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TMV

GradeBNew York Stock Exchange Arca

Direxion Daily 20+ Year Treasury Bear 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.

$45.42+2.31 (+5.36%)

As of Sep 23, 2026, 2:15 PM EDT

Intraday session: up, 58 prints from 43.11 to 45.42. Range 43.51 to 45.50. Use the arrow keys to read each point.$43.50$44.00$44.50$45.0010 AM12 PM2 PM4 PM
Expense ratio
0.97%
Fund size
$212M
1Y return
+23.7%
Yield · Last 12 months
2.76%
Holdings
10
Volume · 30D
0.8M sh
NAV per share
$43.21
52W range
low $31.82high $45.32

The ETF.net TMV Grade

B

61/ 100

Rank 3 of 7 in Inverse Treasury⁠

Confidence Low

Six-pillar profile for TMV. Scores out of 100: Cost 75, Risk 33, Mission not scored, Tradability 79, Holdings 41, Durability 54. Strongest: Tradability (79). Weakest: Risk (33). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 61 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.
    AScore 75
    Category rank2/7 · top 29%

  • 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.
    DScore 33
    Category rank6/7 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 79
    Category rank1/7 · top 14%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 41
    Category rank6/7 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 54
    Category rank3/7 · top 43%

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

Our read on TMV

ETF.net Research

BTMV aims for 300% of the inverse daily move of the ICE U.S. Treasury 20+ Year Bond Index, then resets the clock every day. Running since 2009 and priced under the typical bear-Treasury fund, it is built around a one-day objective.

Stated mandate

The fund seeks, before fees and expenses, daily results equal to 300% of the inverse performance of the ICE U.S. Treasury 20+ Year Bond Index. This objective applies to a single day rather than longer holding periods.

Why people hold it

  1. 01At 0.97%, the cheaper of the two triple-short funds on the same long-bond index (TTT charges 1.13%), and below the median fee in its bear-Treasury group.
  2. 02The mandate leaves nothing vague: 300% of the inverse daily move of the ICE U.S. Treasury 20+ Year Bond Index. One index, one day, no manager discretion about the curve.direxion.com
  3. 03Live since 2009, so there is a long public record of how it behaves through both bond rallies and selloffs rather than a short backtest.
  4. 04Actively traded for a corner this specialized, which matters for a vehicle designed to be entered and exited on short notice.

Worth knowing

  1. 01Exposure resets daily. Over a week or a month, results can drift well away from 3x the index's move over that same stretch, and choppy markets widen the gap.
  2. 02Triple leverage on 20+ year Treasuries means outsized daily swings in both directions. This is the high-voltage end of the bond aisle.
  3. 03The 0.97% fee is priced as a trading tool, not a core bond holding, and it accrues every day the position is open regardless of direction.

TMV Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Bonds
Holdings
10
Top-10 weight
151%
Largest holding
TLT SWAP ASSET LEG (TLTBPS)47.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TLT SWAP ASSET LEG (TLTBPS)46.96%-2,407,879$-197M1
002—TLT SWAP ASSET LEG (TLTCTS)24.27%-1,244,334$-102M1
003—TLT SWAP ASSET LEG (TLTMLS)22.41%-1,149,145$-94M1
004—TLT SWAP ASSET LEG (TLTUBS)19.74%-1,012,148$-83M1
005—TLT SWAP ASSET LEG (TLTGSS)19.59%-1,004,249$-82M1
006—TLT SWAP ASSET LEG (TLTJPS)18.42%-944,553$-77M1

Showing 1–6 of 6 holdings

TMV Performance

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

TMV$12,371
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. TMV $12,371. SPY $11,723. Use the arrow keys to read each point.$8,631$10,889$13,146Sep 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 TMV. Periods over one year show the average yearly return.
PeriodTMV
Year to date+18.5%
1 month+0.8%
3 months+15.5%
1 year+23.7%
3 years+5.8%per year
5 years+29.4%per year
10 years+1.8%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 TMV
YearReturn barTMV
2026 YTD+18.5%
2025−3.7%
2024+39.8%
2023−9.7%
2022+150.1%
2021+0.9%
2020−54.1%

TMV in the news

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

TMV 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.
2.76%Last 12 months
Payout per share
$1.19Last 12 months
Upcoming payment
$0.23 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. 23 payments from 2017 to 2026 YTD. Jun 19, 2018 $0.02; Sep 25, 2018 $0.13; Dec 27, 2018 $0.14; Mar 19, 2019 $0.11; Jun 25, 2019 $0.18; Sep 24, 2019 $0.14; Dec 23, 2019 $0.05; Mar 24, 2020 $0.05; Mar 21, 2023 $0.30; Jun 21, 2023 $0.32; Sep 19, 2023 $0.26; Dec 21, 2023 $0.27; Mar 19, 2024 $0.49; Jun 25, 2024 $0.40; Sep 24, 2024 $0.32; Dec 23, 2024 $0.15; Mar 25, 2025 $0.43; Jun 24, 2025 $0.28; Sep 23, 2025 $0.23; Dec 23, 2025 $0.12; Mar 24, 2026 $0.38; Jun 23, 2026 $0.24; Sep 22, 2026 $0.23. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.23
Jun 23, 2026Jun 30, 2026$0.24
Mar 24, 2026Mar 31, 2026$0.38
Dec 23, 2025Dec 31, 2025$0.12
Sep 23, 2025Sep 30, 2025$0.23
Jun 24, 2025Jul 1, 2025$0.28
Mar 25, 2025Apr 1, 2025$0.43
Dec 23, 2024Dec 31, 2024$0.15
Sep 24, 2024Oct 1, 2024$0.32
Jun 25, 2024Jul 2, 2024$0.40
Mar 19, 2024Mar 26, 2024$0.49
Dec 21, 2023Dec 29, 2023$0.27

TMV 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.
42.1%
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.
0.34
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.
−48.5%
Trough Sep 2024
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.
−6.95
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.

TMV Cost

Expense ratio0.97%
  • The middle half of Inverse Treasury funds
  • Median 1.13%

1 of the 7 Inverse Treasury funds charge less.

TMV costs $97.00 a year on $10,000. The median Inverse Treasury fund costs $113.00.