# LOFD (Direxion Daily SpaceX Bear 2X ETF)

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

One month to Sep 30, 2026: LOFD returned −12.7% where its own daily promise gave −13.6%, 1.0 points over.

## Key facts

- LOFD, what SPCX did: +5.0%, as of Sep 30, 2026.
- LOFD, what −2 times a day gives: −13.6%, as of Sep 30, 2026.
- LOFD, what the fund returned: −12.7%, as of Sep 30, 2026.
- LOFD, the fund itself added: +1.0 pts, as of Sep 30, 2026.
- LOFD, net assets: $2m (issuer page, as of Sep 30, 2026).
- LOFD, expense ratio: 0.97% (485BPOS XBRL, Jun 8, 2026).

## LOFD over each window to Sep 30, 2026

| Window | Fund | SPCX | -2x the move | Difference | SPCX moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −12.7% | +5.0% | −10.0% | −2.7 pts | 44% |
| Since launch | −51.5% | +31.3% | −62.5% | +11.0 pts | 62% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of SPCX, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SPCX moved +5.0% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPCX | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $2m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.97% | 485BPOS XBRL, Jun 8, 2026 |
| Launched | Aug 6, 2026 | ETFIQ |
| Underlying volatility over the window | 44% annualized | ETFIQ |

## Questions

### Did LOFD return -2 times SPCX?

Over the window to Sep 30, 2026, SPCX moved +5.0% and LOFD returned −12.7%. −2 times that move is −10.0%, so the fund came out 2.7 points short of it.

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

Because it resets daily. LOFD 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.

### Which -2x SPCX ETF tracked its stated multiple most closely?

5 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from −2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.


## Cite this page

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

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