Direxion Daily 20+ Year Treasury Bear 3X (TMV) ETF Holdings & Analysis

What TMV does

TMV provides daily inverse (-3x) exposure to the ICE U.S. Treasury 20+ Year Bond Index. Using a combination of swaps and futures, TMV gives investors -3x exposure to daily moves in T-bonds with more than 20 years left to maturity. The daily reset means investors shouldn't expect the leverage factor to hold constant over investment horizons greater than one day. In short, the fund is a valid option for tactical positioning/hedging against rising interest rates, but it's important to keep in mind that the -3x leverage results in greater impact from the effects of compounding. As a levered product, TMV is not a buy-and-hold ETF, it's a short-term tactical instrument. Prior to May 2, 2016, TMV tracked the NYSE 20+Year Treasury Bond Index. The change had minimal impact on investors exposure. Effective February 27, 2026, the fund replaced the term Shares in its name with ETF.

Fund profile

Top holdings

Sector allocation

Geographic allocation

PortView Portfolio Insights

PortView analyzes how TMV fits your actual portfolio — position weight, ETF overlap with your other funds, sector and geographic exposure, concentration, and how this fund contributes to your portfolio risk and return. Connect a portfolio to see your personalized figures; PortView never shows another user's private holdings.

Related securities

Related stocks

Frequently asked questions

What does TMV track?

TMV is the Direxion Daily 20+ Year Treasury Bear 3X ETF, a Other ETF.

What is the expense ratio of TMV?

Expense ratio data for TMV is shown on the page when available from our data provider.

What are the largest holdings in TMV?

Top holdings include TLT SWAP ASSET LEG (TLTBPS), DREYFUS GOVT CASH MAN INS, TLT SWAP ASSET LEG (TLTCTS), TLT SWAP ASSET LEG (TLTUBS), TLT SWAP ASSET LEG (TLTMLS).

How can PortView analyze TMV overlap with other ETFs?

PortView computes the holdings overlap between TMV and the other ETFs and stocks you own, plus your combined sector and geographic exposure, so you can see true diversification.