{
 "ticker": "PALD",
 "name": "Direxion Daily PANW Bear 1X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/PALD",
 "html": "https://etfiq.com/funds/PALD",
 "markdown": "https://etfiq.com/funds/PALD.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: PALD returned \u221220.8% where its own daily promise gave \u221222.0%, 1.2 points over.",
 "key_facts": [
  {
   "key": "what_panw_did",
   "label": "What PANW did",
   "value": "+18.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "PALD, what PANW did: +18.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "\u221222.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "PALD, what \u22121 times a day gives: \u221222.0%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221220.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "PALD, what the fund returned: \u221220.8%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.2 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "PALD, the fund itself added: +1.2 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "PALD, net assets: $2m (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": "PALD, 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 PANW, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.14 times, against -1 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "PANW",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "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": "Mar 26, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "57% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+13.3%",
   "PANW": "\u221214.6%",
   "-1x the move": "+14.6%",
   "Difference": "\u22121.3 pts",
   "PANW moved about": "65%"
  },
  {
   "window": "3 months",
   "Fund": "\u221220.8%",
   "PANW": "+18.3%",
   "-1x the move": "\u221218.3%",
   "Difference": "\u22122.5 pts",
   "PANW moved about": "57%"
  },
  {
   "window": "6 months",
   "Fund": "\u221255.4%",
   "PANW": "+98.0%",
   "-1x the move": "\u221298.0%",
   "Difference": "+42.6 pts",
   "PANW moved about": "55%"
  },
  {
   "window": "1 year",
   "Fund": "\u221248.0%",
   "PANW": "+66.7%",
   "-1x the move": "\u221266.7%",
   "Difference": "+18.7 pts",
   "PANW moved about": "45%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221253.5%",
   "PANW": "+78.8%",
   "-1x the move": "\u221278.8%",
   "Difference": "+25.3 pts",
   "PANW moved about": "44%"
  }
 ],
 "questions": [
  {
   "q": "Did PALD return -1 times PANW?",
   "a": "Over the window to Sep 11, 2026, PANW moved +18.3% and PALD returned \u221220.8%. 1 times that move is \u221218.3%, so the fund came out 2.5 points short of it."
  },
  {
   "q": "Why does PALD not return -1 times over a year?",
   "a": "Because it resets daily. PALD 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)."
}