Direxion Daily 20+ Year Treasury Bull and Bear 3X Shares

  • FUND SYMBOL

    TMF

  • DAILY TARGET

    300%

  • INTRA-DAY INDICATIVE VALUE

    TMF.IV

  • BLOOMBERG INDEX

    IDCOT20TR

  • CUSIP

    25459W540

  • ISIN

    US25459W5408

  • EXPENSE RATIO (GROSS/NET %)

    1.10 / 1.11*

  • Duration

    53.04 Years

  • INCEPTION DATE

    Apr 16, 2009

  • FUND SYMBOL

    TMV

  • DAILY TARGET

    -300%

  • INTRA-DAY INDICATIVE VALUE

    TMV.IV

  • BLOOMBERG INDEX

    IDCOT20TR

  • CUSIP

    25459Y678

  • ISIN

    US25459Y6784

  • EXPENSE RATIO (GROSS/NET %)

    1.02 / 1.02*

  • Duration

    -53.04 Years

  • INCEPTION DATE

    Apr 16, 2009

Overview

The Direxion Daily 20+ Year Treasury Bull & Bear 3X Shares seek daily investment results, before fees and expenses, of 300%, or 300% of the inverse (or opposite), of the performance of the ICE U.S. Treasury 20+ Year Bond Index. There is no guarantee the funds will meet their stated investment objectives.

These leveraged ETFs seek a return that is 300% or -300% of the return of their benchmark index for a single day. The funds should not be expected to provide three times or negative three times the return of the benchmark’s cumulative return for periods greater than a day.

Strategy & Benefits

Key Benefits

You know that TRADING is different than investing. But the opportunity to take advantage of short-term trends is only won, if you get the direction right.

Whether you’re a bull or a bear, Direxion is with you. Our leveraged ETFs are powerful tools built to help you:

  • Magnify your short-term perspective with daily 3X leverage
  • Go where there’s opportunity, with bull and bear funds for both sides of the trade; and
  • Stay agile – with liquidity to trade through rapidly changing markets

Leveraged and inverse ETFs pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying index over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments.

Target Index

The ICE U.S. Treasury 20+ Year Bond Index (IDCOT20TR) is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the Index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. One cannot directly invest in an index.

Index Bond Maturities %

27-30 Years 39.28
24-27 Years 38.31
20-24 Years 22.41

Index Credit Ratings %

Aaa 100.00

The credit ratings are published rankings based on Moody's financial analyses as it relates to the bond issuer’s ability to meet debt obligations. The highest rating is AAA, and the lowest is D.

Index Statistics

Duration 17.68 Years
Weighted Average Maturity 26.01 Years
Weighted Average Coupon 3.25%
30 Day Volatility 8.99%

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years.

The weighted average maturity of the time until all maturities on treasuries in the index. The higher the weighted average to maturity, the longer the bonds have in the index until maturity.

The weighted average coupon of the index is arrived at by weighting the coupon of each bond by its relative size in the portfolio.

Volatility is a measurement of risk based on daily volatility of price over the last 30 days of the period calculated using standard deviation.

Source: Bloomberg. Data as of 3/31/2018 and is subject to change at any time.

Pricing and Performance

NAV and Market Price information as of July 13, 2018. Line chart shows pricing trend over the last 30 days.

fund symbol

TMF

  • Net asset value (NAV)

    • 19.95
    • 0.15
    • 0.76
  • market price closing

    • 19.95
    • 0.13
    • 0.66
  • Premium / Discount

fund symbol

TMV

  • Net asset value (NAV)

    • 18.51
    • -0.14
    • -0.75
  • market price closing

    • 18.49
    • -0.16
    • -0.86
  • Premium / Discount

    • -0.02

* The Net Expense Ratio includes management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 0.95% for TMF and 0.90% for TMV. The Funds’ adviser, Rafferty Asset Management, LLC ("Rafferty") has entered into an Operating Expense Limitation Agreement with each Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse each Fund for Other Expenses through September 1, 2019, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses). If these expenses were included, the expense ratio would be higher.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the funds website at direxioninvestments.com.

Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund’s prospectus.

Distributions

  • TMF
  • Daily 20+ Year Treasury Bull 3X Shares
Record Date Ex Date Pay Date Income Dividend Short-Term Capital Gain Long-Term Capital Gain
06/20/2018 06/19/2018 06/26/2018 0.10424
03/21/2018 03/20/2018 03/27/2018 0.03021
12/20/2017 12/19/2017 12/27/2017 0.07197
06/22/2017 06/20/2017 06/27/2017 0.01836
  • TMV
  • Daily 20+ Year Treasury Bear 3X Shares
Record Date Ex Date Pay Date Income Dividend Short-Term Capital Gain Long-Term Capital Gain
06/20/2018 06/19/2018 06/26/2018 0.00572