20년이상 미국국채 추종 ETF

코드	종목	레버리지
TMV	Direxion Daily 20-Yr Treasury Bear 3x Shrs	-3 배
TMF	Direxion Daily 20-Yr Treasury Bull 3x Shrs	+3 배

 http://www.etf.com/TMV

TMV ETF: Holdings, Quote, Analysis, Ratings | ETF.com

www.etf.com

The Direxion Daily 20 Year Plus Treasury Bear 3x ETF provides -3x daily inverse exposure to an index of US Treasury bonds with over 20 years to maturity.

TMV delivers a highly potent, but volatile, solution to betting on rising interest rates. The fund uses swaps to deliver the daily returns of a 3x short position in Treasury bonds with more than 20 years left to maturity. This results in duration of roughly -51 for the fund. However, the daily reset combined with the 3x leverage can lead to significant divergence in performance over longer holding periods. As such, long-term speculative positions, especially in oscillating markets, aren’t advised. However, for short-term bets, the fund can be an excellent option to express views on long-term interest rates. Among the 3x inverse long-term Treasury funds, TMV is slightly more expensive, but makes up for it with significantly more volume and tighter spreads.

http://www.etf.com/TMF

TMF ETF: Holdings, Quote, Analysis, Ratings | ETF.com

www.etf.com

The Direxion Daily 20+ Year Treasury Bull ETF provides 3x exposure to a market-value-weighted index of US Treasury bonds with over 20 years to maturity.

TMF provides daily leveraged (3x) exposure tothe NYSE 20+ Year Treasury Bond Index. The index is designed to rise when yields fall, making TMF a highly leveraged bet on falling yields. It charges 95 bps for holding swaps on the iShares 20+ Year Treasury Bond ETF (TLT), which tracks a Barclays index covering the same pocket of the yield curve. The difference in underlying indexes adds some basis risk to tracking. TMF has a modest asset base, but the market for its shares is quite active, enhancing the fund’s utility as a tactical vehicle—volume is strong and spreads are reasonably narrow, so it’s fairly easy and cheap to execute same-day round-trip trades.