TYD +3x Direxion Daily 7-10 Year Treasury Bull 3X ETF

BULL ETF extreme · Issuer Direxion · Tracks 7-10 Year Treasury (IEF) · Listed 2009-04-16

Quote & options All leveraged ETFs

Implied AUM

$25.8M

shares out × price

Last close

$19.84

20260930

30-day avg volume

27,980

options listed →

TYD realized

—

what holders actually earned

Theoretical +3x

—

+3x × 7-10 Year Treasury's return

Decay gap

—

realized minus theoretical

Realized vs theoretical +3x 7-10 Year Treasury

Cumulative return of TYD against a clean +3x of 7-10 Year Treasury's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: TYO (-3x bear, Direxion Daily 7-10 Year Treasury Bear 3X ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on 7-10 Year Treasury

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
UST	+2x	BULL	ProShares	ProShares Ultra 7-10 Year Treasury	$14.5M	7,669	✓
PST	-2x	BEAR	ProShares	ProShares Trust UltraShort Lehman 7-10 Year Treasury	$11.4M	7,625	✓
TYO	-3x	BEAR	Direxion	Direxion Daily 7-10 Year Treasury Bear 3X ETF	$11.0M	23,444	✓

How TYD works

TYD targets +3x the daily return of 7-10 Year Treasury — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from +3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a +3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.