{
 "ticker": "FAZ",
 "name": "Direxion Daily Financial Bear 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/faz",
 "html": "https://etfiq.com/funds/faz",
 "markdown": "https://etfiq.com/funds/faz.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: FAZ returned +8.1% where its own daily promise gave +4.2%, 4.0 points over.",
 "key_facts": [
  {
   "key": "what_xlf_did",
   "label": "What XLF did",
   "value": "\u22122.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FAZ, what XLF did: \u22122.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "+4.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FAZ, what \u22123 times a day gives: +4.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+8.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FAZ, what the fund returned: +8.1%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+4.0 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FAZ, the fund itself added: +4.0 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$96m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "FAZ, net assets: $96m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.03%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "FAZ, expense ratio: 1.03% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of XLF, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "XLF moved \u22122.2% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XLF",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$96m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.03%",
   "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": "+25.2%",
   "XLF": "\u22127.1%",
   "-3x the move": "+21.4%",
   "Difference": "+3.8 pts",
   "XLF moved about": "13%"
  },
  {
   "window": "3 months",
   "Fund": "+8.1%",
   "XLF": "\u22122.2%",
   "-3x the move": "+6.5%",
   "Difference": "+1.6 pts",
   "XLF moved about": "13%"
  },
  {
   "window": "6 months",
   "Fund": "\u221220.8%",
   "XLF": "+8.8%",
   "-3x the move": "\u221226.3%",
   "Difference": "+5.5 pts",
   "XLF moved about": "13%"
  },
  {
   "window": "1 year",
   "Fund": "+0.2%",
   "XLF": "+0.7%",
   "-3x the move": "\u22122.0%",
   "Difference": "+2.2 pts",
   "XLF moved about": "15%"
  },
  {
   "window": "3 years",
   "Fund": "\u221277.8%",
   "XLF": "+68.6%",
   "-3x the move": "\u2212205.8%",
   "Difference": "+128.0 pts",
   "XLF moved about": "16%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "XLF": "+501.9%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "XLF moved about": "22%"
  }
 ],
 "questions": [
  {
   "q": "Did FAZ return -3 times XLF?",
   "a": "Over the window to Sep 30, 2026, XLF moved \u22122.2% and FAZ returned +8.1%. \u22123 times that move is +6.5%, so the fund came out 1.6 points ahead of it."
  },
  {
   "q": "Why does FAZ not return -3 times over a year?",
   "a": "Because it resets daily. FAZ 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)."
}