TMF/ Direxion Daily 20+ Year Treasury Bull 3X Shares
Comprehensive risk audit, payout history, and forward-looking dividend projections.
What This Page Shows
- Dividend yield and net yield after fees (12.65% vs 11.75%)
- Risk tier classification: Tier 5 High Octane
- TTM NAV change: -5.9%
- Income sustainability flags and payout history trends
DivAgent Audit Brief
TMF is a Tier 5 High Octane asset yielding 12.65%. It utilizes an aggressive options strategy to generate income, resulting in high immediate yield but significant risk of NAV erosion. Warning: NAV has declined -5.9% over the TTM.
Provider
Direxion
Sector
—
Asset Class
—
Expense Ratio
0.90%
AUM
$2.70B
Inception
—
Distribution
monthly
NAV Change (1Y)
-5.9%
Who Should Buy TMF?
TMF is best suited for Income Maximizers. The fund generates a 12.65% yield through collecting dividends from portfolio companies.
Speculative traders looking for short-term yield capture, willing to risk principal decay.
You are building a 'forever portfolio' and cannot tolerate NAV (share price) decline.
Quick Audit
- TypeTraditional Equity
- ComplexityHigh
- Tax EfficiencyLow (Ordinary Income)
- VolatilityModerate (Lower Beta)
How TMF fits in a portfolio
High-Octane single-stock synthetics print headline yields and erode NAV in plain sight.
Tier 5 includes YieldMax, Defiance, and similar single-stock option income products. Distribution yields above 30% often mask NAV erosion that exceeds income on a net basis. Use as an accent only, sized so a 50% NAV decline does not break the portfolio thesis.
Suggested allocation
1% – 5%
of an income-focused portfolio
Estimated 12-mo net: -$5,058 to $4,714 (P10–P90 range)
How is this projected?
Income series uses your forecasted distribution rate. NAV drift band is the P10/P50/P90 of historical monthly returns by risk tier. For Tier 5 holdings, the P10 path can show meaningful NAV erosion — this is the educational point, not a bug.
Comparing stated yield to actual total return performance
Yield ≠ Returns
This high-yield fund is experiencing significant NAV erosion. While the stated yield is 12.7%, your actual return is only -2.0% due to principal decline.
High-Yield Strategy Note: Tier 5 funds use aggressive income strategies. Always evaluate total return alongside yield to understand true performance.
Institutional Data Locked
Advanced liquidity metrics for Tier 5 assets are available to Premium members.
Unlock MetricsDivAgent Analyst Verdict
“TMF is currently serving as a high-yield accelerator. Investors should be aware that tmf invests in short-term us treasury securities, offering n/a yields with virtually no credit risk. as a tier 5 high octane fund, it serves as a cash equivalent or portfolio anchor during volatile markets. treasury funds hold t-bills, t-notes, or other government obligations backed by the full faith and credit of the united states. tmf's yield tracks the federal funds rate (currently set by the federal reserve) and short-term treasury auction results. principal is highly stable, with minimal nav volatility compared to longer-duration bonds or equity strategies. tmf has delivered -0.1% total return (n/a interest income with -0.1% price movement). distributions are periodic and taxed as ordinary income (though exempt from state/local taxes). treasury funds are appropriate for emergency funds, near-term cash needs (0-2 years), or defensive allocations during market uncertainty. not suitable for long-term growth due to yields that typically lag inflation.”
Risk Profile Audit
Classified as high risk to principal. Significant NAV erosion is possible during volatile markets. Suitable only for income-focused satellite positions.
Price Chart
Live DataCalculate Your Returns
Estimate income for TMF
~28.89 shares at $34.62
Estimates use the latest forecasted distribution and are not guarantees.
Track TMF in DivAgentVerified Payout History
Last 1 of 20 Payments| Ex-Dividend Date | Amount | Frequency | Status |
|---|---|---|---|
| Jun 23, 2026 | $0.3650 | Monthly | PAID |
+19 more dividends hidden | |||
19 more dividends available
Upgrade to Premium to see up to 10 historical dividends, or Pro for unlimited access.
Compare TMF Alternatives
See All ComparisonsTMF FAQ
Common questions about TMF dividends, safety, and performance
Institutional Analysis Context
This FAQ section provides institutional-grade analysis of TMF. DivAgent evaluates dividend ETFs using a proprietary 5-Tier Risk Spectrum that measures income sustainability, NAV erosion risk, and distribution source quality. Data is updated daily from market sources.
DivAgent Data Methodology
Risk Tier Classification
Our 5-Tier Risk Spectrum is not an editorial opinion. It is a quantitative scoring model derived from 36-month volatility, max drawdown depth, and option skew (for derivative funds). A "Tier 1" rating implies volatility comparable to short-term treasuries, while "Tier 5" indicates localized volatility exceeding the S&P 500.
NAV Erosion Calculation
We calculate "Erosion" by stripping out distribution payments to isolate the price performance of the underlying collateral. If a fund's share price drops by more than its distribution yield over a rolling 12-month period, it is flagged as eroding capital. This protects investors from "Yield Traps" that return their own principal as taxable income.
Yield vs. Income
DivAgent distinguishes between "SEC Yield" (standardized) and "Distribution Rate" (cash-on-cash). For option-income ETFs (e.g., Covered Calls), we prioritize the Trailing 12-Month (TTM) distribution rate as a more accurate reflection of realized income, while flagging that future payouts fluctuate with implied volatility.
Performance Benchmarking
All "Total Return" metrics differ from price return. We assume immediate reinvestment of all dividends (DRIP) on the pay date, with no tax friction. This "Net Total Return" metric allows for a true apples-to-apples comparison between high-yield/flat-price funds and low-yield/high-growth funds.
Data as of Jul 7, 2026, 3:01 AM · Dividend history updated Jul 7, 2026 · Sources: Yahoo Finance, FMP, issuer filings.
Forward yields are projections based on the most recent declared distribution annualized; distributions may include return of capital. Past performance of TMF does not guarantee future results.