Direxion Daily 20+ Year Treasury Bull 3X ETF
CThis 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.
$26.38+0.30 (+1.15%)
- 1.01%
- $2.1B
- −35.5%
- 5.36%
- 5.2M sh
- $26.02
- low $24.52high $44.24
The ETF.net TMF Grade
C
Score 53 out of 100
- 11 of 31
Score 53 of 100 falls in the C 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.C42 out of 100Rank 18 of 31Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C46 out of 100Rank 17 of 30Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A81 out of 100Rank 3 of 31Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A100 out of 100Rank 1 of 3Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B66 out of 100Rank 5 of 31
Our read on TMF
CThe 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.
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
- One 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.
- A 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.
- Actively traded, which is the underrated feature in a fund designed for one-day holds: getting out is usually as easy as getting in.
- Stands 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
- The 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.
- Long Treasuries are the most rate-sensitive corner of the bond market, and this triples the swing. Quiet asset class, loud fund.
- Distributions land quarterly, but the design targets daily price moves, not coupon income.
TMF Holdings
- Bonds
- 14
- 89%
- TLT
Sectors
- Financials100.0%
Geography
- United States100.00%
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$6,451
Returns run to the Oct 12, 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.
| Period | TMF |
|---|---|
| Year to date | −28.1% |
| 1 month | −10.0% |
| 3 months | −21.1% |
| 1 year | −35.5% |
| 3 years | −12.9% |
| 5 years | −35.1% |
| 10 years | −18.7% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TMF |
|---|---|---|
| 2026 YTD | −28.1% | |
| 2025 | −3.0% | |
| 2024 | −35.9% | |
| 2023 | −13.0% | |
| 2022 | −72.6% | |
| 2021 | −19.8% | |
| 2020 | +39.0% |
TMF in the news
TMF Dividends
- 5.36%
- $1.40
- $0.35 per share
- Quarterly
Distribution history
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.
- 40.3%
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.
- −0.35
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.
- −90.9%
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.
- 7.22
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
1.01%
TMF1.01%
- The middle half of 3x Leveraged Long funds
- Median 0.98%
16 of the 30 3x Leveraged Long funds charge less.
Other funds in 3x Leveraged Long
- BDRNDirexion Daily Real Estate Bull 3X ETFExpense ratio 0.98%1 year return +3.4%
- CRETLDirexion Daily Retail Bull 3X SharesExpense ratio 0.96%1 year return −7.2%
- CDUSLDirexion Daily Industrials Bull 3X ETFExpense ratio 0.98%1 year return +23.1%
- CUTSLDirexion Daily Utilities Bull 3X ETFExpense ratio 0.98%1 year return −28.1%
- CWEBLDirexion Daily Dow Jones Internet Bull 3X SharesExpense ratio 0.96%1 year return +2.0%