Direxion Daily 20+ Year Treasury Bear 3X ETF
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- Direxion Daily 20+ Year Treasury Bear 3X Shares (TMV) is an exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 300% of the inverse (or opposite) of the performance of the ICE U.S. Treasury 20+ Year Bond Index. The fund provides leveraged inverse exposure to a market value-weighted index of U.S. Treasury bonds with remaining maturities greater than 20 years; eligible securities are fixed-rate, U.S. dollar-denominated bonds with at least $300 million outstanding face value, excluding inflation-linked securities, Treasury bills, cash management bills, agency debt, and stripped zero-coupon issues. TMV achieves its objectives primarily through financial instruments such as swap agreements, futures contracts, options, reverse repurchase agreements, and exchange-traded funds, while remaining the remainder of its assets in money market funds or similar instruments; the index characteristics include an effective duration of 16.40 years, weighted average maturity of 26.18 years, weighted average coupon of 3.05%, and 30-day volatility of 13.62% as of June 30, 2025. Issued by Direxion Shares ETF Trust and managed by Rafferty Asset Management, LLC, with a gross/net expense ratio of 0.95%, the fund trades on NYSE Arca and targets sophisticated investors seeking short-term tactical positioning or hedging against rising interest rates, given the compounding effects of daily leverage resets that make it unsuitable for buy-and-hold strategies. TMV launched on April 16, 2009, with headquarters aligned to Rafferty Asset Management in New York, New York, and operates primarily in the U.S. fixed income leveraged ETF segment, serving institutional and retail investors focused on Treasury markets. The fund complements its bull counterpart, Direxion Daily 20+ Year Treasury Bull 3X Shares (TMF), together providing bull and bear leveraged tools for daily trading opportunities in long-duration Treasuries. Recent operational changes include a forward share split announced on August 4, 2023, to improve trading accessibility, and alongside TMF, a reverse split for TMF announced on November 6, 2023; the underlying index transitioned from the NYSE 20+ Year Treasury Bond Index to the ICE U.S. Treasury 20+ Year Bond Index prior to May 2, 2016, with minimal impact on exposure. In September 2024, Direxion selected SS&C ALPS Distributors to provide medallion distribution services for its ETF range, enhancing fund distribution strategy and access to registered fund services. More recently, Direxion announced closures of certain underperforming ETFs, including OOTO and CLDL in June 2025 and three additional funds in October 2025 due to insufficient assets, reflecting portfolio optimization efforts, while launching new single-stock leveraged and inverse ETFs such as those tied to Ford in July 2025, Boeing and Exxon Mobil in April 2025, and Direxion Titans suites. Rafferty has agreed to an operating expense limitation through September 1, 2026, capping total annual operating expenses at 0.95% excluding certain costs like taxes and brokerage.
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