TMV is the mirror of TMF: it targets -300% of the daily move of long-dated Treasuries, which means it rises when long-term yields rise. Traders use it to position for higher rates, or to hedge a portfolio that would suffer if the long end sold off.
Direxion Daily 20+ Year Treasury Bear 3X ETF (TMV) is currently trading at $42.20. Over the past 52 weeks, TMV has traded between a low of $31.82 and a high of $44.43. Recent daily volume is around 920.1K. These figures update live as the market moves.
TMV holds short exposure to an index of 20-year-plus Treasuries through swaps, rebalanced daily. Because it is short bonds, it carries a structural cost that the bull fund does not: the position gives up the coupon income those bonds pay. Combined with the daily reset, that makes TMV especially unsuited to being held through a directionless market.
Traders expressing a view that inflation or Treasury issuance will push long yields higher, and investors hedging rate risk in a bond-heavy portfolio. It also attracts traders who want a non-equity instrument during periods when stocks and bonds are moving together and equity hedges have stopped diversifying.
The same calendar as TMF, read in the opposite direction: hot inflation prints, hawkish Fed language, heavy Treasury supply, and weak auctions all push yields up and TMV with them. Fiscal headlines — deficit projections, debt-ceiling episodes, ratings actions — hit the long end hardest.