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TMF tax-loss harvesting alternatives

Direxion Daily 20+ Year Treasury Bull 3X ETF (Direxion) tracks US Treasury 20+ Year Index. If you hold TMF at a loss, these ETFs track a different index, which generally makes them less likely to be considered “substantially identical” — while still moving closely with TMF during the 31-day wait.

Held fund	Index tracked	Issuer	Expense ratio	AUM	Holdings	Category
TMF3x leveraged Direxion Daily 20+ Year Treasury Bull 3X ETF	US Treasury 20+ Year Index	Direxion	0.90%	$2.11B	14	Leveraged / inverse

Sources: issuer fund page · public fund profile. Fund data as of 2026-10-16.

Leveraged / inverse fund. These funds reset daily and can behave very differently from the index over weeks. Two leveraged funds on the same index (e.g. a 2x and a 3x, or two 3x funds from different issuers) may still be viewed by some as substantially identical — there is no IRS ruling either way. The alternatives below are limited to funds on a different index with similar leverage in the same direction.

TMF wash sale alternatives (different index)

No fund in our list tracks a different index within this asset class.

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Unleveraged funds on the same index

These track US Treasury 20+ Year Index without leverage. Not suggested as swaps: a fund on the same index with different leverage is a gray area that some practitioners treat as potentially substantially identical.

ETF	Index tracked	Issuer	Expense ratio	AUM	1-yr correlation	Holdings overlap	Notes
TLT iShares 20+ Year Treasury Bond ETF	US Treasury 20+ Year Index	BlackRock	0.15%	$48.69B	0.998	n/a	same index, different leverage — gray area

30-day wash-sale calendar for TMF

Sell (trade) date:

The window is 30 calendar days before and after the sale (61 days total, IRC §1091(a)). Buying the replacement fund right away is the point of a swap; the dates above are about buying back the fund you sold, or anything substantially identical to it.

Before you swap

Turn off dividend reinvestment for TMF in every account (including IRAs) for the window — a reinvested dividend is a purchase.
Check automatic investments, a spouse’s accounts, and any TMF bought in the 30 days before the sale.
Your broker generally only flags wash sales for the identical security in the same account. You are responsible for the rest.
Read how wash sales work and the FAQ, then confirm your plan with a tax professional.