The Direxion Daily 20+ Year Treasury Bull 3X Shares (TMF) is an exchange-traded fund (ETF) that seeks daily investment results, before fees and expenses, of 300% of the performance of the ICE U.S. Treasury 20+ Year Bond Index. The fund is managed by Direxion Investments and was launched in 2009.

The ICE U.S. Treasury 20+ Year Bond Index is a market-capitalization-weighted index that measures the performance of U.S. Treasury bonds with maturities of 20 years or more. The index includes both on-the-run and off-the-run bonds.

TMF is a leveraged ETF, it uses derivatives to magnify its exposure to the underlying index. This can lead to significantly higher returns, but also to significantly higher risk.