# DFEN (Direxion Daily Aerospace & Defense Bull 3X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: DFEN returned −22.3% where its own daily promise gave −20.5%, 1.9 points short.

## Key facts

- DFEN, what ITA did: −6.3%, as of Sep 11, 2026.
- DFEN, what +3 times a day gives: −20.5%, as of Sep 11, 2026.
- DFEN, what the fund returned: −22.3%, as of Sep 11, 2026.
- DFEN, the fund itself cost: −1.9 pts, as of Sep 11, 2026.
- DFEN, net assets: $366m (source, as filed for Apr 30, 2026).
- DFEN, expense ratio: 0.96% (485BPOS XBRL, Feb 26, 2026).

## DFEN over each window to Sep 11, 2026

| Window | Fund | ITA | +3x the move | Difference | ITA moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −35.3% | −13.0% | −38.9% | +3.6 pts | 19% |
| 3 months | −22.3% | −6.3% | −18.8% | −3.5 pts | 22% |
| 6 months | −24.2% | −4.4% | −13.1% | −11.1 pts | 25% |
| 1 year | +3.0% | +10.0% | +30.1% | −27.1 pts | 23% |
| 3 years | +320.9% | +103.7% | not meaningful over this window | not meaningful over this window | 20% |
| Since launch | +207.9% | +213.8% | not meaningful over this window | not meaningful over this window | 24% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +3 times the daily move of ITA, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +3.57 times, against +3 stated | ETFIQ |
| Underlying | ITA | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $366m | source, as filed for Apr 30, 2026 |
| Expense ratio | 0.96% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | May 3, 2017 | ETFIQ |
| Underlying volatility over the window | 22% annualized | ETFIQ |

## Questions

### Did DFEN return +3 times ITA?

Over the window to Sep 11, 2026, ITA moved −6.3% and DFEN returned −22.3%. 3 times that move is −18.8%, so the fund came out 3.5 points short of it.

### Why does DFEN not return +3 times over a year?

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.


## Cite this page

ETFIQ, DFEN, data as of Sep 11, 2026. https://etfiq.com/funds/DFEN
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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