# ORCS (Direxion Daily ORCL Bear 1X ETF)

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

Three months to Sep 30, 2026: ORCS returned −2.6% where its own daily promise gave −4.0%, 1.4 points over.

## Key facts

- ORCS, what ORCL did: −3.3%, as of Sep 30, 2026.
- ORCS, what −1 times a day gives: −4.0%, as of Sep 30, 2026.
- ORCS, what the fund returned: −2.6%, as of Sep 30, 2026.
- ORCS, the fund itself added: +1.4 pts, as of Sep 30, 2026.
- ORCS, net assets: $7m (issuer page, as of Sep 30, 2026).
- ORCS, expense ratio: 0.97% (485BPOS XBRL, Feb 26, 2026).

## ORCS over each window to Sep 30, 2026

| Window | Fund | ORCL | -1x the move | Difference | ORCL moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +6.7% | −7.9% | +7.9% | −1.3 pts | 52% |
| 3 months | −2.6% | −3.3% | +3.3% | −5.9 pts | 54% |
| 6 months | −10.5% | −4.8% | +4.8% | −15.3 pts | 61% |
| Since launch | +27.7% | −38.5% | +38.5% | −10.9 pts | 58% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of ORCL, reset daily | ETFIQ |
| Multiple a holder actually got over the window | ORCL moved −3.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | ORCL | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $7m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.97% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Nov 19, 2025 | ETFIQ |
| Underlying volatility over the window | 54% annualized | ETFIQ |

## Questions

### Did ORCS return -1 times ORCL?

Over the window to Sep 30, 2026, ORCL moved −3.3% and ORCS returned −2.6%. −1 times that move is +3.3%, so the fund came out 5.9 points short of it.

### Why does ORCS not return -1 times over a year?

Because it resets daily. ORCS 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.


## Cite this page

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

HTML: https://etfiq.com/funds/orcs  ·  JSON: https://etfiq.com/funds/orcs.json