{
 "ticker": "TMF",
 "name": "Direxion Daily 20+ Year Treasury Bull 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/tmf",
 "html": "https://etfiq.com/funds/tmf",
 "markdown": "https://etfiq.com/funds/tmf.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: TMF returned \u221225.3% where its own daily promise gave \u221223.6%, 1.8 points short.",
 "key_facts": [
  {
   "key": "what_tlt_did",
   "label": "What TLT did",
   "value": "\u22128.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TMF, what TLT did: \u22128.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What 3 times a day gives",
   "value": "\u221223.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TMF, what 3 times a day gives: \u221223.6%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221225.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TMF, what the fund returned: \u221225.3%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.8 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TMF, the fund itself cost: \u22121.8 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2.0bn",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "TMF, net assets: $2.0bn (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.90%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "TMF, expense ratio: 0.90% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+3 times the daily move of TLT, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+3.04 times, against +3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "TLT",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, bond",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2.0bn",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.90%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "10% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221216.0%",
   "TLT": "\u22125.4%",
   "+3x the move": "\u221216.1%",
   "Difference": "+0.1 pts",
   "TLT moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "\u221225.3%",
   "TLT": "\u22128.3%",
   "+3x the move": "\u221225.0%",
   "Difference": "\u22120.3 pts",
   "TLT moved about": "10%"
  },
  {
   "window": "6 months",
   "Fund": "\u221227.0%",
   "TLT": "\u22128.1%",
   "+3x the move": "\u221224.3%",
   "Difference": "\u22122.7 pts",
   "TLT moved about": "9%"
  },
  {
   "window": "1 year",
   "Fund": "\u221233.5%",
   "TLT": "\u22129.0%",
   "+3x the move": "\u221226.9%",
   "Difference": "\u22126.6 pts",
   "TLT moved about": "9%"
  },
  {
   "window": "3 years",
   "Fund": "\u221240.6%",
   "TLT": "\u22120.4%",
   "+3x the move": "\u22121.3%",
   "Difference": "\u221239.3 pts",
   "TLT moved about": "13%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221257.5%",
   "TLT": "+41.5%",
   "+3x the move": "+124.7%",
   "Difference": "\u2212182.1 pts",
   "TLT moved about": "15%"
  }
 ],
 "questions": [
  {
   "q": "Did TMF return +3 times TLT?",
   "a": "Over the window to Sep 30, 2026, TLT moved \u22128.3% and TMF returned \u221225.3%. 3 times that move is \u221225.0%, so the fund came out 0.3 points short of it."
  },
  {
   "q": "Why does TMF not return +3 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}