TMF is a 3x leveraged bet on long-dated US Treasury bonds. Bond prices move inversely to yields, so TMF rises when long-term interest rates fall. It is the most direct retail instrument for expressing a view on the long end of the yield curve, and it behaves very differently from the equity leveraged funds.
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is currently trading at $31.08. Over the past 52 weeks, TMF has traded between a low of $29.45 and a high of $44.24. Recent daily volume is around 4.0M. These figures update live as the market moves.
TMF holds swaps referencing an index of Treasuries maturing in 20 years or more, resetting daily for 3x exposure. Long-duration bonds are already volatile — a 1% move in the underlying index is a substantial day — so tripling it produces equity-like swings from an asset class usually thought of as defensive.
The longer a bond's maturity, the more its price responds to a change in yield. Twenty-plus-year Treasuries carry enormous duration, which is what makes TMF move so hard on a rate surprise. It also means TMF is not a hedge against equity risk in the way Treasuries traditionally were — in 2022 stocks and long bonds fell together, and TMF fell three times as fast.
Everything on the rates calendar: Fed decisions and the dot plot, CPI and PCE releases, the monthly jobs report, and Treasury refunding announcements. Long-bond auctions matter too — a weak auction pushes yields up and TMF down. Pair it with TMV to see both sides of the same move.