{
 "ticker": "DRV",
 "name": "Direxion Daily Real Estate Bear 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/drv",
 "html": "https://etfiq.com/funds/drv",
 "markdown": "https://etfiq.com/funds/drv.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: DRV returned +23.9% where its own daily promise gave +20.4%, 3.5 points over.",
 "key_facts": [
  {
   "key": "what_iyr_did",
   "label": "What IYR did",
   "value": "\u22126.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRV, what IYR did: \u22126.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "+20.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRV, what \u22123 times a day gives: +20.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+23.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRV, what the fund returned: +23.9%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+3.5 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRV, the fund itself added: +3.5 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$32m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "DRV, net assets: $32m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.06%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "DRV, expense ratio: 1.06% (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": "-3.53 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": "$32m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.06%",
   "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": "+22.7%",
   "IYR": "\u22126.7%",
   "-3x the move": "+20.1%",
   "Difference": "+2.6 pts",
   "IYR moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "+23.9%",
   "IYR": "\u22126.8%",
   "-3x the move": "+20.3%",
   "Difference": "+3.6 pts",
   "IYR moved about": "13%"
  },
  {
   "window": "6 months",
   "Fund": "\u22124.0%",
   "IYR": "+1.4%",
   "-3x the move": "\u22124.2%",
   "Difference": "+0.2 pts",
   "IYR moved about": "14%"
  },
  {
   "window": "1 year",
   "Fund": "+1.3%",
   "IYR": "+0.3%",
   "-3x the move": "\u22120.9%",
   "Difference": "+2.2 pts",
   "IYR moved about": "14%"
  },
  {
   "window": "3 years",
   "Fund": "\u221256.8%",
   "IYR": "+30.9%",
   "-3x the move": "\u221292.7%",
   "Difference": "+35.9 pts",
   "IYR moved about": "17%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "IYR": "+259.8%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "IYR moved about": "20%"
  }
 ],
 "questions": [
  {
   "q": "Did DRV return -3 times IYR?",
   "a": "Over the window to Sep 30, 2026, IYR moved \u22126.8% and DRV returned +23.9%. \u22123 times that move is +20.3%, so the fund came out 3.6 points ahead of it."
  },
  {
   "q": "Why does DRV not return -3 times over a year?",
   "a": "Because it resets daily. DRV 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)."
}