# DFEN (Direxion Daily Aerospace & Defense Bull 3X ETF)

Direxion · Leveraged ETFs · data as of Oct 2, 2026

Three months to Oct 2, 2026: DFEN returned −44.7% where its own daily promise gave −43.1%, 1.6 points short.

## Key facts

- DFEN, what ITA did: −16.2%, as of Oct 2, 2026.
- DFEN, what 3 times a day gives: −43.1%, as of Oct 2, 2026.
- DFEN, what the fund returned: −44.7%, as of Oct 2, 2026.
- DFEN, the fund itself cost: −1.6 pts, as of Oct 2, 2026.
- DFEN, net assets: $288m (issuer page, as of Oct 1, 2026).
- DFEN, expense ratio: 0.96% (485BPOS XBRL, Feb 26, 2026).

## DFEN over each window to Oct 2, 2026

| Window | Fund | ITA | +3x the move | Difference | ITA moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −20.6% | −6.9% | −20.6% | 0.0 pts | 14% |
| 3 months | −44.7% | −16.2% | −48.5% | +3.9 pts | 20% |
| 6 months | −27.9% | −6.2% | −18.6% | −9.3 pts | 24% |
| 1 year | −24.1% | −0.5% | −1.5% | −22.6 pts | 23% |
| 3 years | +321.7% | +104.0% | not meaningful over this window | not meaningful over this window | 20% |
| Since launch | +160.6% | +198.1% | not meaningful over this window | not meaningful over this window | 24% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +3 times the daily move of ITA, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.76 times, against +3 stated | ETFIQ |
| Underlying | ITA | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $288m | issuer page, as of Oct 1, 2026 |
| Expense ratio | 0.96% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | May 3, 2017 | ETFIQ |
| Underlying volatility over the window | 20% annualized | ETFIQ |

## Questions

### Did DFEN return +3 times ITA?

Over the window to Oct 2, 2026, ITA moved −16.2% and DFEN returned −44.7%. 3 times that move is −48.5%, so the fund came out 3.9 points ahead of it.

### Why does DFEN not return +3 times over a year?

Because it resets daily. DFEN 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, DFEN, data as of Oct 2, 2026. https://etfiq.com/funds/dfen
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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