{
 "ticker": "AAPD",
 "name": "Direxion Daily AAPL Bear 1X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/aapd",
 "html": "https://etfiq.com/funds/aapd",
 "markdown": "https://etfiq.com/funds/aapd.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: AAPD returned \u221212.0% where its own daily promise gave \u221213.4%, 1.4 points over.",
 "key_facts": [
  {
   "key": "what_aapl_did",
   "label": "What AAPL did",
   "value": "+13.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "AAPD, what AAPL did: +13.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "\u221213.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "AAPD, what \u22121 times a day gives: \u221213.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221212.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "AAPD, what the fund returned: \u221212.0%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.4 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "AAPD, the fund itself added: +1.4 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$13m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "AAPD, net assets: $13m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.96%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "AAPD, expense ratio: 0.96% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-1 times the daily move of AAPL, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-0.91 times, against -1 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "AAPL",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$13m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.96%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Aug 9, 2022",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "28% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22124.6%",
   "AAPL": "+5.1%",
   "-1x the move": "\u22125.1%",
   "Difference": "+0.5 pts",
   "AAPL moved about": "23%"
  },
  {
   "window": "3 months",
   "Fund": "\u221212.0%",
   "AAPL": "+13.2%",
   "-1x the move": "\u221213.2%",
   "Difference": "+1.2 pts",
   "AAPL moved about": "28%"
  },
  {
   "window": "6 months",
   "Fund": "\u221223.9%",
   "AAPL": "+30.5%",
   "-1x the move": "\u221230.5%",
   "Difference": "+6.6 pts",
   "AAPL moved about": "28%"
  },
  {
   "window": "1 year",
   "Fund": "\u221223.6%",
   "AAPL": "+31.3%",
   "-1x the move": "\u221231.3%",
   "Difference": "+7.6 pts",
   "AAPL moved about": "25%"
  },
  {
   "window": "3 years",
   "Fund": "\u221249.2%",
   "AAPL": "+97.1%",
   "-1x the move": "\u221297.1%",
   "Difference": "+47.9 pts",
   "AAPL moved about": "27%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221252.4%",
   "AAPL": "+105.9%",
   "-1x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "AAPL moved about": "27%"
  }
 ],
 "questions": [
  {
   "q": "Did AAPD return -1 times AAPL?",
   "a": "Over the window to Sep 30, 2026, AAPL moved +13.2% and AAPD returned \u221212.0%. \u22121 times that move is \u221213.2%, so the fund came out 1.2 points ahead of it."
  },
  {
   "q": "Why does AAPD not return -1 times over a year?",
   "a": "Because it resets daily. AAPD 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": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}