{
 "ticker": "NFXS",
 "name": "Direxion Daily NFLX Bear 1X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/nfxs",
 "html": "https://etfiq.com/funds/nfxs",
 "markdown": "https://etfiq.com/funds/nfxs.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: NFXS returned +4.7% where its own daily promise gave +3.3%, 1.5 points over.",
 "key_facts": [
  {
   "key": "what_nflx_did",
   "label": "What NFLX did",
   "value": "\u22126.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NFXS, what NFLX did: \u22126.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "+3.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NFXS, what \u22121 times a day gives: +3.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+4.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NFXS, what the fund returned: +4.7%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.5 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NFXS, the fund itself added: +1.5 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$4m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "NFXS, net assets: $4m (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": "NFXS, expense ratio: 1.03% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-1 times the daily move of NFLX, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-0.76 times, against -1 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "NFLX",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$4m",
   "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": "Oct 3, 2024",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "36% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+15.8%",
   "NFLX": "\u221214.2%",
   "-1x the move": "+14.2%",
   "Difference": "+1.6 pts",
   "NFLX moved about": "35%"
  },
  {
   "window": "3 months",
   "Fund": "+4.7%",
   "NFLX": "\u22126.2%",
   "-1x the move": "+6.2%",
   "Difference": "\u22121.5 pts",
   "NFLX moved about": "36%"
  },
  {
   "window": "6 months",
   "Fund": "+33.1%",
   "NFLX": "\u221227.2%",
   "-1x the move": "+27.2%",
   "Difference": "+5.9 pts",
   "NFLX moved about": "35%"
  },
  {
   "window": "1 year",
   "Fund": "+60.7%",
   "NFLX": "\u221242.0%",
   "-1x the move": "+42.0%",
   "Difference": "+18.7 pts",
   "NFLX moved about": "36%"
  },
  {
   "window": "Since launch",
   "Fund": "\u22128.1%",
   "NFLX": "\u22121.6%",
   "-1x the move": "+1.6%",
   "Difference": "\u22129.7 pts",
   "NFLX moved about": "35%"
  }
 ],
 "questions": [
  {
   "q": "Did NFXS return -1 times NFLX?",
   "a": "Over the window to Sep 30, 2026, NFLX moved \u22126.2% and NFXS returned +4.7%. \u22121 times that move is +6.2%, so the fund came out 1.5 points short of it."
  },
  {
   "q": "Why does NFXS not return -1 times over a year?",
   "a": "Because it resets daily. NFXS 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)."
}