TYBS — Direxion Daily 20+ Year Treasury Bear 1X Shares
Data updated: 2020-09-25
TYBS — Direxion Daily 20+ Year Treasury Bear 1X Shares. Inverse / Short · $1.34M AUM · 0.49% expense ratio. Holdings, fees, performance and SEC filings.
TYBS Fund Overview
TYBS — Direxion Daily 20+ Year Treasury Bear 1X Shares is a US ETF managed by Direxion Shares ETF Trust, categorised as Inverse / Short. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Direxion Shares ETF Trust
- Category: Inverse / Short
- Assets under management: $1.34M
- 1-year return: -26.1%
- Ticker: TYBS
- SEC CIK: 0001424958
- SEC series ID: S000025254
- Share class ID: C000075250
TYBS Investment Objective and Strategy
Direxion Daily 20+ Year Treasury Bear 1X Shares describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Direxion Shares ETF Trust.
Investment objective
The Fund seeks daily investment results, before fees and expenses, of 100% of the inverse (or opposite) of the daily performance of the Index. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.
Principal investment strategy
The Fund, under normal circumstances, invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short exposure to the Index equal to at least 80% of the Funds net assets (plus borrowing for investment purposes). On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. Eligible securities must be fixed rate, denominated in U.S.
dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the Index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. The Index is not adjusted for securities that may become eligible or ineligible for inclusion in the Index intra-month. The Index is reconstituted and rebalanced on the last business day of each month. As of December 31, 2017, the Index was comprised of 38 constituents. The Fund may gain inverse exposure by investing in a combination of financial instruments, such as swaps or futures contracts that provide short exposure to the Index, or to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, short an ETF that tracks the same Index or a substantially similar index.
Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse exposure to the Index or its components. The Fund seeks to remain fully invested at all times consistent with its stated inverse investment objective. The Fund seeks to remain fully invested at all times consistent with its stated investment objective. At the close of the markets each trading day, Rafferty positions the Funds portfolio so that its exposure to the Index is consistent with the Funds inverse investment objective. The impact of the Indexs movements during the day will affect whether the Funds portfolio needs to be re-positioned.
For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Funds exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Funds exposure will need to be reduced. This re-positioning strategy may result in high portfolio turnover. The terms daily, day, and trading day, refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. Because of daily rebalancing and the compounding of each days return over time, the return of the Fund for periods longer than a single day will be the result of each days returns compounded over the period, which will very likely differ from -100% of the return of the Index over the same period.
The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Indexs volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index's performance decreases.
TYBS Performance
Total returns for TYBS (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -26.1% |
TYBS Risk Information
Risk metrics for TYBS, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 16.1%
TYBS Costs and Fees
TYBS costs about $49 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.49%
- Gross expense ratio: 1.58%
- Portfolio turnover: 0%
- Brokerage commissions: 1.16 bps of average net assets (SEC N-CEN)
TYBS Cashflows
Over the 12 months to 2020-07, Direxion Daily 20+ Year Treasury Bear 1X Shares had net inflows of $3.21M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-07 | $0 |
| 2020-06 | $0 |
| 2020-05 | $0 |
| 2020-04 | $0 |
| 2020-03 | $1.46M |
| 2020-02 | $0 |
TYBS Debt Constituents
No individual debt constituents are reported in Direxion Daily 20+ Year Treasury Bear 1X Shares's latest SEC N-PORT filing.
TYBS Prospectus and SEC Filings
Official Direxion Daily 20+ Year Treasury Bear 1X Shares filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-03-17
- Prospectus (485BPOS) — filed 2019-03-07
- Prospectus (485BPOS) — filed 2018-03-12
- Portfolio holdings (N-PORT) — filed 2020-09-25
- Portfolio holdings (N-PORT) — filed 2020-06-25
- Portfolio holdings (N-PORT) — filed 2020-03-30
- Annual census (N-CEN) — filed 2020-01-14
- Annual census, amended (N-CEN/A) — filed 2019-04-03
Related Funds
Other Inverse / Short funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.