{
 "ticker": "DRN",
 "name": "Direxion Daily Real Estate Bull 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/drn",
 "html": "https://etfiq.com/funds/drn",
 "markdown": "https://etfiq.com/funds/drn.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: DRN returned \u221221.6% where its own daily promise gave \u221220.0%, 1.6 points short.",
 "key_facts": [
  {
   "key": "what_iyr_did",
   "label": "What IYR did",
   "value": "\u22126.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRN, what IYR did: \u22126.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What 3 times a day gives",
   "value": "\u221220.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRN, what 3 times a day gives: \u221220.0%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221221.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRN, what the fund returned: \u221221.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.6 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRN, the fund itself cost: \u22121.6 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$35m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "DRN, net assets: $35m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.98%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "DRN, expense ratio: 0.98% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+3 times the daily move of IYR, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+3.19 times, against +3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IYR",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$35m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.98%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "13% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221219.3%",
   "IYR": "\u22126.7%",
   "+3x the move": "\u221220.1%",
   "Difference": "+0.8 pts",
   "IYR moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "\u221221.6%",
   "IYR": "\u22126.8%",
   "+3x the move": "\u221220.3%",
   "Difference": "\u22121.3 pts",
   "IYR moved about": "13%"
  },
  {
   "window": "6 months",
   "Fund": "\u22123.1%",
   "IYR": "+1.4%",
   "+3x the move": "+4.2%",
   "Difference": "\u22127.4 pts",
   "IYR moved about": "14%"
  },
  {
   "window": "1 year",
   "Fund": "\u221213.2%",
   "IYR": "+0.3%",
   "+3x the move": "+0.9%",
   "Difference": "\u221214.1 pts",
   "IYR moved about": "14%"
  },
  {
   "window": "3 years",
   "Fund": "+30.1%",
   "IYR": "+30.9%",
   "+3x the move": "+92.7%",
   "Difference": "\u221262.5 pts",
   "IYR moved about": "17%"
  },
  {
   "window": "Since launch",
   "Fund": "+165.2%",
   "IYR": "+259.8%",
   "+3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "IYR moved about": "20%"
  }
 ],
 "questions": [
  {
   "q": "Did DRN return +3 times IYR?",
   "a": "Over the window to Sep 30, 2026, IYR moved \u22126.8% and DRN returned \u221221.6%. 3 times that move is \u221220.3%, so the fund came out 1.3 points short of it."
  },
  {
   "q": "Why does DRN not return +3 times over a year?",
   "a": "Because it resets daily. DRN 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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}