Direxion Daily 20+ Year Treasury Bear 3X ETF

Frequently Asked Questions About TMV

What does TMV invest in?

TMV provides daily inverse (-3x) exposure to the ICE U.S. Treasury 20+ Year Bond Index. Using a combination of swaps and futures, TMV gives investors -3x exposure to daily moves in T-bonds with more than 20 years left to maturity. The daily reset means investors shouldn't expect the leverage factor to hold constant over investment horizons greater than one day. In short, the fund is a valid option for tactical positioning/hedging against rising interest rates, but it's important to keep in mind that the -3x leverage results in greater impact from the effects of compounding. As a levered product, TMV is not a buy-and-hold ETF, it's a short-term tactical instrument. Prior to May 2, 2016, TMV tracked the NYSE 20+Year Treasury Bond Index. The change had minimal impact on investors exposure. Effective February 27, 2026, the fund replaced the term Shares in its name with ETF.

What is the expense ratio of TMV?

Direxion Daily 20+ Year Treasury Bear 3X ETF (TMV) charges an expense ratio of 0.97%. This is the annual fee deducted from fund assets to cover management and operations.

Is TMV a good long-term hold?

TMV is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple — typically negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.

How does TMV's daily reset work?

TMV rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level — so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets.

How big is TMV?

Direxion Daily 20+ Year Treasury Bear 3X ETF (TMV) manages $177.1M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is TMV actively managed or an index fund?

TMV's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.