# DRIP (Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF)

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: DRIP returned −29.8% where its own daily promise gave −31.4%, 1.6 points over.

## Key facts

- DRIP, what XOP did: +17.1%, as of Sep 30, 2026.
- DRIP, what −2 times a day gives: −31.4%, as of Sep 30, 2026.
- DRIP, what the fund returned: −29.8%, as of Sep 30, 2026.
- DRIP, the fund itself added: +1.6 pts, as of Sep 30, 2026.
- DRIP, net assets: $131m (issuer page, as of Sep 30, 2026).
- DRIP, expense ratio: 1.01% (485BPOS XBRL, Feb 26, 2026).

## DRIP over each window to Sep 30, 2026

| Window | Fund | XOP | -2x the move | Difference | XOP moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +9.3% | −4.7% | +9.4% | −0.1 pts | 24% |
| 3 months | −29.8% | +17.1% | −34.2% | +4.5 pts | 28% |
| 6 months | −14.5% | +3.5% | −7.0% | −7.6 pts | 30% |
| 1 year | −55.0% | +38.4% | −76.8% | +21.9 pts | 29% |
| 3 years | −58.5% | +29.9% | −59.9% | +1.4 pts | 28% |
| Since launch | −99.8% | +12.3% | −24.7% | −75.1 pts | 40% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of XOP, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -1.74 times, against -2 stated | ETFIQ |
| Underlying | XOP | ETFIQ |
| Segment | asset class, commodity | ETFIQ |
| Net assets | $131m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.01% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | May 29, 2015 | ETFIQ |
| Underlying volatility over the window | 28% annualized | ETFIQ |

## Questions

### Did DRIP return -2 times XOP?

Over the window to Sep 30, 2026, XOP moved +17.1% and DRIP returned −29.8%. −2 times that move is −34.2%, so the fund came out 4.5 points ahead of it.

### Why does DRIP not return -2 times over a year?

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.


## Cite this page

ETFIQ, DRIP, data as of Sep 30, 2026. https://etfiq.com/funds/drip
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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