{
 "ticker": "PALD",
 "name": "Direxion Daily PANW Bear 1X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/pald",
 "html": "https://etfiq.com/funds/pald",
 "markdown": "https://etfiq.com/funds/pald.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: PALD returned \u221218.0% where its own daily promise gave \u221219.2%, 1.2 points over.",
 "key_facts": [
  {
   "key": "what_panw_did",
   "label": "What PANW did",
   "value": "+12.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PALD, what PANW did: +12.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "\u221219.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PALD, what \u22121 times a day gives: \u221219.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221218.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PALD, what the fund returned: \u221218.0%, 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": "PALD, the fund itself added: +1.2 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$3m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "PALD, net assets: $3m (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": "PALD, 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 PANW, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.4 times, against -1 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "PANW",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$3m",
   "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": "Mar 26, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "60% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22127.1%",
   "PANW": "+4.0%",
   "-1x the move": "\u22124.0%",
   "Difference": "\u22123.1 pts",
   "PANW moved about": "67%"
  },
  {
   "window": "3 months",
   "Fund": "\u221218.0%",
   "PANW": "+12.9%",
   "-1x the move": "\u221212.9%",
   "Difference": "\u22125.2 pts",
   "PANW moved about": "60%"
  },
  {
   "window": "6 months",
   "Fund": "\u221264.8%",
   "PANW": "+147.3%",
   "-1x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "PANW moved about": "57%"
  },
  {
   "window": "1 year",
   "Fund": "\u221256.8%",
   "PANW": "+95.1%",
   "-1x the move": "\u221295.1%",
   "Difference": "+38.4 pts",
   "PANW moved about": "48%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221262.2%",
   "PANW": "+114.8%",
   "-1x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "PANW moved about": "45%"
  }
 ],
 "questions": [
  {
   "q": "Did PALD return -1 times PANW?",
   "a": "Over the window to Sep 30, 2026, PANW moved +12.9% and PALD returned \u221218.0%. \u22121 times that move is \u221212.9%, so the fund came out 5.2 points short of it."
  },
  {
   "q": "Why does PALD not return -1 times over a year?",
   "a": "Because it resets daily. PALD 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)."
}