# TYO (Direxion Daily 7-10 Year Treasury Bear 3X ETF)

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

Three months to Sep 30, 2026: TYO returned +18.5% where its own daily promise gave +13.8%, 4.7 points over.

## Key facts

- TYO, what IEF did: −4.3%, as of Sep 30, 2026.
- TYO, what −3 times a day gives: +13.8%, as of Sep 30, 2026.
- TYO, what the fund returned: +18.5%, as of Sep 30, 2026.
- TYO, the fund itself added: +4.7 pts, as of Sep 30, 2026.
- TYO, net assets: $11m (issuer page, as of Sep 30, 2026).
- TYO, expense ratio: 1.00% (485BPOS XBRL, Feb 26, 2026).

## TYO over each window to Sep 30, 2026

| Window | Fund | IEF | -3x the move | Difference | IEF moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +11.9% | −3.4% | +10.1% | +1.8 pts | 6% |
| 3 months | +18.5% | −4.3% | +13.1% | +5.4 pts | 5% |
| 6 months | +22.4% | −4.4% | +13.3% | +9.1 pts | 5% |
| 1 year | +28.8% | −3.7% | +11.2% | +17.6 pts | 5% |
| 3 years | +19.9% | +8.9% | −26.8% | +46.6 pts | 6% |
| Since launch | −69.5% | +47.1% | −141.4% | +71.9 pts | 7% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 times the daily move of IEF, reset daily | ETFIQ |
| Multiple a holder actually got over the window | IEF moved −4.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | IEF | ETFIQ |
| Segment | asset class, bond | ETFIQ |
| Net assets | $11m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.00% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 5% annualized | ETFIQ |

## Questions

### Did TYO return -3 times IEF?

Over the window to Sep 30, 2026, IEF moved −4.3% and TYO returned +18.5%. −3 times that move is +13.1%, so the fund came out 5.4 points ahead of it.

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

Because it resets daily. TYO 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, TYO, data as of Sep 30, 2026. https://etfiq.com/funds/tyo
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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