# WEBS (Direxion Daily Dow Jones Internet Bear 3X ETF)

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

Three months to Sep 11, 2026: WEBS returned −26.0% where its own daily promise gave −28.5%, 2.5 points over.

## Key facts

- WEBS, what FDN did: +9.3%, as of Sep 11, 2026.
- WEBS, what −3 times a day gives: −28.5%, as of Sep 11, 2026.
- WEBS, what the fund returned: −26.0%, as of Sep 11, 2026.
- WEBS, the fund itself added: +2.5 pts, as of Sep 11, 2026.
- WEBS, net assets: $10m (source, as filed for Apr 30, 2026).
- WEBS, expense ratio: 1.07% (485BPOS XBRL, Feb 26, 2026).

## WEBS over each window to Sep 11, 2026

| Window | Fund | FDN | -3x the move | Difference | FDN moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +2.3% | −0.8% | +2.5% | −0.2 pts | 18% |
| 3 months | −26.0% | +9.3% | −27.9% | +1.9 pts | 21% |
| 6 months | −46.9% | +20.3% | −61.0% | +14.1 pts | 22% |
| 1 year | −15.9% | +1.9% | −5.8% | −10.1 pts | 21% |
| 3 years | −86.0% | +69.5% | −208.4% | +122.4 pts | 22% |
| Since launch | −99.3% | +117.3% | not meaningful over this window | not meaningful over this window | 28% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 times the daily move of FDN, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -2.8 times, against -3 stated | ETFIQ |
| Underlying | FDN | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $10m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.07% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Nov 7, 2019 | ETFIQ |
| Underlying volatility over the window | 21% annualized | ETFIQ |

## Questions

### Did WEBS return -3 times FDN?

Over the window to Sep 11, 2026, FDN moved +9.3% and WEBS returned −26.0%. 3 times that move is −27.9%, so the fund came out 1.9 points ahead of it.

### Why does WEBS not return -3 times over a year?

Because it resets daily. WEBS 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.


## Cite this page

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

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