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

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

Three months to Sep 30, 2026: TMV returned +32.5% where its own daily promise gave +27.9%, 4.6 points over.

## Key facts

- TMV, what TLT did: −8.3%, as of Sep 30, 2026.
- TMV, what −3 times a day gives: +27.9%, as of Sep 30, 2026.
- TMV, what the fund returned: +32.5%, as of Sep 30, 2026.
- TMV, the fund itself added: +4.6 pts, as of Sep 30, 2026.
- TMV, net assets: $243m (issuer page, as of Sep 30, 2026).
- TMV, expense ratio: 0.97% (485BPOS XBRL, Feb 26, 2026).

## TMV over each window to Sep 30, 2026

| Window | Fund | TLT | -3x the move | Difference | TLT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +18.4% | −5.4% | +16.1% | +2.3 pts | 10% |
| 3 months | +32.5% | −8.3% | +25.0% | +7.5 pts | 10% |
| 6 months | +34.8% | −8.1% | +24.3% | +10.5 pts | 9% |
| 1 year | +46.0% | −9.0% | +26.9% | +19.0 pts | 9% |
| 3 years | +25.0% | −0.4% | +1.3% | +23.6 pts | 13% |
| Since launch | −93.2% | +41.5% | −124.7% | +31.5 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 | -3.9 times, against -3 stated | ETFIQ |
| Underlying | TLT | ETFIQ |
| Segment | asset class, bond | ETFIQ |
| Net assets | $243m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.97% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 10% annualized | ETFIQ |

## Questions

### Did TMV return -3 times TLT?

Over the window to Sep 30, 2026, TLT moved −8.3% and TMV returned +32.5%. −3 times that move is +25.0%, so the fund came out 7.5 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 figure itself.


## Cite this page

ETFIQ, TMV, data as of Sep 30, 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