# Direxion Daily 20+ Year Treasury Bear 3X ETF (TMV): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/tmv for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Direxion · Asset class: Fixed Income - Strategy: Leveraged · Inception: 2009-04-16 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 pro... ## Key Facts | Metric | Value | |---|---| | Price | $43.51 | | Expense Ratio | 0.97% | | Assets Under Management | $192.5M | | NAV | $42.80 | | Holdings Count | 10 | | Distribution Yield (TTM) | 2.21% | | Annual Distribution (TTM) | $0.96 /share | | Distribution Frequency | Quarterly | | 52-Week Range | $31.91 – $52.20 | | Beta | -6.95 | ## Latest Distribution - Amount: $0.2265 /share - Ex-date: 2026-09-22 - Pay date: 2026-09-29 ## Frequently Asked Questions ### 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 2.21%, 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. ### Does TMV pay a dividend? Yes, Direxion Daily 20+ Year Treasury Bear 3X ETF (TMV) distributes dividends to shareholders. The trailing-twelve-month yield is 2.21%. Full dividend history is on this page. ### How often does TMV pay dividends? Direxion Daily 20+ Year Treasury Bear 3X ETF pays dividends Quarterly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is TMV's next ex-dividend date? The most recently announced ex-dividend date for TMV was 2026-09-22. The next ex-date typically follows Quarterly; once announced it appears at the top of the dividend history table on this page. ### How much will TMV's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.97% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does TMV charge its expense ratio? The expense ratio is deducted in tiny daily slices from TMV's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does TMV cost more than a fund like VOO? TMV is a leveraged fund (current expense ratio 0.97%). Daily-reset leverage products carry swap and financing costs that don't exist on a plain-vanilla equity ETF. The Cost Verdict card compares against the leveraged/inverse cohort where these costs are the norm. ### Are there cheaper alternatives to TMV? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as TMV (0.97%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/tmv - Distribution history: https://www.dividenddata.com/funds/tmv/dividend - Holdings & diversification: https://www.dividenddata.com/funds/tmv/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/tmv/expenses - Peer comparison: https://www.dividenddata.com/funds/tmv/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.