{
 "ticker": "BTCU",
 "name": "Direxion Daily Bitcoin Bull 2X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/btcu",
 "html": "https://etfiq.com/funds/btcu",
 "markdown": "https://etfiq.com/funds/btcu.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: BTCU returned +81.8% where its own daily promise gave +87.1%, 5.3 points short.",
 "key_facts": [
  {
   "key": "what_ibit_did",
   "label": "What IBIT did",
   "value": "+39.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BTCU, what IBIT did: +39.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+87.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BTCU, what 2 times a day gives: +87.1%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+81.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BTCU, what the fund returned: +81.8%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22125.3 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BTCU, the fund itself cost: \u22125.3 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$6m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "BTCU, net assets: $6m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.13%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "BTCU, expense ratio: 1.13% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of IBIT, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+2.08 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IBIT",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, crypto",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$6m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.13%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "May 27, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "38% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+9.6%",
   "IBIT": "+6.0%",
   "+2x the move": "+12.0%",
   "Difference": "\u22122.4 pts",
   "IBIT moved about": "43%"
  },
  {
   "window": "3 months",
   "Fund": "+81.8%",
   "IBIT": "+39.2%",
   "+2x the move": "+78.5%",
   "Difference": "+3.3 pts",
   "IBIT moved about": "38%"
  },
  {
   "window": "Since launch",
   "Fund": "+12.8%",
   "IBIT": "+11.5%",
   "+2x the move": "+23.0%",
   "Difference": "\u221210.2 pts",
   "IBIT moved about": "41%"
  }
 ],
 "questions": [
  {
   "q": "Did BTCU return +2 times IBIT?",
   "a": "Over the window to Sep 30, 2026, IBIT moved +39.2% and BTCU returned +81.8%. 2 times that move is +78.5%, so the fund came out 3.3 points ahead of it."
  },
  {
   "q": "Why does BTCU not return +2 times over a year?",
   "a": "Because it resets daily. BTCU aims at +2 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 +2 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."
  },
  {
   "q": "Which +2x IBIT ETF tracked its stated multiple most closely?",
   "a": "4 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}