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TMF

GradeBNew York Stock Exchange Arca

Direxion Daily 20+ Year Treasury Bull 3X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2009-04-16 · SEC filings

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$28.28−1.57 (−5.28%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: down, 59 prints from 29.86 to 28.28. Range 28.20 to 29.55. Use the arrow keys to read each point.$28.50$29.00$29.5010 AM12 PM2 PM4 PM
Expense ratio
1.01%
Fund size
$2.2B
1Y return
−21.2%
Yield · Last 12 months
6.04%
Holdings
13
Volume · 30D
4.2M sh
NAV per share
$30.29
52W range
low $28.90high $44.24

The ETF.net TMF Grade

B

55/ 100

Rank 12 of 31 in 3x Leveraged Long⁠

Confidence Medium

Six-pillar profile for TMF. Scores out of 100: Cost 42, Risk 51, Mission not scored, Tradability 84, Holdings 100, Durability 66. Strongest: Holdings (100). Weakest: Cost (42). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 55 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 42
    Category rank19/31 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 51
    Category rank16/30 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 84
    Category rank3/31 · top 10%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 100
    Category rank1/3 · top 33%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 66
    Category rank6/31 · top 19%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on TMF

ETF.net Research

BThe interest-rate trade stripped to one lever: no stocks, no credit, just 300% of the daily move in long-dated Treasuries. Trading since 2009, it's the high-octane cousin of a plain long-bond fund.

Stated mandate

The Fund seeks pre-fee and expense investment results equal to 300% of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index. It is designed for a single trading day, and longer-period results may differ because daily returns compound.

Why people hold it

  1. 01One lever, one job: 300% of the daily move in the ICE U.S. Treasury 20+ Year Bond Index. A rate view without a futures account or an options chain.
  2. 02A 1.01% expense ratio, a shade under the typical leveraged fund, on a product that has been open since 2009 and through several rate cycles.
  3. 03Actively traded, which is the underrated feature in a fund designed for one-day holds: getting out is usually as easy as getting in.
  4. 04Stands in the upper tier of a crowded 3x bull field, and it is one of only two funds here pinned to that same 20+ year Treasury index (UBT is the other).

Worth knowing

  1. 01The 3x math resets daily. Hold for weeks and compounding takes over, so the result can look nothing like triple the index move over that stretch.
  2. 02Long Treasuries are the most rate-sensitive corner of the bond market, and this triples the swing. Quiet asset class, loud fund.
  3. 03Distributions land quarterly, but the design targets daily price moves, not coupon income.

TMF Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Bonds
Holdings
13
Top-10 weight
91%
Largest holding
TLT19.1%

Sectors

  • Financials100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001TLTISHARES 20+ YEAR TREASURY BD19.14%17,732,289$1.5B7
002—TLT SWAP ASSET LEG (TLTMLL)11.02%10,208,501$835M1
003—TLT SWAP ASSET LEG (TLTJPL)10.76%9,969,961$816M1
004—TLT SWAP ASSET LEG (TLTBCL)9.04%8,370,334$685M1
005—TLT SWAP ASSET LEG (TLTGSL)8.61%7,974,687$652M1
006—TLT SWAP ASSET LEG (TLTCTL)7.84%7,260,491$594M1
007—TLT SWAP ASSET LEG (TLTBPL)7.75%7,175,684$587M1
008—TLT SWAP ASSET LEG (TLTUBL)7.32%6,784,151$555M1
009—TLT SWAP ASSET LEG (TLTNML)4.86%4,500,000$368M1
010—DREYFUS GOVT CASH MAN INS4.63%350,820,230$351M108
011—GOLDMAN FINL SQ TRSRY INST 5062.90%219,938,874$220M100
012—JP MORGAN 100 US TRSY CAPITAL 31632.84%215,000,000$215M5
013—DREYFUS TRSRY SECURITIES CASH MGMT2.66%201,436,685$201M82
014—GOLDMAN SACHS FIN GOV 465 INSTITUT0.63%48,090,000$48M75

Showing 1–14 of 14 holdings

TMF Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TMF$7,884
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. TMF $7,884. SPY $11,723. Use the arrow keys to read each point.$7,278$9,686$12,094Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TMF. Periods over one year show the average yearly return.
PeriodTMF
Year to date−17.7%
1 month−0.9%
3 months−14.2%
1 year−21.2%
3 years−14.5%per year
5 years−35.5%per year
10 years−18.3%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TMF
YearReturn barTMF
2026 YTD−17.7%
2025−3.0%
2024−35.9%
2023−13.0%
2022−72.6%
2021−19.8%
2020+39.0%

TMF in the news

ETF.net Research hasn’t filed on TMF yet — coverage lands here as it’s written.

TMF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
6.04%Last 12 months
Payout per share
$1.80Last 12 months
Upcoming payment
$0.35 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 35 payments from 2017 to 2026 YTD. Jun 20, 2017 $0.18; Dec 19, 2017 $0.72; Mar 20, 2018 $0.30; Jun 19, 2018 $1.04; Sep 25, 2018 $0.57; Dec 27, 2018 $0.97; Mar 19, 2019 $0.68; Jun 25, 2019 $0.67; Sep 24, 2019 $0.59; Dec 23, 2019 $0.50; Mar 24, 2020 $0.99; Dec 10, 2020 $6.86; Mar 23, 2021 $0.15; Jun 22, 2021 $0.14; Sep 21, 2021 $0.05; Dec 21, 2021 $0.02; Mar 22, 2022 $0.15; Jun 22, 2022 $0.26; Sep 20, 2022 $0.36; Dec 20, 2022 $0.47; Mar 21, 2023 $0.35; Jun 21, 2023 $0.48; Sep 19, 2023 $0.50; Dec 21, 2023 $0.50; Mar 19, 2024 $0.32; Jun 25, 2024 $0.43; Sep 24, 2024 $0.44; Dec 23, 2024 $0.52; Mar 25, 2025 $0.29; Jun 24, 2025 $0.36; Sep 23, 2025 $0.41; Dec 23, 2025 $0.46; Mar 24, 2026 $0.22; Jun 23, 2026 $0.37; Sep 22, 2026 $0.35. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.35
Jun 23, 2026Jun 30, 2026$0.37
Mar 24, 2026Mar 31, 2026$0.22
Dec 23, 2025Dec 31, 2025$0.46
Sep 23, 2025Sep 30, 2025$0.41
Jun 24, 2025Jul 1, 2025$0.36
Mar 25, 2025Apr 1, 2025$0.29
Dec 23, 2024Dec 31, 2024$0.52
Sep 24, 2024Oct 1, 2024$0.44
Jun 25, 2024Jul 2, 2024$0.43
Mar 19, 2024Mar 26, 2024$0.32
Dec 21, 2023Dec 29, 2023$0.50

TMF Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
41.4%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.40
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−89.6%
Trough Sep 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
7.22
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TMF Cost

Expense ratio1.01%
  • The middle half of 3x Leveraged Long funds
  • Median 0.98%

16 of the 30 3x Leveraged Long funds charge less.

TMF costs $101.00 a year on $10,000. The median 3x Leveraged Long fund costs $98.50.