{
 "ticker": "DRIP",
 "name": "Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/DRIP",
 "html": "https://etfiq.com/funds/DRIP",
 "markdown": "https://etfiq.com/funds/DRIP.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: DRIP returned \u221231.2% where its own daily promise gave \u221233.2%, 1.9 points over.",
 "key_facts": [
  {
   "key": "what_xop_did",
   "label": "What XOP did",
   "value": "+18.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DRIP, what XOP did: +18.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221233.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DRIP, what \u22122 times a day gives: \u221233.2%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221231.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DRIP, what the fund returned: \u221231.2%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.9 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DRIP, the fund itself added: +1.9 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$125m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "DRIP, net assets: $125m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.01%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "DRIP, expense ratio: 1.01% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of XOP, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.65 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XOP",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, commodity",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$125m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.01%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "May 29, 2015",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "27% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221216.6%",
   "XOP": "+9.6%",
   "-2x the move": "\u221219.2%",
   "Difference": "+2.6 pts",
   "XOP moved about": "16%"
  },
  {
   "window": "3 months",
   "Fund": "\u221231.2%",
   "XOP": "+18.9%",
   "-2x the move": "\u221237.9%",
   "Difference": "+6.7 pts",
   "XOP moved about": "27%"
  },
  {
   "window": "6 months",
   "Fund": "\u221233.5%",
   "XOP": "+17.6%",
   "-2x the move": "\u221235.2%",
   "Difference": "+1.7 pts",
   "XOP moved about": "30%"
  },
  {
   "window": "1 year",
   "Fund": "\u221262.7%",
   "XOP": "+52.4%",
   "-2x the move": "\u2212104.9%",
   "Difference": "+42.2 pts",
   "XOP moved about": "29%"
  },
  {
   "window": "3 years",
   "Fund": "\u221262.0%",
   "XOP": "+36.5%",
   "-2x the move": "\u221273.1%",
   "Difference": "+11.1 pts",
   "XOP moved about": "28%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.8%",
   "XOP": "+22.1%",
   "-2x the move": "\u221244.2%",
   "Difference": "\u221255.6 pts",
   "XOP moved about": "40%"
  }
 ],
 "questions": [
  {
   "q": "Did DRIP return -2 times XOP?",
   "a": "Over the window to Sep 11, 2026, XOP moved +18.9% and DRIP returned \u221231.2%. 2 times that move is \u221237.9%, so the fund came out 6.7 points ahead of it."
  },
  {
   "q": "Why does DRIP not return -2 times over a year?",
   "a": "Because it resets daily. DRIP aims at -2 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 -2 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)."
}