Direxion Daily 20+ Year Treasury Bear 3X ETF
BThis 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.
$48.64−0.56 (−1.14%)
- 0.97%
- $244M
- +50.8%
- 1.95%
- 1M sh
- $49.27
- low $31.82high $52.20
The ETF.net TMV Grade
B
Score 62 out of 100
- 2 of 7
Score 62 of 100 falls in the B 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.A75 out of 100Rank 2 of 7Mission
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.C44 out of 100Rank 6 of 7Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A74 out of 100Rank 1 of 7Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C42 out of 100Rank 6 of 7Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B56 out of 100Rank 3 of 7
Our read on TMV
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.
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
- At 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.
- The 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
- Live since 2009, so there is a long public record of how it behaves through both bond rallies and selloffs rather than a short backtest.
- Actively traded for a corner this specialized, which matters for a vehicle designed to be entered and exited on short notice.
Worth knowing
- Exposure 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.
- Triple leverage on 20+ year Treasuries means outsized daily swings in both directions. This is the high-voltage end of the bond aisle.
- The 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
- Bonds
- 6
- 150%
- Tlt Swap Asset Leg (Tltbps)
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$15,084
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 | TMV |
|---|---|
| Year to date | +35.3% |
| 1 month | +10.8% |
| 3 months | +25.5% |
| 1 year | +50.8% |
| 3 years | +4.8% |
| 5 years | +29.1% |
| 10 years | +2.4% |
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 | TMV |
|---|---|---|
| 2026 YTD | +35.3% | |
| 2025 | −3.7% | |
| 2024 | +39.8% | |
| 2023 | −9.7% | |
| 2022 | +150.1% | |
| 2021 | +0.9% | |
| 2020 | −54.1% |
TMV in the news
TMV Dividends
- 1.95%
- $0.96
- $0.23 per share
- Quarterly
Distribution history
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.
- 40.2%
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.
- 0.27
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.
- −48.5%
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.
- −6.95
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
0.97%
TMV0.97%
- The middle half of Inverse Treasury funds
- Median 1.13%
1 of the 7 Inverse Treasury funds charge less.
Other funds in Inverse Treasury
- BTBTProShares - UltraShort 20+ Year TreasuryExpense ratio 0.93%1 year return +31.6%
- BTBFProShares - Short 20+ Year TreasuryExpense ratio 1.00%1 year return +16.6%
- CTTTProShares UltraPro Short 20+ Year TreasuryExpense ratio 1.13%1 year return +47.0%
- CTBXProShares - Short 7-10 Year TreasuryExpense ratio 1.46%1 year return +8.0%
- DPSTProShares UltraShort 7-10 Year TreasuryExpense ratio 1.40%1 year return +18.3%