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TMF vs UDOW

Direxion Daily 20+ Year Treasury Bull 3X ETF

TMFANYSE Arca

ProShares UltraPro Dow30

UDOWANYSE Arca

Overlap

Expense ratio

TMF −0.04pt a year

TMF0.90%UDOW0.94%

Avg volume · 30D

TMF 3.3×the volume

TMF5.73MUDOW1.72M

10Y return · a year

UDOW +39.5pt

TMF−17.2%UDOW+22.3%

TMF vs UDOW Performance

Oct 29, 2021 – Oct 30, 2026

−87.8%TMF+66.5%UDOW

Oct 29, 2021 to Oct 30, 2026. TMF −87.8%. UDOW +66.5%. Use the arrow keys to read each point.−50%0%100%Oct 2021Apr 2024Oct 2026
Expense ratio
TMF 0.90%, better
UDOW 0.94%
Fund size
TMF $1.95B
UDOW $841M
1Y total return
TMF −25.0%
UDOW +16.0%, better
Yield (12M)
TMF 4.68%, better
UDOW 1.06%
Holdings
TMF 14
UDOW 33
Avg volume (30D)
TMF 5.73M sh, better
UDOW 1.72M sh
NAV per share
TMF $29.47
UDOW $65.43
52W range

ETF.net Grade

TMF: Cost 87, Risk 49, Mission not scored, Tradability 79, Holdings 100, Durability 65. UDOW: Cost 78, Risk 85, Mission 77, Tradability 89, Holdings 56, Durability 71.
Pillar letters and Scores for TMF, UDOW, with each pillar’s weight
PillarTMFUDOW
Cost30% weightA87HigherA78
Mission25% weightNot scoredA77
Risk15% weightC49A85Higher
Tradability15% weightA79A89Higher
Holdings10% weightA100HigherB56
Durability5% weightB65A71Higher

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. TMF and UDOW 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 ›

UDOW ranks 2nd 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

TMFADirexion Daily 20+ Year Treasury Bull 3X ETF

UDOWAProShares UltraPro Dow30

In short

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.

UDOW The only 3x daily play on the Dow: 30 blue-chip names, price-weighted, reset every session. It is the industrial cousin of the semis-and-Nasdaq crowd that fills the leveraged aisle, and it has run since 2010.

Stated mandate

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.

UDOW The Fund seeks daily results equal to three times the daily performance of the Dow Jones Industrial Average before fees and expenses. It uses equity securities, derivatives, and money-market instruments to pursue that daily leveraged exposure.

Why people hold it

  • 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.
  • UDOW ProShares calls UDOW the only ETF targeting 3x the daily move of the Dow. In a 3x aisle crowded with semiconductor and Nasdaq bets, the blue-chip index has exactly one lever.proshares.com
  • The Dow is a price-weighted measure of 30 US blue chips, so the exposure leans industrials, financials and health care instead of megacap tech.spglobal.com
  • Trading since 2010, it has run through several full market cycles and stays actively traded, which matters when the holding period is hours rather than years.
  • Among the stronger implementations in its 3x bull peer group, it stays close to its stated daily target and trades with the depth short-horizon traders look for.

Worth knowing

  • 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.
  • UDOW The 3x target resets every day. Over longer stretches, compounding and volatility can push results away from 3x the index move, as the prospectus spells out.proshares.com
  • At 0.94% with no waiver propping it up, cost sits near the typical 3x bull fund; TQQQ charges 0.78% net of a waiver through September 30, 2027.
  • Exposure is built with derivatives and cash instruments alongside stocks, so counterparty and derivative risk ride along with the market call.proshares.com

Full TMF profile⁠

Full UDOW profile⁠

TMF vs UDOW 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.

TMF vs UDOW Cost

Overpaying UDOW vs TMF

$664

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

  • TMF 0.90%

    $17,040

  • UDOW 0.94%

    $17,704

$10,000
30 years

Cost over time

  • TMF 0.90%
  • UDOW 0.94%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530UDOW $17,704TMF $17,040

Year by year

YearTMFUDOWOverpaying
10$1,593$1,661$68
20$6,015$6,260$245
30$17,040$17,704$664

Expense ratio

  • 0.90%TMF, cheaper
  • 0.94%UDOW
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

TMF 5th cheapest of 30 funds

UDOW 7th cheapest of 30 funds

TMF vs UDOW Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TMF 4.68%, better
UDOW 1.06%
Payout (12M)
TMF $1.40
UDOW $0.69
Last payment
TMF $0.35
UDOW $0.15
Ex-dividend
TMF Sep 22, 2026
UDOW Sep 23, 2026
Paid on
TMF Sep 29, 2026
UDOW Sep 29, 2026
Frequency
TMF Quarterly
UDOW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

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$52017202020232026YTD
UDOWQuarterly · 15 paymentsAll UDOW payments⁠
One bar per payment. 15 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.007; Dec 26, 2017 $0.02; Dec 24, 2019 $0.07; Dec 23, 2020 $0.03; Dec 22, 2022 $0.09; Mar 20, 2024 $0.07; Jun 26, 2024 $0.16; Dec 23, 2024 $0.07; Mar 26, 2025 $0.16; Jun 25, 2025 $0.22; Sep 24, 2025 $0.23; Dec 24, 2025 $0.20; Mar 25, 2026 $0.14; Jun 24, 2026 $0.21; Sep 23, 2026 $0.15. Use the arrow keys to read each point.$0$52017202020232026YTD

TMF vs UDOW Risk

Fall from peak · 5 years

  • TMF
  • UDOW
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
TMF 40.2%UDOW 37.2%, better
Return per unit of riskSharpe ratio, 3 years
TMF −0.07UDOW 0.95, better
Worst fallMax drawdown, 5 years
TMF −90.9%UDOW −56.0%, better
Market sensitivityBeta, 5 years
TMF 7.22UDOW 2.62

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