TMF - Direxion Daily 20+ Year Treasury Bull 3X ETF

The Direxion Daily 20+ Year Treasury Bull & Bear 3X ETFs 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.

As of May 15, 2026: spot at $32.61, ATM IV 32.0%, max pain $38.00, net GEX -$2.9M.

Sector
Financial Services
Industry
Asset Management - Leveraged
Market Cap
$2.58B
Beta
7.15
52-Week Range
33.51-44.24
Dividend Yield
$1.45
IPO Date
Apr 16, 2009
Exchange
AMEX

What TMF Looks Like to Options Traders Today

IV rank of 26.1% is subdued relative to the 1-year history, conditions that typically favor premium-buying or long-volatility structures (debit spreads, calendar spreads, long straddles); negative net gamma exposure (-$2.9M) means dealers hedge with trend, amplifying realized volatility and accelerating directional moves; the 25-delta skew (0.033) prices calls richer than puts, often reflecting upside speculation or squeeze risk.

What This Page Covers

The TMF overview links into per-metric analysis views: max pain, gamma exposure, volatility skew, expected move, options chain, open interest history, and aggregate Greeks. Microstructure data is available on short interest, short volume, fail-to-deliver, and market structure.

Frequently asked TMF overview questions

What is TMF?
TMF is the ticker symbol for Direxion Daily 20+ Year Treasury Bull 3X ETF, an listed exchange-traded fund. The Direxion Daily 20+ Year Treasury Bull & Bear 3X ETFs 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. Listed on AMEX. TMF is the ETF ticker shown on this page; ETF traders use the fund for diversified exposure to its underlying basket, for sector and factor rotation, and for hedging or replication strategies via the listed options chain.
What does the TMF options snapshot look like today?
As of May 15, 2026, the TMF options snapshot shows spot at $32.61, ATM IV 32.0%, IV rank 26.1%, max pain $38.00, net GEX -$2.9M, expected move 9.18%. The full options chain, Greeks by strike and expiration, per-strike open-interest distribution, dealer gamma and delta exposure, and the volatility skew surface are linked from this overview page. Each per-metric route refreshes once per trading session and reflects the most recent close-of-business listed-options state.
What are TMF's key statistics?
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) carries a market capitalization of $2.58B, 52-week range of 33.51-44.24. Full holdings disclosure, expense ratio, and tracking-error history live on the per-ticker fundamentals page or the sponsor's site; daily NAV and premium/discount-to-NAV are accessible from the same view. These structural inputs frame how the ETF options market prices implied volatility relative to its constituents.
What sector or industry does TMF belong to?
Direxion Daily 20+ Year Treasury Bull 3X ETF operates in the Financial Services sector, in the Asset Management - Leveraged industry. Sector classification affects how the ticker correlates with sector ETFs, how it reacts to macro factors like rate moves and commodity prices, and how its options pricing compares to sector peers. Compare TMF's implied volatility and skew against sector benchmarks to gauge whether the options market is pricing single-name or systemic risk relative to the broader peer group.
How current is the TMF data on this page?
The options snapshot above is dated May 15, 2026 and refreshes once per session, with all per-strike Greeks and exposure aggregates recomputed at the daily close. Fund-level fields (sponsor, expense ratio, holdings concentration where available) refresh from the vendor feed nightly. ETF-specific filings (N-CSR, N-PX, N-CEN) update on the SEC EDGAR cadence. FINRA microstructure data refreshes on the source's cadence; for ETFs the off-exchange volume signal is dominated by authorized-participant creation and redemption rather than directional flow.