Share-split context: This ETF has both forward- and reverse-split history. The most recent recorded event was on Aug 28, 2023 with coefficient 4. Current price-return figures are already split-adjusted. Forward splits receive no automatic performance penalty; reverse-split history remains a separate structural warning.

What this ETF is trying to do

TMV is the DIREXION DAILY 20+ YEAR TREASURY BEAR 3X SHARES. This is a specialized type of investment called an "inverse" and "leveraged" ETF. Being "inverse" means it is designed to move in the opposite direction of long-term Treasury bonds. Being "leveraged" means it uses tools to try to multiply those movements by three times.

What the numbers show

As of October 7, 2026, the current price of one share is $50.79.

This ETF has a history of both forward and reverse splits. A forward split is when one old share becomes multiple new shares, which makes the per-share price look lower even though your ownership stays the same. A reverse split is when multiple old shares are combined into fewer new shares, making the per-share price rise mechanically. Because this ETF has a "mixed" split history, we use split-adjusted returns to see how it has actually performed.

Here is what the data shows:

• Year-to-Date (YTD): The share-price return is approximately 36.68%, while the total return is approximately 39.66%.

• One Year: The share-price return was approximately 45.03%, and the total return was approximately 48.67%.

• Three Years: The share-price return was approximately 1.68%, while the total return was approximately 12.43%.

Note that "price return" only tracks the change in the share price, while "total return" includes the value of distributions.

Income and distribution explanation

This ETF pays out cash to investors, known as distributions. The distribution yield is approximately 1.90%. Over the last year, the total amount of trailing distributions was $0.96 per share, paid out four times (usually once every quarter). It is important to remember that a distribution yield is just the cash paid out; it is not the same as your total return.

NAV erosion explanation

"NAV erosion" refers to a decline in the value of the fund's underlying assets. Some investors worry about this because if the value of the fund's holdings drops significantly, it can be hard for the share price to recover. For TMV, the erosion-risk score is 100, and the data shows "no price erosion detected." There is no severe erosion-risk flag for this ETF.

Pros

• The ETF has shown positive split-adjusted price returns and total returns over the last year and year-to-date.

• No severe erosion-risk flag was detected.

Cons

• This is a leveraged and inverse ETF, which are complex financial tools.

• The top holdings list is very concentrated, with one holding (GOLDMAN SACHS FS TREASURY INTMS INSTL) making up 46% of the portfolio.

Beginner takeaway

TMV is a complex tool designed to move in the opposite direction of long-term Treasury bonds with three times the movement. While it has shown positive returns recently, investors should understand the difference between share-price returns and total returns, and remember that high distributions are cash payments and not the same as overall profit.

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*Disclaimer: This report is for educational purposes only. It does not provide financial advice. I am not recommending whether you should buy, sell, or hold this ETF.*