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Launched · SEC filings

Direxion Daily 20+ Year Treasury Bull 3X ETF

TMFNYSE ArcaDirexionAThis 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.

$30.05+0.20 (+0.67%)

At close: Nov 2, 2026, 4:00 PM ET

A74/ 100

Rank 5 of 31 in 3x Leveraged Long

A74/100Rank 5 of 31in3x Leveraged Long
Intraday session: up, 79 prints from 29.85 to 30.05. Range 29.90 to 30.52. Use the arrow keys to read each point.30.2030.3030.4030.5010 AM12 PM2 PM4 PM
Expense ratio
0.90%*
Fund size
$1.95B
1Y total return
−25.0%
Yield · Last 12 months
4.68%
Holdings
14
Avg volume · 30D
5.73M sh
52W range
low $24.52high $41.97
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 1, 2027. Without it: 1.01%.

The ETF.net TMF Grade

Based on 5 of 6 pillars

A

Score 74 out of 100

Category
3x Leveraged Long⁠
Rank
5 of 31
Six-pillar profile for TMF. Scores out of 100: Cost 87, Risk 49, Mission not scored, Tradability 79, Holdings 100, Durability 65. Strongest: Holdings (100). Weakest: Risk (49). Based on 5 of 6 pillars.

Score 74 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A87 out of 100
    Rank 5 of 31

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C49 out of 100
    Rank 16 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A79 out of 100
    Rank 3 of 31

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A100 out of 100
    Rank 1 of 4

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B65 out of 100
    Rank 6 of 31

Our read on TMF

ETF.net Research

In short

AThree times the daily move of long-dated Treasuries, reset every day. Where most 3x funds aim at stocks, TMF points its leverage at the 20-year-plus end of the curve, and has been doing it since 2009.

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

  • A rate bet without an options account: it targets 300% of the daily move of the ICE U.S. Treasury 20+ Year Bond Index.
  • 0.90% net of a waiver through September 1, 2027 (1.01% gross), below the category median for 3x funds.
  • One of the more heavily traded funds in the leveraged group, which generally helps keep spreads thin for in-and-out trading.
  • Running since 2009, among the longest-lived 3x funds, through several very different rate regimes.

Worth knowing

  • Daily reset: over more than one day, results can drift well away from 3x the index's move, and choppy stretches grind compounded returns down.
  • Triple duration cuts both ways. A 1% day in the index becomes roughly 3% here, up or down.
  • Distributions come quarterly, and the prospectus frames the fund as a single-day tool rather than a hold-and-forget position.

TMF Holdings

Holdings pillarA100 out of 100Rank 1 of 4 in 3x Leveraged Long
Asset class
Bonds
Holdings
14
Top-10 weight
91%
Largest holding
TLT19.2%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1TLTIshares 20+ Year Treasury Bd19.20%15,931,053$1.3B9
2No dataTlt Swap Asset Leg (Tltmll)11.46%9,508,501$775M1
3No dataTlt Swap Asset Leg (Tltjpl)10.81%8,969,961$731M1
4No dataTlt Swap Asset Leg (Tltgsl)10.57%8,771,401$715M1
5No dataTlt Swap Asset Leg (Tltbcl)10.09%8,370,334$682M1
6No dataTlt Swap Asset Leg (Tltctl)8.75%7,260,491$592M1
7No dataTlt Swap Asset Leg (Tltbpl)5.50%4,562,997$372M1
8No dataTlt Swap Asset Leg (Tltnml)5.42%4,500,000$367M1
9No dataDreyfus Govt Cash Man Ins5.12%346,482,116$346M105
10No dataTlt Swap Asset Leg (Tltubl)4.48%3,721,746$303M1
11No dataGoldman Finl Sq Trsry Inst 5062.92%197,595,423$198M95
12No dataDreyfus Trsry Securities Cash Mgmt2.63%178,178,197$178M77
13No dataJp Morgan 100 Us Trsy Capital 31632.34%157,937,770$158M5
14No dataGoldman Sachs Fin Gov 465 Institut0.71%48,010,000$48M69

Showing 1–14 of 14 holdings

TMF Performance

Launched Apr 16, 2009

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

TMF$7,505
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. TMF $7,505. SPY $11,199. Use the arrow keys to read each point.$6,000$8,000$10,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+16.2%
3 months−1.3%
1 year−25.0%
3 yearsper year−5.8%
5 yearsper year−34.3%
10 yearsper year−17.2%

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

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 Oct 30, 2026.
4.68%Last 12 months
Payout per share
$1.40Last 12 months
Last payment
$0.35 per share
Paid 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, 2026Sep 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

See all 50 payments⁠

$10,000 in TMF 10 years ago paid $886 in dividends.⁠

TMF Risk

Risk pillarC49 out of 100Rank 16 of 30 in 3x Leveraged Long

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.
40.2%
Annualised · 36 months to Oct 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.
−0.07
vs 3-month T-bills · to Oct 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.
−90.9%
Trough Oct 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.

FMP measures it over up to five years of monthly returns.

TMF Cost

Compare TMF and SOXL

Overpaying vs SOXL, cheapest in 3x Leveraged Long

$2,558

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TMF 0.90%

    $17,040

  • SOXL 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • TMF 0.90%
  • SOXL 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TMF $17,040SOXL $14,482

Year by year

YearTMFSOXLOverpaying
10$1,593$1,336$257
20$6,015$5,078$937
30$17,040$14,482$2,558
How the 0.90% is worked out

Full fee 1.01%− waiver 0.11%= you pay 0.90%

The waiver ends Sep 1, 2027. After that the fee is 1.01% unless Direxion renews it. Source: prospectus, Mar 2026.

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