ETF Evaluator:
Direxion Daily 20+ Yr Trsy Bear 3X ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Debt Over the Last Year
| 14.4% | Direxion Daily 20+ Yr Trsy Bear 3X ETF (TMV) |
| 11.9% | ProShares UltraPro Short 20+ Year Trs (TTT) |
| 9.8% | ProShares UltraShort 20+ Year Treasury (TBT) |
| 9.5% | Direxion Daily 7-10 Yr Trs Bear 3X ETF (TYO) |
| 7.5% | Trading--Inverse Debt () |
Risk
Index
Risk
Index
ETF Details
Direxion Daily 20+ Yr Trsy Bear 3X ETF Overview
Direxion Daily 20+ Yr Trsy Bear 3X ETF (TMV) is a passively managed Miscellaneous Trading--Inverse 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 inverse (or opposite) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.
The fund, under normal circumstances, invests at least 80% of the fund’s net assets in financial instruments, that, in combination, provide 3X daily inverse (opposite) or short exposure to the index or to ETFs that track 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. It is non-diversified.
About Direxion Daily 20+ Yr Trsy Bear 3X ETF (TMV)
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 Bear 3X ETF has 16 securities in its portfolio. The top 10 holdings constitute 114.6% 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 Bear 3X ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Direxion Daily 20+ Yr Trsy Bear 3X ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 13.7% 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 2.9% (2.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Direxion Daily 20+ Yr Trsy Bear 3X ETF has 83.5% of the portfolio in cash.
Assets Under Management
The fund has $188 million in total assets, which is above the $91 million average for the Trading--Inverse 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.
TMV 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 Bear 3X ETF expense ratio is high compared to funds in the Trading--Inverse Debt category. Direxion Daily 20+ Yr Trsy Bear 3X ETF has an expense ratio of 0.97%, which is 3% higher than its category average, making the fund expense ratio grade a D. 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 Bear 3X ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 0% for the Trading--Inverse Debt category.
Recently, in the month of July 2026, Direxion Daily 20+ Yr Trsy Bear 3X ETF returned 15.7%, which earned it a grade of B, as the Trading--Inverse Debt category had an average return of 13.1%. 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 Bear 3X ETF has a trailing yield of 2.24%, which is below the 2.59% 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 Bear 3X ETF Grades
Year to date, the ETF has returned 17.4%, 12.5 percentage points better than the category, which translates into a grade of A. The fund has returned 14.4% over the past year (grade of A), 4.3% over the past three years (grade of F) and 20.4% per year over the past five years (grade of B) and -0.4% per year over the past 10 years (grade of F).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Direxion Daily 20+ Yr Trsy Bear 3X ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
TMV 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 |
|
| TMV Return (NAV) | 15.7% | 11.7% | 14.4% | 4.3% | 20.4% | -0.4% |
| TMV Return (Price) | 15.9% | 11.7% | 14.5% | 4.4% | 20.4% | -0.4% |
| NAV +/- Price Return | -0.216% | -0.000% | -0.019% | -0.034% | -0.029% | -0.004% |
| Trading--Inverse Debt Avg | 13.1% | 13.8% | 7.5% | 7.8% | 15.2% | 1.9% |
| TMV Grade (NAV) | B | B | A | F | B | F |
| +/- Category (NAV) | 2.6% | -2.1% | 6.9% | -3.5% | 5.2% | -2.3% |
| TMV Tax-Cost Ratio | na | na | 1.1% | 1.4% | 1.0% | 0.6% |
TMV Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TMV Return (NAV) | 17.4% | -3.8% | 39.7% | -32.2% | 151.4% | 0.7% | -54.3% | -34.9% | 5.7% | -26.8% | -14.1% |
| TMV Return (Price) | 17.5% | -3.7% | 39.8% | -32.3% | 150.2% | 0.8% | -54.1% | -34.2% | 4.0% | -26.5% | -14.3% |
| NAV +/- Price Ret | 0.003% | -0.019% | 0.002% | 0.002% | -0.008% | 0.226% | -0.002% | -2.0% | -29.6% | -1.2% | 1.7% |
| Trading--Inverse Debt Avg | 5.0% | -2.9% | 21.5% | -4.2% | 73.3% | 1.6% | -28.8% | -19.1% | 3.4% | -12.4% | -8.2% |
| TMV Grade (NAV) | A | D | A | F | A | F | F | F | B | F | F |
| +/- Category | 12.5% | -0.9% | 18.2% | -28.0% | 78.1% | -0.9% | -25.4% | -15.8% | 2.3% | -14.4% | -5.9% |
| Risk Measures | |
| Beta: | -6.99 |
| R-Squared: | 81% |
| Standard Deviation: | 43.6% |
| Category Risk Index: | 1.88 |
| Category Risk Rating: | High |
| Total Risk Index: | 3.55 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 2.2% |
| Total Assets: | $ 189 Mil |
| Share Class Assets: | $ 189 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.97% |
| 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: | 114.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 13.7% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 2.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 83.5% |
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 (%): | 0.97% (Rating: High) |
| Category Average Expense Ratio (%): | 0.95% |
