{
 "ticker": "CSCS",
 "name": "Direxion Daily CSCO Bear 1X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/cscs",
 "html": "https://etfiq.com/funds/cscs",
 "markdown": "https://etfiq.com/funds/cscs.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: CSCS returned +6.7% where its own daily promise gave +5.3%, 1.4 points over.",
 "key_facts": [
  {
   "key": "what_csco_did",
   "label": "What CSCO did",
   "value": "\u22127.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "CSCS, what CSCO did: \u22127.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "+5.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "CSCS, what \u22121 times a day gives: +5.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+6.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "CSCS, what the fund returned: +6.7%, 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": "CSCS, the fund itself added: +1.4 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "CSCS, net assets: $2m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.00%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "CSCS, expense ratio: 1.00% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-1 times the daily move of CSCO, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-0.87 times, against -1 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "CSCO",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.00%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jun 25, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "34% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+2.4%",
   "CSCO": "\u22122.6%",
   "-1x the move": "+2.6%",
   "Difference": "\u22120.2 pts",
   "CSCO moved about": "27%"
  },
  {
   "window": "3 months",
   "Fund": "+6.7%",
   "CSCO": "\u22127.7%",
   "-1x the move": "+7.7%",
   "Difference": "\u22121.0 pts",
   "CSCO moved about": "34%"
  },
  {
   "window": "6 months",
   "Fund": "\u221231.6%",
   "CSCO": "+39.4%",
   "-1x the move": "\u221239.4%",
   "Difference": "+7.8 pts",
   "CSCO moved about": "39%"
  },
  {
   "window": "1 year",
   "Fund": "\u221241.3%",
   "CSCO": "+60.5%",
   "-1x the move": "\u221260.5%",
   "Difference": "+19.2 pts",
   "CSCO moved about": "34%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221241.3%",
   "CSCO": "+62.0%",
   "-1x the move": "\u221262.0%",
   "Difference": "+20.8 pts",
   "CSCO moved about": "32%"
  }
 ],
 "questions": [
  {
   "q": "Did CSCS return -1 times CSCO?",
   "a": "Over the window to Sep 30, 2026, CSCO moved \u22127.7% and CSCS returned +6.7%. \u22121 times that move is +7.7%, so the fund came out 1.0 points short of it."
  },
  {
   "q": "Why does CSCS not return -1 times over a year?",
   "a": "Because it resets daily. CSCS 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)."
}