{
 "ticker": "NVDD",
 "name": "Direxion Daily NVDA Bear 1X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/NVDD",
 "html": "https://etfiq.com/funds/NVDD",
 "markdown": "https://etfiq.com/funds/NVDD.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: NVDD returned \u22128.0% where its own daily promise gave \u22129.8%, 1.8 points over.",
 "key_facts": [
  {
   "key": "what_nvda_did",
   "label": "What NVDA did",
   "value": "+6.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVDD, what NVDA did: +6.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "\u22129.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVDD, what \u22121 times a day gives: \u22129.8%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22128.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVDD, what the fund returned: \u22128.0%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.8 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVDD, the fund itself added: +1.8 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$23m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "NVDD, net assets: $23m (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": "NVDD, 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 NVDA, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.23 times, against -1 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "NVDA",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$23m",
   "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": "Sep 13, 2023",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "40% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+1.7%",
   "NVDA": "\u22122.5%",
   "-1x the move": "+2.5%",
   "Difference": "\u22120.8 pts",
   "NVDA moved about": "42%"
  },
  {
   "window": "3 months",
   "Fund": "\u22128.0%",
   "NVDA": "+6.5%",
   "-1x the move": "\u22126.5%",
   "Difference": "\u22121.5 pts",
   "NVDA moved about": "40%"
  },
  {
   "window": "6 months",
   "Fund": "\u221221.0%",
   "NVDA": "+21.4%",
   "-1x the move": "\u221221.4%",
   "Difference": "+0.4 pts",
   "NVDA moved about": "40%"
  },
  {
   "window": "1 year",
   "Fund": "\u221224.0%",
   "NVDA": "+23.5%",
   "-1x the move": "\u221223.5%",
   "Difference": "\u22120.5 pts",
   "NVDA moved about": "38%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221286.3%",
   "NVDA": "+381.4%",
   "-1x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "NVDA moved about": "47%"
  }
 ],
 "questions": [
  {
   "q": "Did NVDD return -1 times NVDA?",
   "a": "Over the window to Sep 11, 2026, NVDA moved +6.5% and NVDD returned \u22128.0%. 1 times that move is \u22126.5%, so the fund came out 1.5 points short of it."
  },
  {
   "q": "Why does NVDD not return -1 times over a year?",
   "a": "Because it resets daily. NVDD 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)."
}