# PALD (Direxion Daily PANW Bear 1X ETF)

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

Three months to Sep 30, 2026: PALD returned −18.0% where its own daily promise gave −19.2%, 1.2 points over.

## Key facts

- PALD, what PANW did: +12.9%, as of Sep 30, 2026.
- PALD, what −1 times a day gives: −19.2%, as of Sep 30, 2026.
- PALD, what the fund returned: −18.0%, as of Sep 30, 2026.
- PALD, the fund itself added: +1.2 pts, as of Sep 30, 2026.
- PALD, net assets: $3m (issuer page, as of Sep 30, 2026).
- PALD, expense ratio: 1.02% (485BPOS XBRL, Feb 26, 2026).

## PALD over each window to Sep 30, 2026

| Window | Fund | PANW | -1x the move | Difference | PANW moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −7.1% | +4.0% | −4.0% | −3.1 pts | 67% |
| 3 months | −18.0% | +12.9% | −12.9% | −5.2 pts | 60% |
| 6 months | −64.8% | +147.3% | not meaningful over this window | not meaningful over this window | 57% |
| 1 year | −56.8% | +95.1% | −95.1% | +38.4 pts | 48% |
| Since launch | −62.2% | +114.8% | not meaningful over this window | not meaningful over this window | 45% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of PANW, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -1.4 times, against -1 stated | ETFIQ |
| Underlying | PANW | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $3m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.02% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Mar 26, 2025 | ETFIQ |
| Underlying volatility over the window | 60% annualized | ETFIQ |

## Questions

### Did PALD return -1 times PANW?

Over the window to Sep 30, 2026, PANW moved +12.9% and PALD returned −18.0%. −1 times that move is −12.9%, so the fund came out 5.2 points short of it.

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

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.


## Cite this page

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

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