ETF Evaluator:
Direxion Daily 20+ Yr Trsy Bull 3X ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Leveraged Debt Over the Last Year
| 5.1% | ProShares Ultra High Yield (UJB) |
| -0.7% | ProShares Ultra 7-10 Year Treasury (UST) |
| -4.7% | Trading--Leveraged Debt () |
| -5.6% | Direxion Daily 7-10 Yr Trs Bull 3X ETF (TYD) |
| -7.3% | ProShares Ultra 20+ Year Treasury (UBT) |
Risk
Index
Risk
Index
ETF Details
Direxion Daily 20+ Yr Trsy Bull 3X ETF Overview
Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF) is a passively managed Miscellaneous Trading--Leveraged Debt exchange-traded fund (ETF). Direxion Funds launched the ETF in 2009.
The investment seeks daily investment results, before fees and expenses, of 300% of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.
The fund, under normal circumstances, invests at least 80% of its net assets in financial instruments, such as swap agreements, securities of the index, and ETFs that track the index, that, in combination, provide 3X daily leveraged exposure to the index, consistent with the fund's investment objective. The index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. The fund is non-diversified.
About Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
There are 2 members of the management team with an average tenure of 14.07 years: Tony Ng (2015) and Paul Brigandi (2009). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE U.S. Treasury 20+ Year Bond TR USD index with a weighting of 300%. Direxion Daily 20+ Yr Trsy Bull 3X ETF has 16 securities in its portfolio. The top 10 holdings constitute 122.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Direxion Daily 20+ Yr Trsy Bull 3X ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Direxion Daily 20+ Yr Trsy Bull 3X ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -10.7% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 65.7% (65.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Direxion Daily 20+ Yr Trsy Bull 3X ETF has 46.2% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $452 million average for the Trading--Leveraged Debt category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TMF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Direxion Daily 20+ Yr Trsy Bull 3X ETF expense ratio is high compared to funds in the Trading--Leveraged Debt category. Direxion Daily 20+ Yr Trsy Bull 3X ETF has an expense ratio of 0.90%, which is 7% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Direxion Daily 20+ Yr Trsy Bull 3X ETF has a portfolio turnover rate of 142%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Trading--Leveraged Debt category.
Recently, in the month of July 2026, Direxion Daily 20+ Yr Trsy Bull 3X ETF returned -13.8%, which earned it a grade of F, as the Trading--Leveraged Debt category had an average return of -6.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Direxion Daily 20+ Yr Trsy Bull 3X ETF has a trailing yield of 4.75%, which is above the 3.76% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Direxion Daily 20+ Yr Trsy Bull 3X ETF Grades
Year to date, the ETF has returned -16.5%, 8.2 percentage points worse than the category, which translates into a grade of F. The fund has returned -15.0% over the past year (grade of F), -21.9% over the past three years (grade of F) and -34.7% per year over the past five years (grade of F) and -19.0% per year over the past 10 years (grade of F).
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TMF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TMF Return (NAV) | -13.8% | -11.2% | -15.0% | -21.9% | -34.7% | -19.0% |
| TMF Return (Price) | -14.0% | -11.2% | -15.0% | -21.8% | -34.7% | -19.0% |
| NAV +/- Price Return | 0.195% | 0.067% | 0.046% | -0.031% | 0.012% | 0.016% |
| Trading--Leveraged Debt Avg | -6.3% | -5.6% | -4.7% | -5.4% | -15.3% | -6.4% |
| TMF Grade (NAV) | F | F | F | F | F | F |
| +/- Category (NAV) | -7.4% | -5.6% | -10.3% | -16.5% | -19.4% | -12.6% |
| TMF Tax-Cost Ratio | na | na | 1.3% | 1.3% | 0.9% | 0.7% |
TMF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TMF Return (NAV) | -16.5% | -3.0% | -35.8% | -13.0% | -72.8% | -19.5% | 38.8% | 36.3% | -12.1% | 23.2% | -3.6% |
| TMF Return (Price) | -16.7% | -3.0% | -35.9% | -13.0% | -72.6% | -19.8% | 39.0% | 34.7% | -11.0% | 22.7% | -2.5% |
| NAV +/- Price Ret | 0.008% | -0.006% | 0.003% | -0.004% | -0.003% | 0.017% | 0.004% | -4.2% | -8.7% | -1.9% | -30.2% |
| Trading--Leveraged Debt Avg | -8.3% | 6.9% | -13.6% | -0.4% | -45.2% | -8.7% | 24.3% | 24.6% | -5.5% | 11.7% | 4.6% |
| TMF Grade (NAV) | F | F | F | F | F | F | A | A | F | A | F |
| +/- Category | -8.2% | -9.9% | -22.2% | -12.7% | -27.6% | -10.8% | 14.5% | 11.7% | -6.5% | 11.5% | -8.2% |
| Risk Measures | |
| Beta: | 7.22 |
| R-Squared: | 94% |
| Standard Deviation: | 41.9% |
| Category Risk Index: | 1.87 |
| Category Risk Rating: | High |
| Total Risk Index: | 3.42 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 4.8% |
| Total Assets: | $ 2,147 Mil |
| Share Class Assets: | $ 2,147 Mil |
| Turnover: | 142.0% |
| Expense Ratio: | 0.90% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 17.3 years | |||
| Average Tenure: 14.1 years | |||
| Managers (Year): Brigandi Paul (2009), Ng Tony (2015) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 16 |
| % in Top 10 Holdings: | 122.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | -10.7% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 65.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -1.3% |
| Cash: | 46.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Direxion Funds |
| Phone Number: | 866-476-7523 |
| Website: | http://www.direxioninvestments.com/ |
| Inception Date: | April 16, 2009 |
Expenses and Fees
| Expense Ratio (%): | 0.90% (Rating: High) |
| Category Average Expense Ratio (%): | 0.96% |
