At a glance
TYD charges 1.07% a year. It has $31.6M in assets, the 3rd largest of that group; it paid 3.93% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −17.6% with distributions reinvested, 2nd of those 4 funds; over three years it returned +0.1% a year. At its worst it fell 43.4% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
Direxion Daily 7-10 Year Treasury Bull 3x Shares (TYD) is a leveraged ETF that seeks three times the daily return of an index of U.S. Treasury bonds maturing in seven to ten years. It is a tool for short-term bets that Treasury prices will rise, not a long-term bond holding. Its exposure resets daily, it lost 43.49% in 2022, and it charges 1.07% a year.
Price history
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TYD -17.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TYD official prospectus, to Dec 31, 2025 | — | +11.66% | — | -14.05% | -2.87% | — |
| TYD price data to Oct 27, 2026 | -14.8% | -17.6% | +0.1% | -14.6% | — | -13.9% |
- Over the year to Oct 27, 2026, TYD returned -17.6%, 2nd of 4 among similar funds.
- Its 5-year annualized return was -14.6%.
- Its worst full calendar year was 2022 (-43.3%); its best was 2025 (+11.7%).
- The deepest fall in its price history was 65.3% (Aug 4, 2020 to Oct 5, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -14.8% | — |
| 2025 | +11.7% | +11.66% |
| 2024 | -13.9% | -13.79% |
| 2023 | -2.8% | -2.80% |
| 2022 | -43.3% | -43.49% |
| 2021 | -11.4% | -11.26% |
| 2020 | — | +27.61% |
| 2019 | — | +19.20% |
| 2018 | — | -0.71% |
| 2017 | — | +5.54% |
| 2016 | — | -0.08% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 42.3% over that stretch · deepest drop along the way 43.4%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5800 | |
| 2025 | $0.7600 | +4.1% |
| 2024 | $0.7300 | -3.9% |
| 2023 | $0.7600 | +375.0% |
| 2022 | $0.1600 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (35.75% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Fund held | Weight | |
|---|---|---|
| ISHARES 7-10 YEAR TREASURY BOND FUND | 72.87% |
By country
United States 72.87%By asset type
Stocks 72.87%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $3.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.96%, -0.13%, -4.96%.
How it works
TYD's target index holds U.S. Treasury bonds with seven to ten years left to maturity. Bonds are weighted by market value, so larger issues count more. Each bond must pay a fixed rate, be in dollars and have at least $300 million outstanding, not counting the Federal Reserve's holdings. Inflation-protected bonds, Treasury bills, agency debt and stripped zero-coupon bonds are left out. The index rebalances on the last business day of each month and held 17 bonds as of December 31, 2025.
To reach 300% of the index's daily move, the fund combines ETFs that track the index with swaps and futures. These are contracts whose value follows an asset without the fund owning it. As of July 31, 2026, the iShares 7-10 Year Treasury Bond ETF (IEF) made up 72.9% of net assets and cash and equivalents 35.8%. Four swaps on IEF added the extra exposure. Swaps depend on counterparties, the firms on the other side, paying up.
At each day's close, the adviser, Rafferty Asset Management, resets exposure. It adds after the index rises and trims after it falls. Because returns compound daily, results over longer periods will likely differ from 3x the index, usually for the worse in choppy markets. The prospectus warns the fund will lose money if the index is flat over time and can lose even when the index rises.
What it really costs
- TYD charges 1.07% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $109 in the first year and $1,316 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TYD | $109 | $342 | $595 | $1,316 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
TYD seeks 3x the daily return of 7-10 year Treasuries and resets every day, so results over years can stray far from 3x; it lost 55% over the five years to October 27, 2026.
TYD can surge when Treasuries rally. Its biggest quarterly gain, per the prospectus, was 31.7% in the quarter ending March 31, 2020, during the COVID stock crash. It launched after the 2008 crisis, so it has no record from that period. But it lost 43.49% in 2022, its worst calendar year. Its deepest decline since June 2020 was 65.3%, from August 4, 2020 to October 5, 2026, and it had not recovered as of October 27, 2026. Drawing money during such a stretch would lock in steep losses.
Distributions are paid quarterly. The past 12 months' payouts equaled a 3.93% yield as of October 27, 2026, which is small next to those swings. Costs run 1.07% a year. The SEC's standard example puts expenses on $10,000 at $109 for one year and $1,316 over ten. Past results don't predict future ones, and a retirement plan has to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a magnified one-day bet that 7-10 year Treasury prices will rise, who can watch their positions daily.
- Traders wanting 3x daily exposure to 7-10 year Treasuries rather than the 20+ year bonds behind Direxion's TMF, which react more to rate moves.
- Short-term users comfortable with swap counterparty risk; the 1.07% expense ratio costs little over a few days but adds up over years.
Look elsewhere if
- Long-term and retirement investors: daily resets can erode returns over time, and TYD lost 55% over the five years to October 27, 2026.
- Income seekers: the 3.93% trailing yield as of October 27, 2026, is small next to losses such as 43.49% in 2022.
- Investors wanting plain, unleveraged 7-10 year Treasury exposure; TYD's biggest holding, the iShares 7-10 Year Treasury Bond ETF (IEF), provides just that.
Close alternatives
Matched by leveraged/inverse funds on the same index (treasury), same direction.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is TYD good for long-term investors?
TYD is built for short-term trading, not long-term holding. It seeks 3x the index's return for one day, then resets. After a down day it holds less exposure, so a rebound lifts a smaller base. The prospectus warns the fund can lose money over time even if the index rises. As of December 31, 2025, the prospectus showed average annual losses of 14.05% over five years and 2.87% over ten.
Does TYD pay dividends?
Yes. TYD pays distributions quarterly. Over the 12 months to October 27, 2026, they added up to about $0.83 per share. That is a trailing yield of 3.93%, meaning the past year's payouts divided by the share price. That income is modest next to the fund's price swings: it lost 43.49% in 2022 and 14.8% year to date through October 27, 2026.
What's the difference between TYD and UST?
The main difference is leverage. Both are leveraged funds on 7-10 year Treasuries. TYD, from Direxion, seeks 3x the daily return, while ProShares Ultra 7-10 Year Treasury (UST) uses 2x. More leverage magnifies gains and losses alike. Over the year to October 27, 2026, TYD lost 17.6% and UST lost 9.4%. Over three years, TYD was roughly flat at 0.1% a year, while UST returned 3.2% a year.
Is TYD a hedge against a stock market crash?
Not reliably. TYD's biggest quarterly gain, per the prospectus, was 31.7% in the quarter ending March 31, 2020. That was during the COVID stock crash, when Treasury prices rose. But in the 2022 bear market for stocks, Treasury prices fell too, and TYD lost 43.49%, its worst year from 2016 through 2025. Because of the daily reset, even a well-timed hedge can fade if held for months.
What is TYD's expense ratio?
TYD's expense ratio, the yearly cost as a share of assets, is 1.07%. That includes a 0.75% management fee, according to the prospectus filed February 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, expenses total $109 after one year, $342 after three, $595 after five and $1,316 after ten. That cost comes on top of any drag from the daily reset.