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Launched · SEC filings

Direxion Daily 20+ Year Treasury Bear 3X ETF

TMVNYSE ArcaDirexionDThis 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.

$44.01+1.79 (+4.25%)

As of Nov 10, 2026, 11:25 AM ET

D37/ 100

Rank 6 of 7 in Inverse Treasury

D37/100Rank 6 of 7inInverse Treasury
Intraday session: up, 24 prints from 42.21 to 44.01. Range 43.49 to 44.02. Use the arrow keys to read each point.42.5043.0043.5010 AM12 PM2 PM4 PM
Expense ratio
0.97%
Fund size
$186M
1Y total return
+25.5%
Yield · Last 12 months
2.27%
Holdings
6
Avg volume · 30D
1.19M sh
52W range
low $33.00high $52.20
Launched
Filings
SEC EDGAR

The ETF.net TMV Grade

Based on 5 of 6 pillars

D

Score 37 out of 100

Category
Inverse Treasury⁠
Rank
6 of 7
Six-pillar profile for TMV. Scores out of 100: Cost 24, Risk 37, Mission not scored, Tradability 59, Holdings 41, Durability 54. Strongest: Tradability (59). Weakest: Cost (24). Based on 5 of 6 pillars.

Score 37 of 100 falls in the D 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.
    F24 out of 100
    Rank 6 of 7

  • 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.
    D37 out of 100
    Rank 6 of 7

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B59 out of 100
    Rank 4 of 7

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C41 out of 100
    Rank 6 of 7

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C54 out of 100
    Rank 3 of 7

Our read on TMV

ETF.net Research

In short

DTMV 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

  • 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 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.

TMV$12,551
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. TMV $12,551. SPY $11,339. Use the arrow keys to read each point.$10,000$12,000$14,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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+16.1%
1 month−14.3%
3 months+1.5%
1 year+25.5%
3 yearsper year+1.9%
5 yearsper year+29.2%
10 yearsper year−0.9%

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+16.1%
2025−3.7%
2024+39.8%
2023−9.7%

TMV in the news

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 Nov 9, 2026.
2.27%Last 12 months
Payout per share
$0.96Last 12 months
Last payment
$0.23 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. 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, 2026Sep 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

See all 24 payments⁠

$10,000 in TMV 10 years ago paid $909 in dividends.⁠

TMV Risk

Risk pillarD37 out of 100Rank 6 of 7 in Inverse Treasury

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.
40.1%
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.
0.02
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.
−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.

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

TMV Cost

Compare TMV and TBT

Overpaying vs TBT, cheapest in Inverse Treasury

$659

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

  • TMV 0.97%

    $18,198

  • TBT 0.93% Cheapest

    $17,539

$10,000
30 years

Cost over time

  • TMV 0.97%
  • TBT 0.93%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TMV $18,198TBT $17,539

Year by year

YearTMVTBTOverpaying
10$1,712$1,644$68
20$6,443$6,199$244
30$18,198$17,539$659

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