{
 "ticker": "METD",
 "name": "Direxion Daily META Bear 1X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/metd",
 "html": "https://etfiq.com/funds/metd",
 "markdown": "https://etfiq.com/funds/metd.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: METD returned \u221219.3% where its own daily promise gave \u221220.5%, 1.2 points over.",
 "key_facts": [
  {
   "key": "what_meta_did",
   "label": "What META did",
   "value": "+18.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "METD, what META did: +18.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "\u221220.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "METD, what \u22121 times a day gives: \u221220.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221219.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "METD, what the fund returned: \u221219.3%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.2 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "METD, the fund itself added: +1.2 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$16m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "METD, net assets: $16m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.02%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "METD, expense ratio: 1.02% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-1 times the daily move of META, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.05 times, against -1 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "META",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$16m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.02%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jun 5, 2024",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "49% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221223.0%",
   "META": "+26.8%",
   "-1x the move": "\u221226.8%",
   "Difference": "+3.8 pts",
   "META moved about": "55%"
  },
  {
   "window": "3 months",
   "Fund": "\u221219.3%",
   "META": "+18.4%",
   "-1x the move": "\u221218.4%",
   "Difference": "\u22120.9 pts",
   "META moved about": "49%"
  },
  {
   "window": "6 months",
   "Fund": "\u221225.9%",
   "META": "+25.4%",
   "-1x the move": "\u221225.4%",
   "Difference": "\u22120.5 pts",
   "META moved about": "46%"
  },
  {
   "window": "1 year",
   "Fund": "\u22129.7%",
   "META": "\u22120.9%",
   "-1x the move": "+0.9%",
   "Difference": "\u221210.7 pts",
   "META moved about": "42%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221242.9%",
   "META": "+47.7%",
   "-1x the move": "\u221247.7%",
   "Difference": "+4.8 pts",
   "META moved about": "38%"
  }
 ],
 "questions": [
  {
   "q": "Did METD return -1 times META?",
   "a": "Over the window to Sep 30, 2026, META moved +18.4% and METD returned \u221219.3%. \u22121 times that move is \u221218.4%, so the fund came out 0.9 points short of it."
  },
  {
   "q": "Why does METD not return -1 times over a year?",
   "a": "Because it resets daily. METD aims at -1 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 -1 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)."
}