{
 "ticker": "LABD",
 "name": "Direxion Daily S&P Biotech Bear 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/LABD",
 "html": "https://etfiq.com/funds/LABD",
 "markdown": "https://etfiq.com/funds/LABD.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: LABD returned \u221243.2% where its own daily promise gave \u221245.0%, 1.7 points over.",
 "key_facts": [
  {
   "key": "what_xbi_did",
   "label": "What XBI did",
   "value": "+16.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LABD, what XBI did: +16.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221245.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LABD, what \u22123 times a day gives: \u221245.0%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221243.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LABD, what the fund returned: \u221243.2%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.7 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LABD, the fund itself added: +1.7 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$68m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "LABD, net assets: $68m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.07%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "LABD, expense ratio: 1.07% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of XBI, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-2.56 times, against -3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XBI",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$68m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.07%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "May 28, 2015",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "29% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+2.1%",
   "XBI": "\u22122.0%",
   "-3x the move": "+6.0%",
   "Difference": "\u22123.9 pts",
   "XBI moved about": "32%"
  },
  {
   "window": "3 months",
   "Fund": "\u221243.2%",
   "XBI": "+16.9%",
   "-3x the move": "\u221250.6%",
   "Difference": "+7.3 pts",
   "XBI moved about": "29%"
  },
  {
   "window": "6 months",
   "Fund": "\u221262.4%",
   "XBI": "+28.3%",
   "-3x the move": "\u221285.0%",
   "Difference": "+22.6 pts",
   "XBI moved about": "31%"
  },
  {
   "window": "1 year",
   "Fund": "\u221283.8%",
   "XBI": "+64.0%",
   "-3x the move": "\u2212191.8%",
   "Difference": "+108.1 pts",
   "XBI moved about": "28%"
  },
  {
   "window": "3 years",
   "Fund": "\u221295.0%",
   "XBI": "+98.6%",
   "-3x the move": "\u2212295.9%",
   "Difference": "+200.9 pts",
   "XBI moved about": "28%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "XBI": "+102.3%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "XBI moved about": "33%"
  }
 ],
 "questions": [
  {
   "q": "Did LABD return -3 times XBI?",
   "a": "Over the window to Sep 11, 2026, XBI moved +16.9% and LABD returned \u221243.2%. 3 times that move is \u221250.6%, so the fund came out 7.3 points ahead of it."
  },
  {
   "q": "Why does LABD not return -3 times over a year?",
   "a": "Because it resets daily. LABD 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)."
}