# TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: TMF returned −15.8% where its own daily promise gave −13.8%, 2.0 points short.

## Key facts

- TMF, what TLT did: −4.6%, as of Sep 11, 2026.
- TMF, what +3 times a day gives: −13.8%, as of Sep 11, 2026.
- TMF, what the fund returned: −15.8%, as of Sep 11, 2026.
- TMF, the fund itself cost: −2.0 pts, as of Sep 11, 2026.
- TMF, net assets: $2.7bn (source, as filed for Apr 30, 2026).
- TMF, expense ratio: 0.90% (485BPOS XBRL, Feb 26, 2026).

## TMF over each window to Sep 11, 2026

| Window | Fund | TLT | +3x the move | Difference | TLT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −4.6% | −1.1% | −3.4% | −1.2 pts | 10% |
| 3 months | −15.8% | −4.6% | −13.9% | −1.9 pts | 9% |
| 6 months | −18.1% | −4.4% | −13.1% | −5.1 pts | 10% |
| 1 year | −27.8% | −6.4% | −19.1% | −8.6 pts | 9% |
| 3 years | −44.9% | −2.6% | −7.7% | −37.2 pts | 14% |
| Since launch | −52.0% | +47.2% | +141.5% | −193.5 pts | 15% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +3 times the daily move of TLT, reset daily | ETFIQ |
| Multiple a holder actually got over the window | TLT moved −4.6% over this window, too little to read a multiple from | ETFIQ |
| Underlying | TLT | ETFIQ |
| Segment | asset class, bond | ETFIQ |
| Net assets | $2.7bn | source, as filed for Apr 30, 2026 |
| Expense ratio | 0.90% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 9% annualized | ETFIQ |

## Questions

### Did TMF return +3 times TLT?

Over the window to Sep 11, 2026, TLT moved −4.6% and TMF returned −15.8%. 3 times that move is −13.9%, so the fund came out 1.9 points short of it.

### Why does TMF not return +3 times over a year?

Because it resets daily. TMF aims at +3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, TMF, data as of Sep 11, 2026. https://etfiq.com/funds/TMF
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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