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FAS vs TMF

Direxion Daily Financial Bull 3X ETF

FASANYSE Arca

Direxion Daily 20+ Year Treasury Bull 3X ETF

TMFANYSE Arca

Overlap

Expense ratio

FAS −0.02pt a year

FAS0.88%TMF0.90%

Avg volume · 30D

TMF 13.9×the volume

FAS413KTMF5.73M

10Y return · a year

FAS +38.1pt

FAS+20.9%TMF−17.2%

FAS vs TMF Performance

Oct 29, 2021 – Oct 30, 2026

+31.4%FAS−87.8%TMF

Oct 29, 2021 to Oct 30, 2026. FAS +31.4%. TMF −87.8%. Use the arrow keys to read each point.−50%−25%0%50%Oct 2021Apr 2024Oct 2026
Expense ratio
FAS 0.88%, better
TMF 0.90%
Fund size
FAS $2.17B
TMF $1.95B
1Y total return
FAS +12.3%, better
TMF −25.0%
Yield (12M)
FAS 8.87%, better
TMF 4.68%
Holdings
FAS 87
TMF 14
Avg volume (30D)
FAS 413K sh
TMF 5.73M sh, better
NAV per share
FAS $168.18
TMF $29.47
52W range

ETF.net Grade

FAS: Cost 92, Risk 69, Mission not scored, Tradability 73, Holdings not scored, Durability 66. TMF: Cost 87, Risk 49, Mission not scored, Tradability 79, Holdings 100, Durability 65.
Pillar letters and Scores for FAS, TMF, with each pillar’s weight
PillarFASTMF
Cost30% weightA92HigherA87
Mission25% weightNot scoredNot scored
Risk15% weightB69HigherC49
Tradability15% weightA73A79Higher
Holdings10% weightNot scoredA100
Durability5% weightB66HigherB65

Rank among 3x Leveraged Long funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FAS and TMF are both graded against the same 30 3x Leveraged Long funds, so their Grades compare head to head.

3x Leveraged Long⁠

Category · 30 funds
See all 30 ›

FAS ranks 3rd and TMF 5th of 30 funds in the 3x Leveraged Long Category.

  1. Rank 1ATQQQProShares UltraPro QQQScore 86
  2. Rank 2AUDOWProShares UltraPro Dow30Score 81
  3. Rank 3AFASDirexion Daily Financial Bull 3X ETFScore 80
  4. Rank 4ASOXLDirexion Daily Semiconductor Bull 3X ETFScore 76
  5. Rank 5ATMFDirexion Daily 20+ Year Treasury Bull 3X ETFScore 74
  6. Rank 6ATECLDirexion Daily Technology Bull 3X ETFScore 72

Our read on each fund

ETF.net Research

FASADirexion Daily Financial Bull 3X ETF

TMFADirexion Daily 20+ Year Treasury Bull 3X ETF

In short

FAS Born in November 2008 with the banking system on fire, FAS aims to deliver three times the daily move of the Financial Select Sector Index. A one-day tool on roughly 80 financial stocks, built around a single-day objective.

TMF Three times the daily move of long-dated Treasuries, reset every day. Where most 3x funds aim at stocks, TMF points its leverage at the 20-year-plus end of the curve, and has been doing it since 2009.

Stated mandate

FAS The fund seeks a daily return equal to three times the performance of the Financial Select Sector Index, before fees and expenses. It is designed for a single-day objective rather than a multiple of the index’s cumulative return over longer periods.

TMF The Fund seeks pre-fee and expense investment results equal to 300% of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index. It is designed for a single trading day, and longer-period results may differ because daily returns compound.

Why people hold it

  • FAS Launched in November 2008, into the crisis itself, and still one of the strongest implementations in its 3x peer group.
  • Costs 0.88% net of a waiver through September 1, 2027 (0.92% gross), below the median for 3x leveraged funds.
  • A multi-billion-dollar fund that trades steadily, so the leverage arrives in a reasonably liquid wrapper.
  • Straightforward plumbing: 3x the daily move of one named large-cap financials index, about 80 stocks, no stock-picking overlay.
  • TMF A rate bet without an options account: it targets 300% of the daily move of the ICE U.S. Treasury 20+ Year Bond Index.
  • 0.90% net of a waiver through September 1, 2027 (1.01% gross), below the category median for 3x funds.
  • One of the more heavily traded funds in the leveraged group, which generally helps keep spreads thin for in-and-out trading.
  • Running since 2009, among the longest-lived 3x funds, through several very different rate regimes.

Worth knowing

  • FAS The 3x goal resets every day. Hold longer and compounding can push results away from three times the index's move over that stretch, especially in choppy markets.
  • Leverage runs both directions: down days are magnified just as sharply, and this is one sector in one direction with no diversification cushion.
  • Not the cheapest 3x on the shelf: SOXL runs 0.75% and TQQQ 0.78%, each net of waivers through September 1, 2027 and September 30, 2027.
  • TMF Daily reset: over more than one day, results can drift well away from 3x the index's move, and choppy stretches grind compounded returns down.
  • Triple duration cuts both ways. A 1% day in the index becomes roughly 3% here, up or down.
  • Distributions come quarterly, and the prospectus frames the fund as a single-day tool rather than a hold-and-forget position.

Full FAS profile⁠

Full TMF profile⁠

FAS vs TMF Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FAS vs TMF Cost

Overpaying TMF vs FAS

$335

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

  • FAS 0.88%

    $16,705

  • TMF 0.90%

    $17,040

$10,000
30 years

Cost over time

  • FAS 0.88%
  • TMF 0.90%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TMF $17,040FAS $16,705

Year by year

YearFASTMFOverpaying
10$1,559$1,593$34
20$5,891$6,015$124
30$16,705$17,040$335

Expense ratio

  • 0.88%FAS, cheaper
  • 0.90%TMF
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

FAS 4th cheapest of 30 funds

TMF 5th cheapest of 30 funds

FAS vs TMF Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FAS 8.87%, better
TMF 4.68%
Payout (12M)
FAS $14.62
TMF $1.40
Last payment
FAS $1.00
TMF $0.35
Ex-dividend
FAS Sep 22, 2026
TMF Sep 22, 2026
Paid on
FAS Sep 29, 2026
TMF Sep 29, 2026
Frequency
FAS Quarterly
TMF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FASQuarterly · 36 paymentsAll FAS payments⁠
One bar per payment. 36 payments from 2017 to 2026 YTD. Dec 19, 2017 $0.08; Mar 20, 2018 $0.13; Jun 19, 2018 $0.16; Sep 25, 2018 $0.19; Dec 27, 2018 $0.16; Mar 19, 2019 $0.16; Jun 25, 2019 $0.17; Sep 24, 2019 $0.15; Dec 23, 2019 $0.11; Mar 24, 2020 $0.12; Jun 23, 2020 $0.04; Sep 22, 2020 $0.05; Dec 22, 2020 $0.08; Mar 23, 2021 $0.13; Jun 22, 2021 $0.14; Sep 21, 2021 $0.15; Dec 21, 2021 $0.36; Jun 22, 2022 $0.12; Sep 20, 2022 $0.22; Dec 20, 2022 $0.33; Mar 21, 2023 $0.17; Jun 21, 2023 $0.62; Sep 19, 2023 $0.29; Dec 21, 2023 $0.38; Mar 19, 2024 $0.36; Jun 25, 2024 $0.27; Sep 24, 2024 $0.32; Dec 23, 2024 $0.19; Mar 25, 2025 $0.46; Jun 24, 2025 $0.50; Sep 23, 2025 $0.39; Dec 10, 2025 $12.09; Dec 23, 2025 $0.39; Mar 24, 2026 $0.60; Jun 23, 2026 $0.53; Sep 22, 2026 $1.00. Use the arrow keys to read each point.$0$102017202020232026YTD
TMFQuarterly · 35 paymentsAll TMF payments⁠
One bar per payment. 35 payments from 2017 to 2026 YTD. Jun 20, 2017 $0.18; Dec 19, 2017 $0.72; Mar 20, 2018 $0.30; Jun 19, 2018 $1.04; Sep 25, 2018 $0.57; Dec 27, 2018 $0.97; Mar 19, 2019 $0.68; Jun 25, 2019 $0.67; Sep 24, 2019 $0.59; Dec 23, 2019 $0.50; Mar 24, 2020 $0.99; Dec 10, 2020 $6.86; Mar 23, 2021 $0.15; Jun 22, 2021 $0.14; Sep 21, 2021 $0.05; Dec 21, 2021 $0.02; Mar 22, 2022 $0.15; Jun 22, 2022 $0.26; Sep 20, 2022 $0.36; Dec 20, 2022 $0.47; Mar 21, 2023 $0.35; Jun 21, 2023 $0.48; Sep 19, 2023 $0.50; Dec 21, 2023 $0.50; Mar 19, 2024 $0.32; Jun 25, 2024 $0.43; Sep 24, 2024 $0.44; Dec 23, 2024 $0.52; Mar 25, 2025 $0.29; Jun 24, 2025 $0.36; Sep 23, 2025 $0.41; Dec 23, 2025 $0.46; Mar 24, 2026 $0.22; Jun 23, 2026 $0.37; Sep 22, 2026 $0.35. Use the arrow keys to read each point.$0$102017202020232026YTD

FAS vs TMF Risk

Fall from peak · 5 years

  • FAS
  • TMF
Oct 29, 2021 to Oct 30, 2026. Worst fall: TMF −90.9% · Oct 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FAS 46.3%TMF 40.2%, better
Return per unit of riskSharpe ratio, 3 years
FAS 1.03, betterTMF −0.07
Worst fallMax drawdown, 5 years
FAS −66.9%, betterTMF −90.9%
Market sensitivityBeta, 5 years
FAS 2.63TMF 7.22

Popular comparisons

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    Expense ratio
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