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

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: TMF returned −25.3% where its own daily promise gave −23.6%, 1.8 points short.

## Key facts

- TMF, what TLT did: −8.3%, as of Sep 30, 2026.
- TMF, what 3 times a day gives: −23.6%, as of Sep 30, 2026.
- TMF, what the fund returned: −25.3%, as of Sep 30, 2026.
- TMF, the fund itself cost: −1.8 pts, as of Sep 30, 2026.
- TMF, net assets: $2.0bn (issuer page, as of Sep 30, 2026).
- TMF, expense ratio: 0.90% (485BPOS XBRL, Feb 26, 2026).

## TMF over each window to Sep 30, 2026

| Window | Fund | TLT | +3x the move | Difference | TLT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −16.0% | −5.4% | −16.1% | +0.1 pts | 10% |
| 3 months | −25.3% | −8.3% | −25.0% | −0.3 pts | 10% |
| 6 months | −27.0% | −8.1% | −24.3% | −2.7 pts | 9% |
| 1 year | −33.5% | −9.0% | −26.9% | −6.6 pts | 9% |
| 3 years | −40.6% | −0.4% | −1.3% | −39.3 pts | 13% |
| Since launch | −57.5% | +41.5% | +124.7% | −182.1 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 | +3.04 times, against +3 stated | ETFIQ |
| Underlying | TLT | ETFIQ |
| Segment | asset class, bond | ETFIQ |
| Net assets | $2.0bn | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.90% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 10% annualized | ETFIQ |

## Questions

### Did TMF return +3 times TLT?

Over the window to Sep 30, 2026, TLT moved −8.3% and TMF returned −25.3%. 3 times that move is −25.0%, so the fund came out 0.3 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 30, 2026. https://etfiq.com/funds/tmf
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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