{
 "ticker": "LABU",
 "name": "Direxion Daily S&P Biotech Bull 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/LABU",
 "html": "https://etfiq.com/funds/LABU",
 "markdown": "https://etfiq.com/funds/LABU.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: LABU returned +46.3% where its own daily promise gave +50.0%, 3.7 points short.",
 "key_facts": [
  {
   "key": "what_xbi_did",
   "label": "What XBI did",
   "value": "+16.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LABU, what XBI did: +16.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What +3 times a day gives",
   "value": "+50.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LABU, what +3 times a day gives: +50.0%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+46.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LABU, what the fund returned: +46.3%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22123.7 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LABU, the fund itself cost: \u22123.7 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$519m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "LABU, net assets: $519m (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": "LABU, 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 XBI, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+2.75 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": "$519m",
   "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 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": "\u22128.9%",
   "XBI": "\u22122.0%",
   "+3x the move": "\u22126.0%",
   "Difference": "\u22122.9 pts",
   "XBI moved about": "32%"
  },
  {
   "window": "3 months",
   "Fund": "+46.3%",
   "XBI": "+16.9%",
   "+3x the move": "+50.6%",
   "Difference": "\u22124.3 pts",
   "XBI moved about": "29%"
  },
  {
   "window": "6 months",
   "Fund": "+75.5%",
   "XBI": "+28.3%",
   "+3x the move": "+85.0%",
   "Difference": "\u22129.4 pts",
   "XBI moved about": "31%"
  },
  {
   "window": "1 year",
   "Fund": "+217.9%",
   "XBI": "+64.0%",
   "+3x the move": "+191.8%",
   "Difference": "+26.0 pts",
   "XBI moved about": "28%"
  },
  {
   "window": "3 years",
   "Fund": "+172.2%",
   "XBI": "+98.6%",
   "+3x the move": "+295.9%",
   "Difference": "\u2212123.7 pts",
   "XBI moved about": "28%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221291.4%",
   "XBI": "+102.3%",
   "+3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "XBI moved about": "33%"
  }
 ],
 "questions": [
  {
   "q": "Did LABU return +3 times XBI?",
   "a": "Over the window to Sep 11, 2026, XBI moved +16.9% and LABU returned +46.3%. 3 times that move is +50.6%, so the fund came out 4.3 points short of it."
  },
  {
   "q": "Why does LABU not return +3 times over a year?",
   "a": "Because it resets daily. LABU 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)."
}