{
 "ticker": "DRIP",
 "name": "Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/drip",
 "html": "https://etfiq.com/funds/drip",
 "markdown": "https://etfiq.com/funds/drip.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: DRIP returned \u221229.8% where its own daily promise gave \u221231.4%, 1.6 points over.",
 "key_facts": [
  {
   "key": "what_xop_did",
   "label": "What XOP did",
   "value": "+17.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRIP, what XOP did: +17.1%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221231.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRIP, what \u22122 times a day gives: \u221231.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221229.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRIP, what the fund returned: \u221229.8%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.6 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRIP, the fund itself added: +1.6 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$131m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "DRIP, net assets: $131m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.01%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "DRIP, expense ratio: 1.01% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of XOP, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.74 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XOP",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, commodity",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$131m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.01%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "May 29, 2015",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "28% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+9.3%",
   "XOP": "\u22124.7%",
   "-2x the move": "+9.4%",
   "Difference": "\u22120.1 pts",
   "XOP moved about": "24%"
  },
  {
   "window": "3 months",
   "Fund": "\u221229.8%",
   "XOP": "+17.1%",
   "-2x the move": "\u221234.2%",
   "Difference": "+4.5 pts",
   "XOP moved about": "28%"
  },
  {
   "window": "6 months",
   "Fund": "\u221214.5%",
   "XOP": "+3.5%",
   "-2x the move": "\u22127.0%",
   "Difference": "\u22127.6 pts",
   "XOP moved about": "30%"
  },
  {
   "window": "1 year",
   "Fund": "\u221255.0%",
   "XOP": "+38.4%",
   "-2x the move": "\u221276.8%",
   "Difference": "+21.9 pts",
   "XOP moved about": "29%"
  },
  {
   "window": "3 years",
   "Fund": "\u221258.5%",
   "XOP": "+29.9%",
   "-2x the move": "\u221259.9%",
   "Difference": "+1.4 pts",
   "XOP moved about": "28%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.8%",
   "XOP": "+12.3%",
   "-2x the move": "\u221224.7%",
   "Difference": "\u221275.1 pts",
   "XOP moved about": "40%"
  }
 ],
 "questions": [
  {
   "q": "Did DRIP return -2 times XOP?",
   "a": "Over the window to Sep 30, 2026, XOP moved +17.1% and DRIP returned \u221229.8%. \u22122 times that move is \u221234.2%, so the fund came out 4.5 points ahead of it."
  },
  {
   "q": "Why does DRIP not return -2 times over a year?",
   "a": "Because it resets daily. DRIP 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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}