Direxion Daily 7-10 Year Treasury Bear 3X ETF
$15.24+0.52 (+3.53%)
- Expense ratio
- 1.15%
- Fund size
- $11M
- 1Y return
- +21.0%
- Yield · Last 12 months
- 8.29%
- Holdings
- 7
- Volume · 30D
- 0M sh
- NAV per share
- $15.51
- 52W range
The ETF.net TYO Grade
Score 38 of 100 sits in the D 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.DScore 36Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 62Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 21Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.DScore 35Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.DScore 32Category rank
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
- 7
- 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.
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.
| Period | TYO |
|---|---|
| Year to date | +19.2% |
| 1 month | +5.6% |
| 3 months | +9.9% |
| 1 year | +21.0% |
| 3 years | +5.0% |
| 5 years | +16.7% |
| 10 years | +3.3% |
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 | +19.2% | |
| 2025 | −7.6% | |
| 2024 | +19.0% | |
| 2023 | +1.0% | |
| 2022 | +58.8% | |
| 2021 | +7.5% | |
| 2020 | −28.6% |
TYO in the news
ETF.net Research hasn’t filed on TYO yet — coverage lands here as it’s written.
TYO Dividends
- 8.29%
- $1.22
- $0.86 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 22, 2026 | Pays Sep 29, 2026 | $0.86 |
| Jun 23, 2026 | Jun 30, 2026 | $0.08 |
| Mar 24, 2026 | Mar 31, 2026 | $0.14 |
| Dec 23, 2025 | Dec 31, 2025 | $0.05 |
| Sep 23, 2025 | Sep 30, 2025 | $0.10 |
| Jun 24, 2025 | Jul 1, 2025 | $0.12 |
| Mar 25, 2025 | Apr 1, 2025 | $0.23 |
| Dec 23, 2024 | Dec 31, 2024 | $0.05 |
| Sep 24, 2024 | Oct 1, 2024 | $0.15 |
| Jun 25, 2024 | Jul 2, 2024 | $0.15 |
| Mar 19, 2024 | Mar 26, 2024 | $0.27 |
| Dec 21, 2023 | Dec 29, 2023 | $0.08 |
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
- The middle half of Inverse Treasury funds
- Median 1.13%
4 of the 7 Inverse Treasury funds charge less.