# PALD (Direxion Daily PANW Bear 1X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: PALD returned −20.8% where its own daily promise gave −22.0%, 1.2 points over.

## Key facts

- PALD, what PANW did: +18.3%, as of Sep 11, 2026.
- PALD, what −1 times a day gives: −22.0%, as of Sep 11, 2026.
- PALD, what the fund returned: −20.8%, as of Sep 11, 2026.
- PALD, the fund itself added: +1.2 pts, as of Sep 11, 2026.
- PALD, net assets: $2m (source, as filed for Apr 30, 2026).
- PALD, expense ratio: not read by ETFIQ, as of Sep 11, 2026.

## PALD over each window to Sep 11, 2026

| Window | Fund | PANW | -1x the move | Difference | PANW moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +13.3% | −14.6% | +14.6% | −1.3 pts | 65% |
| 3 months | −20.8% | +18.3% | −18.3% | −2.5 pts | 57% |
| 6 months | −55.4% | +98.0% | −98.0% | +42.6 pts | 55% |
| 1 year | −48.0% | +66.7% | −66.7% | +18.7 pts | 45% |
| Since launch | −53.5% | +78.8% | −78.8% | +25.3 pts | 44% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of PANW, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -1.14 times, against -1 stated | ETFIQ |
| Underlying | PANW | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $2m | source, as filed for Apr 30, 2026 |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Mar 26, 2025 | ETFIQ |
| Underlying volatility over the window | 57% annualized | ETFIQ |

## Questions

### Did PALD return -1 times PANW?

Over the window to Sep 11, 2026, PANW moved +18.3% and PALD returned −20.8%. 1 times that move is −18.3%, so the fund came out 2.5 points short of it.

### Why does PALD not return -1 times over a year?

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.


## Cite this page

ETFIQ, PALD, data as of Sep 11, 2026. https://etfiq.com/funds/PALD
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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