Not even a double-digit drawdown has slowed the record flood of cash into an exchange-traded fund that offers three times the Treasury market’s performance.
Nearly $2.3 billion has streamed into the the Direxion Daily 20+ Year Treasury Bull 3X this year, including more than $500 million in the past month, data compiled by Bloomberg show. Inflows are building even as TMF’s losses intensify, with the ETF sitting on a year-to-date decline of roughly 22% through Wednesday.
“Nobody is using TMF for long-term exposure,” said Nadig, a financial futurist at the data provider. “Nobody’s buying and holding it for 10 years. They’re day-trading it. More volume means more assets needed.” The appetite has only been building for TMF as losses deepen. The bulk of the ETF’s 2023 plunge has come in the last month as 30-year Treasury yields surged. The more than 20% slump for TMF compares to a 4% year-to-date drop for the $39 billion iShares 20+ Year Treasury Bond ETF as of Wednesday’s close.
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