How do the expense ratios of TLT and TMF compare?

The expense ratio is the annual fee charged by the fund. TLT has a ratio of 0.15%, while TMF has a higher ratio of 0.90%. This 0.75 percentage point difference reflects the complexity and costs associated with the leveraged structure in TMF. Over time, this higher fee can reduce net returns for investors in TMF compared to those in TLT, assuming all other factors remain equal.

Which investment goal might suit TLT better than TMF?

TLT is designed to track the long-dated U.S. Treasury market, aiming to capture the general performance of these bonds without daily rebalancing effects. Investors seeking a simple way to gain exposure to long-term government debt and regular interest income from these securities might consider this fund. It lacks the compounding effects found in leveraged products.

How do the dividend yields compare between the two funds?

TMF lists a dividend yield of 4.85%, whereas TLT reports 4.76%. While the yield difference is small, investors should remember that TMF's distributions might fluctuate more due to its daily rebalancing and leverage. A higher yield does not always mean a higher total return once the fund's unique risks are included.

How do the net assets of the funds affect their trading?

TLT holds substantial net assets of 46.7 billion pounds, which supports deep liquidity and trading volume. In contrast, TMF maintains moderate net assets of 2.2 billion pounds, which is also sufficient for secondary market trading. Higher assets often translate to smoother execution of orders and reduced price impact.

Do TLT and TMF hold any overlapping top 10 positions?

Based on the available data, there are no shared top-10 holdings listed among the funds. TLT concentrates solely in long government bonds, whereas TMF is a leveraged fund using swaps and other derivatives. While their underlying focus is similar, their portfolios differ structurally because TMF's use of leverage makes its holdings distinct.

What are the primary risks associated with TMF?

As a 3x leveraged ETF, TMF is subject to volatility decay. Daily rebalancing can erode returns over time, particularly in sideways or flat markets. The fund carries a high expense ratio and its returns are magnified in both directions, meaning that while gains are amplified during rising markets, losses are equally magnified during declines.

What are the primary risks associated with TLT?

TLT is highly sensitive to changes in interest rates. Because it tracks long-dated bonds, rising interest rates directly reduce its market value. It has no downside protection and is concentrated solely in long government bonds, meaning it does not offer diversification across other asset classes or sectors that might help mitigate this risk.

How do the structures of TLT and TMF differ in tracking markets?

Both funds track the 20+ year Treasury bond market, but they use very different approaches. TLT aims to mirror the performance of the bonds over time. TMF, on the other hand, seeks to magnify the daily performance of the same underlying market using leverage. This means TMF is built for short-term daily moves.

Can investors view the specific top holdings for these ETFs?

For both TLT and TMF, the top holdings and sector weights are currently unavailable. This limitation prevents investors from performing a granular risk and composition analysis using these specific data points. Without visibility into these details, investors must evaluate the funds based on their broader category and stated tracking goals.

How does daily rebalancing affect the value of a leveraged fund like TMF?

TMF rebalances its leverage every day to maintain a target 300% exposure. This process can cause the fund's value to deviate from the expected 3x multiple over periods longer than one day. Investors should be aware that volatility decay can significantly alter the expected long-term return of a leveraged instrument.

TLT vs TMF

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare TLT and TMF to assess how each fund tracks the market. This page details their expense ratios, net assets and dividend yields. While top holdings and sector weights are not available, you can evaluate their distinct structures, from long government bonds to leveraged debt trading. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

TLT

Metric

TMF

0.15%

Expense Ratio

0.90%

4.76%

Dividend Yield

4.85%

$46.71B

Net Assets

$2.16B

Holdings

Jul 22, 2002

Inception Date

Apr 16, 2009

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Index Tracked

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Long Government

Fund Category

Trading--Leveraged Debt

TLT costs about $75.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

TLT

Pros

Incurs a modest 0.15 percent annual expense ratio for long-dated Treasury exposure.
Holds substantial net assets of 46.7 billion pounds, supporting deep liquidity and trading volume.
Distributes a competitive 4.76 percent yield, offering regular income from government bond interest.

Considerations

Offers no downside protection, as interest rate rises directly reduce its market value.
Concentrated solely in long government bonds, lacking diversification across other asset classes.
Top holdings and sector weights remain unavailable, limiting granular risk and composition analysis.

TMF

Pros

Provides 300 percent daily leverage, amplifying short-term gains when long-dated Treasury prices increase.
Generates a 4.85 percent yield, delivering slightly higher distributions than its non-leveraged counterpart.
Maintains moderate net assets of 2.2 billion pounds, enabling reliable secondary market trading.

Considerations

Carries a high 0.90 percent expense ratio due to complex derivatives and financing costs.
Daily rebalancing creates volatility decay, eroding returns significantly in flat or sideways markets.
Top holdings and sector weights remain unavailable, obscuring precise exposure to underlying components.

About TLT and TMF

TLT (TLT)

The iShares 20+ Year Treasury Bond ETF (TLT) offers investors exposure to U.S. government bonds with maturities of 20 years or longer. As a long-term government bond fund, it is often influenced significantly by interest rate changes and economic outlooks. When interest rates fall, bond prices generally rise, and vice versa. With a modest expense ratio of 0.15% and net assets of USD 46.71 billion, it is a widely traded vehicle for those looking to diversify beyond equities. The fund holds 49 underlying assets and has an inception date of July 2002. It currently provides a dividend yield of approximately 4.76%. Investors should note that the value of this fund can fluctuate due to changes in long-term interest rates and inflation expectations, meaning returns are not guaranteed. It suits those seeking potential income or diversification, though it carries risks related to interest rate sensitivity.

TMF (TMF)

The Direxion Daily 20+ Year Treasury Bull 3x ETF (TMF) is a sophisticated exchange-traded fund designed to provide three times the daily performance of long-term US government bonds. By leveraging exposure to the 20+ Year US Treasury Index, it aims to amplify gains when bond prices rise, typically during periods of falling interest rates or economic uncertainty. However, this leverage acts as a double-edged sword; it also magnifies losses if bond prices decline, often due to rising rates. With a net asset value of $2.16 billion and an inception date of April 2009, TMF is a popular tool for active traders seeking short-term tactical opportunities. It is crucial to understand that the fund's strategy resets daily, making it less suitable for long-term buy-and-hold investors due to the potential for compounding effects and decay over time.

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TLT vs TMF

Fund Snapshot