{
 "ticker": "NFXS",
 "name": "Direxion Daily NFLX Bear 1X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/NFXS",
 "html": "https://etfiq.com/funds/NFXS",
 "markdown": "https://etfiq.com/funds/NFXS.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: NFXS returned +1.8% where its own daily promise gave +0.2%, 1.5 points over.",
 "key_facts": [
  {
   "key": "what_nflx_did",
   "label": "What NFLX did",
   "value": "\u22123.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NFXS, what NFLX did: \u22123.7%, as of Sep 11, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "+0.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NFXS, what \u22121 times a day gives: +0.2%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+1.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NFXS, what the fund returned: +1.8%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.5 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NFXS, the fund itself added: +1.5 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "NFXS, net assets: $5m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NFXS, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-1 times the daily move of NFLX, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "NFLX moved \u22123.7% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "NFLX",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Oct 3, 2024",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "38% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22124.7%",
   "NFLX": "+4.3%",
   "-1x the move": "\u22124.3%",
   "Difference": "\u22120.4 pts",
   "NFLX moved about": "37%"
  },
  {
   "window": "3 months",
   "Fund": "+1.8%",
   "NFLX": "\u22123.7%",
   "-1x the move": "+3.7%",
   "Difference": "\u22121.9 pts",
   "NFLX moved about": "38%"
  },
  {
   "window": "6 months",
   "Fund": "+19.6%",
   "NFLX": "\u221218.8%",
   "-1x the move": "+18.8%",
   "Difference": "+0.8 pts",
   "NFLX moved about": "34%"
  },
  {
   "window": "1 year",
   "Fund": "+45.9%",
   "NFLX": "\u221235.7%",
   "-1x the move": "+35.7%",
   "Difference": "+10.2 pts",
   "NFLX moved about": "36%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221217.0%",
   "NFLX": "+9.5%",
   "-1x the move": "\u22129.5%",
   "Difference": "\u22127.5 pts",
   "NFLX moved about": "35%"
  }
 ],
 "questions": [
  {
   "q": "Did NFXS return -1 times NFLX?",
   "a": "Over the window to Sep 11, 2026, NFLX moved \u22123.7% and NFXS returned +1.8%. 1 times that move is +3.7%, so the fund came out 1.9 points short of it."
  },
  {
   "q": "Why does NFXS not return -1 times over a year?",
   "a": "Because it resets daily. NFXS aims at -1 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 -1 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)."
}