{
 "ticker": "DRV",
 "name": "Direxion Daily Real Estate Bear 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/DRV",
 "html": "https://etfiq.com/funds/DRV",
 "markdown": "https://etfiq.com/funds/DRV.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: DRV returned +11.8% where its own daily promise gave +6.2%, 5.6 points over.",
 "key_facts": [
  {
   "key": "what_iyr_did",
   "label": "What IYR did",
   "value": "\u22123.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DRV, what IYR did: \u22123.0%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "+6.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DRV, what \u22123 times a day gives: +6.2%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+11.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DRV, what the fund returned: +11.8%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+5.6 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DRV, the fund itself added: +5.6 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$33m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "DRV, net assets: $33m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.06%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "DRV, expense ratio: 1.06% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of IYR, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "IYR moved \u22123.0% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IYR",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$33m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.06%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "14% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+8.6%",
   "IYR": "\u22122.7%",
   "-3x the move": "+8.0%",
   "Difference": "+0.6 pts",
   "IYR moved about": "11%"
  },
  {
   "window": "3 months",
   "Fund": "+11.8%",
   "IYR": "\u22123.0%",
   "-3x the move": "+9.0%",
   "Difference": "+2.8 pts",
   "IYR moved about": "14%"
  },
  {
   "window": "6 months",
   "Fund": "\u221211.9%",
   "IYR": "+4.1%",
   "-3x the move": "\u221212.4%",
   "Difference": "+0.6 pts",
   "IYR moved about": "15%"
  },
  {
   "window": "1 year",
   "Fund": "\u221211.9%",
   "IYR": "+4.7%",
   "-3x the move": "\u221214.2%",
   "Difference": "+2.3 pts",
   "IYR moved about": "14%"
  },
  {
   "window": "3 years",
   "Fund": "\u221255.3%",
   "IYR": "+29.0%",
   "-3x the move": "\u221287.1%",
   "Difference": "+31.8 pts",
   "IYR moved about": "17%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "IYR": "+278.6%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "IYR moved about": "20%"
  }
 ],
 "questions": [
  {
   "q": "Did DRV return -3 times IYR?",
   "a": "Over the window to Sep 11, 2026, IYR moved \u22123.0% and DRV returned +11.8%. 3 times that move is +9.0%, so the fund came out 2.8 points ahead of it."
  },
  {
   "q": "Why does DRV not return -3 times over a year?",
   "a": "Because it resets daily. DRV 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)."
}