs can change over time.

Performance and historical returns

Performance reporting for TNA typically distinguishes between NAV-based performance and market-return performance. Standard metrics to review include:

Daily performance (most relevant to the 3x daily objective)
Year-to-date (YTD), 1-year, 3-year, and since-inception returns (reported both by NAV and market price)
Volatility measures: standard deviation, drawdown history, and beta relative to Russell 2000
High/low price ranges and average daily return magnitudes

As with any leveraged ETF, multi-period returns require careful interpretation because daily compounding will produce outcomes that can differ materially from the cumulative 3x multiple expected by naive calculation.

For the latest performance numbers and historical charts, consult the issuer’s performance tables and reputable data portals. As of 2026-01-25, performance snapshots from Direxion and major financial portals remain the authoritative, up-to-date sources.

Risks

Key risks that directly affect the tna stock price and investor outcomes:

Leverage and volatility decay: path dependency means that volatility can erode value over multiple days even if the index ends near its starting point.
Amplified losses: magnification of daily moves implies both amplified gains and amplified losses.
Counterparty and derivative risk: use of swaps and other OTC instruments involves counterparty credit considerations.
Tracking error: the fund may not perfectly track 3x the daily index return due to fees, slippage, and instrument selection.
Liquidity and market risk: in stressed markets, bid-ask spreads can widen and liquidity can dry up, leading to larger execution costs.

TNA is generally unsuitable as a buy-and-hold vehicle for most investors and is intended for tactical, short-term use by traders who understand daily resetting effects and have active risk-management processes.

Comparison with related funds

TZA: Direxion Daily Small Cap Bear 3X Shares is the inverse counterpart with a -3x daily objective to the Russell 2000. TNA and TZA serve opposite directional, short-term tactical uses and should be managed carefully if combined.
Non-leveraged Russell 2000 ETFs (example: broad small-cap ETFs) provide 1x exposure; they are better suited for longer-term investors seeking small-cap exposure without daily compounding effects.

When comparing the tna stock price to alternatives, remember the different objectives (single-day leveraged vs. unleveraged long-term exposure) and how that affects suitability and expected behavior.

Typical use cases and investor considerations

Common uses for TNA and considerations for the tna stock price:

Short-term tactical trades: intraday or single-day directional bets when a trader expects a strong move in small-cap equities.
Hedging: short-term hedges for specific small-cap exposures (requires careful sizing and execution).
Speculation: traders seeking amplified short-term returns; high risk and requires active monitoring.

Guidance for traders:

Size positions conservatively relative to portfolio risk tolerance.
Use limit orders to manage entry/exit prices and avoid purchasing at large premiums.
Monitor NAV vs market price to detect widening premiums or discounts.
Avoid multi-day passive holds unless explicitly modeling compounding effects and cost dynamics.

Dividends, distributions and tax considerations

Dividends and distributions: any income generated by the fund’s positions (rare for derivatives-heavy funds) is paid per the fund’s distribution schedule and described in the prospectus.
Tax treatment: ETF distributions, short-term trading profits, and realized derivative gains have tax implications that depend on jurisdiction and the investor’s tax status.

As with any security, consult a qualified tax professional to understand how trading the tna stock price and holding TNA may affect your personal tax situation.

Trading characteristics

Volume and liquidity: TNA typically trades with higher liquidity than many single stocks because market makers and ETF APs support trading, but volume can vary widely on different days. Check average daily volume and recent spreads before trading.
Bid-ask spread: monitor the quote spread — wider spreads increase execution cost for short-term trades.
Options and derivatives: depending on market availability, options on TNA may exist; options liquidity varies and should be checked with your brokerage.
Order types: limit orders are generally recommended to control execution price; market orders can execute at unfavorable prices during volatility.

When you check the tna stock price in a trading platform, prioritize real-time data, and set alerts for price levels relevant to your plan.

Regulatory and disclosure information

TNA is a registered ETF and files regulatory documents including a prospectus, statement of additional information, and periodic reports (annual and semi-annual). These documents disclose fund strategy, fees, holdings, risks, and counterparty exposures.

For authoritative disclosures, consult the issuer’s regulatory filings and prospectus. As of 2026-01-25, Direxion continues to publish prospectuses and daily holdings on its official fund documentation channels.

Notable events and historical milestones

Inception and structural changes: check the fund prospectus for the original inception date and any material changes to fund terms or fees.
Significant NAV or price moves: leveraged funds can experience large intraday moves; historical episodes of stress or volatility often produce dramatic tna stock price swings.

Documenting notable historical events helps traders anticipate how TNA might behave in similar future conditions — use archived performance charts to review prior episodes.

How to interpret short-term price moves

Interpreting the tna stock price intraday requires attention to several drivers:

Russell 2000 volatility: large index moves are magnified by 3x in daily returns.
Market liquidity: low liquidity can exaggerate price swings and widen spreads.
Derivative rebalancing and funding: rebalancing flows can create transient demand or supply; funding costs can affect effective returns.
News and macro data: small-cap-sensitive news (earnings, economic data, interest rate moves) often causes outsized moves.

When you see a sudden move in the tna stock price, cross-check:

Russell 2000 index moves for correlation.
NAV vs market price to check for premium/discount spikes.
Volume and bid-ask spread to detect liquidity-driven moves.

References

As of 2026-01-25, authoritative sources for the tna stock price and fund details include:

Direxion product materials and prospectus (issuer disclosures and NAV reporting).
Yahoo Finance (TNA instrument page and historical charts).
CNBC quotes and instrument summary pages.
Nasdaq market-activity data for TNA.
Investing.com ETF pages and data repositories.
Retail broker data pages and ETF data services (e.g., ETFvest, Robinhood, SoFi, Public) for supplemental liquidity and trade metrics.

Note: data providers may display either real-time or delayed quotes. Verify the timestamp on any tna stock price displayed.

External links and where to find official documents

For official documents, prospectuses, daily holdings and NAV statements, consult the fund issuer’s official materials and regulatory filings. Use the issuer’s NAV/pricing pages and the fund’s prospectus to confirm identifiers and read full disclosures.