Direxion Daily 7-10 Year Treasury Bear 3X ETF
DThis 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.
$15.51−0.07 (−0.48%)
- 1.15%
- $11M
- +30.2%
- 7.21%
- 0M sh
- $15.57
- low $12.62high $15.90
The ETF.net TYO Grade
D
Score 37 out of 100
- 6 of 7
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.D36 out of 100Rank 5 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.B57 out of 100Rank 4 of 7Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F21 out of 100Rank 7 of 7Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D38 out of 100Rank 7 of 7Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.D32 out of 100Rank 7 of 7
Our read on TYO
DMost leveraged Treasury bears crowd the 20+ year end of the curve. TYO shorts the belly instead, aiming for 300% of the inverse daily move of the ICE U.S. Treasury 7-10 Year Bond Index. A one-day tool, running since 2009.
The fund seeks daily investment results equal to 300% of the inverse performance of the ICE U.S. Treasury 7-10 Year Bond Index, before fees and expenses. Its objective applies for a single day.
Why people hold it
- Points at the 7-10 year belly of the curve, not the 20+ year long end where most of the leveraged bear Treasury shelf sits (TBT, TMV, TTT).direxion.com
- At 1.15% a year, it undercuts both other funds shorting the same 7-10 year index: TBX at 1.46% and PST at 1.40%.
- Live since 2009, a long run for a triple-leveraged product, and Direxion states the 300% inverse target plainly as a single-day objective.direxion.com
Worth knowing
- The 3x inverse target resets each day. Held longer, the result depends on the path the index takes, not just its direction, and choppy stretches work against compounding.
- One of the smaller, thinner-traded corners of the leveraged shelf, which can mean wider bid-ask spreads and more slippage when trading size.
- The 1.15% fee is mid-pack for leveraged bear Treasury funds and heavy next to plain bond ETFs. It accrues every day the position stays open.
TYO Holdings
- Bonds
- 3
- 150%
- Ief Swap Asset Leg (Iefbps)
TYO Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
TYO$13,019
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 | TYO |
|---|---|
| Year to date | +26.2% |
| 1 month | +5.8% |
| 3 months | +15.5% |
| 1 year | +30.2% |
| 3 years | +5.0% |
| 5 years | +16.6% |
| 10 years | +3.8% |
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 | TYO |
|---|---|---|
| 2026 YTD | +26.2% | |
| 2025 | −7.6% | |
| 2024 | +19.0% | |
| 2023 | +1.0% | |
| 2022 | +58.8% | |
| 2021 | +7.5% | |
| 2020 | −28.6% |
TYO in the news
TYO Dividends
- 7.21%
- $1.12
- $0.86 per share
- Quarterly
Distribution history
TYO 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.
- 19.8%
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.
- 0.17
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.
- −24.4%
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.
- −3.52
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TYO Cost
1.15%
TYO1.15%
- The middle half of Inverse Treasury funds
- Median 1.13%
4 of the 7 Inverse Treasury funds charge less.
Other funds in Inverse Treasury
- BTBFProShares - Short 20+ Year TreasuryExpense ratio 1.00%1 year return +16.6%
- BTMVDirexion Daily 20+ Year Treasury Bear 3X ETFExpense ratio 0.97%1 year return +50.8%
- 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%