TMV ETF — Direxion Daily 20+ Year Treasury Bear 3X Shares

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

Updated October 16, 2026.

TMV is an ETF linked to 20+ Year Treasury. its distribution rate is 1.99%, its trailing-12-month yield is 2.10%, its expense ratio is 0.97%. Total return is -93.0% over the past 17.5 years, 1197.1 points behind SPY at 1104.1%.

This ETF seeks to deliver three times the daily inverse performance of long-term U.S. Treasury securities with remaining maturities exceeding 20 years, making it a leveraged bearish bet on Treasury prices that moves opposite to the underlying index. The fund carries a modest current distribution rate with quarterly distributions and charges an expense ratio of 0.97%. It appeals to tactical traders and investors seeking short-term bearish exposure to the long-duration Treasury market, though its daily reset mechanism makes it unsuitable as a buy-and-hold investment.

TMV performance versus SPY

Price and return data through 2026-10-16.

Total return is -93.0% over the past 17.5 years, 1197.1 points behind SPY at 1104.1%. Over the past year its total return — price change plus distributions reinvested — is 43.6%. Its deepest 1-year drawdown was 14.6%.

TMV key facts

Issuer

Direxion

Asset type

ETF

Asset class

Equity

Inception date

04/16/2009

Expense ratio

0.97%

Distribution rate

1.99%

Distribution frequency

Quarterly

Trailing yield

2.10%

Last close

$45.67 (as of 2026-10-16)

AUM

$240,334,057

Average volume

1460932.0

Dividend

$0.227

Ex-dividend date

09/22/2026

Payment date

09/29/2026

Beta

-6.99

How Dividend Vision calculates yield and returns

Distribution rate (1.99%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (2.10%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Direxion; Index: 20+ Year Treasury; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

TMV risks and drawbacks

TMV's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 14.6%.

Who may consider TMV — and who may not

It is a weaker fit for investors who need monthly cash flow (TMV pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on TMV

• All tickers starting with T

Tagged: Leverage, Short, Treasury.

Frequently asked questions

More securities from Direxion.