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.

What is TMV's dividend yield?

TMV's trailing-twelve-month yield is 2.27%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of TMV?

Effective duration measures TMV's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. TMV's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of TMV?

TMV's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of TMV?

Yield to maturity (YTM) is the total return you'd earn from TMV if every bond in the portfolio is held to maturity at the current price. TMV's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.