ETF Evaluator:
Direxion HCM Tactical EnhU.S.EqStratETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Blend Over the Last Year
| 62.5% | ARS Focused Opportunities Strategy ETF (AFOS) |
| 35.7% | Mohr Company Nav ETF (CNAV) |
| 33.9% | Impact Shares NAACP Minority Empwrmt ETF (NACP) |
| 31.8% | Astoria US Equal Weight Quality KingsETF (ROE) |
| 30.5% | FIS Bright Portfolios Focused Equity ETF (BRIF) |
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Risk
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ETF Details
Direxion HCM Tactical EnhU.S.EqStratETF Overview
Direxion HCM Tactical EnhU.S.EqStratETF (HCMT) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). Direxion Funds launched the ETF in 2023.
The investment seeks capital appreciation.
The fund is actively managed and seeks to provide enhanced returns across multiple market cycles that are broadly correlated to the U.S. equity markets. The fund will invest in, to have exposure to, U.S. equity securities in order to achieve capital appreciation, or will invest in cash or cash equivalents in order to attempt to preserve capital during market downturns. The fund is non-diversified.
About Direxion HCM Tactical EnhU.S.EqStratETF (HCMT)
There are 3 members of the management team with an average tenure of 3.11 years: Tony Ng (2023), Vance Howard (2023) and Paul Brigandi (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and NASDAQ 100 TR USD index with a weighting of 100%. Direxion HCM Tactical EnhU.S.EqStratETF has 512 securities in its portfolio. The top 10 holdings constitute 46.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Direxion HCM Tactical EnhU.S.EqStratETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Direxion HCM Tactical EnhU.S.EqStratETF has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 81.6% There is 0.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Direxion HCM Tactical EnhU.S.EqStratETF has 14.3% of the portfolio in cash.
Assets Under Management
The fund has $566 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HCMT Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Direxion HCM Tactical EnhU.S.EqStratETF expense ratio is high compared to funds in the Large Blend category. Direxion HCM Tactical EnhU.S.EqStratETF has an expense ratio of 1.18%, which is 185% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Direxion HCM Tactical EnhU.S.EqStratETF has a portfolio turnover rate of 36%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Direxion HCM Tactical EnhU.S.EqStratETF returned -7.7%, which earned it a grade of F, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Direxion HCM Tactical EnhU.S.EqStratETF has a trailing yield of 0.60%, which is below the 1.16% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Direxion HCM Tactical EnhU.S.EqStratETF Grades
Year to date, the ETF has returned 0.8%, 8.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 15.0% over the past year (grade of D) and 13.8% over the past three years (grade of F).
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HCMT Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HCMT Return (NAV) | -7.7% | 5.0% | 15.0% | 13.8% | na | na |
| HCMT Return (Price) | -7.4% | 5.5% | 15.3% | 14.0% | na | na |
| NAV +/- Price Return | -0.331% | -0.445% | -0.246% | -0.196% | na | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| HCMT Grade (NAV) | F | B | D | F | na | na |
| +/- Category (NAV) | -6.9% | 1.3% | -2.5% | -3.7% | na | na |
| HCMT Tax-Cost Ratio | na | na | 0.2% | 0.6% | na | na |
HCMT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HCMT Return (NAV) | 0.8% | 7.3% | 39.4% | na | na | na | na | na | na | na | na |
| HCMT Return (Price) | 1.2% | 7.4% | 39.2% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.458% | 0.015% | -0.007% | na | na | na | na | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| HCMT Grade (NAV) | F | F | A | na | na | na | na | na | na | na | na |
| +/- Category | -8.7% | -8.1% | 17.5% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.60 |
| R-Squared: | 70% |
| Standard Deviation: | 24.9% |
| Category Risk Index: | 1.85 |
| Category Risk Rating: | High |
| Total Risk Index: | 2.03 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.6% |
| Total Assets: | $ 566 Mil |
| Share Class Assets: | $ 566 Mil |
| Turnover: | 36.0% |
| Expense Ratio: | 1.18% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 3.1 years | |||
| Managers (Year): Ng Tony (2023), Howard Vance (2023), Brigandi Paul (2023) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 512 |
| % in Top 10 Holdings: | 46.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 81.6% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 3.7% |
| Cash: | 14.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Direxion Funds |
| Phone Number: | 866-476-7523 |
| Website: | http://www.direxioninvestments.com/ |
| Inception Date: | June 21, 2023 |
Expenses and Fees
| Expense Ratio (%): | 1.18% (Rating: High) |
| Category Average Expense Ratio (%): | 0.41% |
