# TMV (Direxion Daily 20+ Year Treasury Bear 3X ETF)

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

Three months to Sep 11, 2026: TMV returned +18.0% where its own daily promise gave +13.7%, 4.3 points over.

## Key facts

- TMV, what TLT did: −4.6%, as of Sep 11, 2026.
- TMV, what −3 times a day gives: +13.7%, as of Sep 11, 2026.
- TMV, what the fund returned: +18.0%, as of Sep 11, 2026.
- TMV, the fund itself added: +4.3 pts, as of Sep 11, 2026.
- TMV, net assets: $176m (source, as filed for Apr 30, 2026).
- TMV, expense ratio: 0.97% (485BPOS XBRL, Feb 26, 2026).

## TMV over each window to Sep 11, 2026

| Window | Fund | TLT | -3x the move | Difference | TLT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +4.2% | −1.1% | +3.4% | +0.8 pts | 10% |
| 3 months | +18.0% | −4.6% | +13.9% | +4.1 pts | 9% |
| 6 months | +19.9% | −4.4% | +13.1% | +6.8 pts | 10% |
| 1 year | +34.9% | −6.4% | +19.1% | +15.8 pts | 9% |
| 3 years | +33.7% | −2.6% | +7.7% | +26.0 pts | 14% |
| Since launch | −93.9% | +47.2% | −141.5% | +47.6 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 | $176m | source, as filed for Apr 30, 2026 |
| Expense ratio | 0.97% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 9% annualized | ETFIQ |

## Questions

### Did TMV return -3 times TLT?

Over the window to Sep 11, 2026, TLT moved −4.6% and TMV returned +18.0%. 3 times that move is +13.9%, so the fund came out 4.1 points ahead of it.

### Why does TMV not return -3 times over a year?

Because it resets daily. TMV 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.

### Which -3x TLT ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 3 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

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

HTML: https://etfiq.com/funds/TMV  ·  JSON: https://etfiq.com/funds/TMV.json