{
 "ticker": "DFEN",
 "name": "Direxion Daily Aerospace & Defense Bull 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/DFEN",
 "html": "https://etfiq.com/funds/DFEN",
 "markdown": "https://etfiq.com/funds/DFEN.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: DFEN returned \u221222.3% where its own daily promise gave \u221220.5%, 1.9 points short.",
 "key_facts": [
  {
   "key": "what_ita_did",
   "label": "What ITA did",
   "value": "\u22126.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DFEN, what ITA did: \u22126.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What +3 times a day gives",
   "value": "\u221220.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DFEN, what +3 times a day gives: \u221220.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221222.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DFEN, what the fund returned: \u221222.3%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.9 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DFEN, the fund itself cost: \u22121.9 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$366m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "DFEN, net assets: $366m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.96%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "DFEN, expense ratio: 0.96% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+3 times the daily move of ITA, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+3.57 times, against +3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "ITA",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$366m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.96%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "May 3, 2017",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "22% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221235.3%",
   "ITA": "\u221213.0%",
   "+3x the move": "\u221238.9%",
   "Difference": "+3.6 pts",
   "ITA moved about": "19%"
  },
  {
   "window": "3 months",
   "Fund": "\u221222.3%",
   "ITA": "\u22126.3%",
   "+3x the move": "\u221218.8%",
   "Difference": "\u22123.5 pts",
   "ITA moved about": "22%"
  },
  {
   "window": "6 months",
   "Fund": "\u221224.2%",
   "ITA": "\u22124.4%",
   "+3x the move": "\u221213.1%",
   "Difference": "\u221211.1 pts",
   "ITA moved about": "25%"
  },
  {
   "window": "1 year",
   "Fund": "+3.0%",
   "ITA": "+10.0%",
   "+3x the move": "+30.1%",
   "Difference": "\u221227.1 pts",
   "ITA moved about": "23%"
  },
  {
   "window": "3 years",
   "Fund": "+320.9%",
   "ITA": "+103.7%",
   "+3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "ITA moved about": "20%"
  },
  {
   "window": "Since launch",
   "Fund": "+207.9%",
   "ITA": "+213.8%",
   "+3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "ITA moved about": "24%"
  }
 ],
 "questions": [
  {
   "q": "Did DFEN return +3 times ITA?",
   "a": "Over the window to Sep 11, 2026, ITA moved \u22126.3% and DFEN returned \u221222.3%. 3 times that move is \u221218.8%, so the fund came out 3.5 points short of it."
  },
  {
   "q": "Why does DFEN not return +3 times over a year?",
   "a": "Because it resets daily. DFEN aims at +3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}