{
 "ticker": "TECS",
 "name": "Direxion Daily Technology Bear 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/tecs",
 "html": "https://etfiq.com/funds/tecs",
 "markdown": "https://etfiq.com/funds/tecs.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: TECS returned \u221221.0% where its own daily promise gave \u221223.8%, 2.8 points over.",
 "key_facts": [
  {
   "key": "what_xlk_did",
   "label": "What XLK did",
   "value": "+5.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TECS, what XLK did: +5.6%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221223.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TECS, what \u22123 times a day gives: \u221223.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221221.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TECS, what the fund returned: \u221221.0%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+2.8 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TECS, the fund itself added: +2.8 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$69m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "TECS, net assets: $69m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.01%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "TECS, expense ratio: 1.01% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of XLK, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-3.76 times, against -3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XLK",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$69m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.01%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "26% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221214.3%",
   "XLK": "+5.1%",
   "-3x the move": "\u221215.2%",
   "Difference": "+0.9 pts",
   "XLK moved about": "18%"
  },
  {
   "window": "3 months",
   "Fund": "\u221221.0%",
   "XLK": "+5.6%",
   "-3x the move": "\u221216.7%",
   "Difference": "\u22124.3 pts",
   "XLK moved about": "26%"
  },
  {
   "window": "6 months",
   "Fund": "\u221273.2%",
   "XLK": "+45.4%",
   "-3x the move": "\u2212136.3%",
   "Difference": "+63.1 pts",
   "XLK moved about": "29%"
  },
  {
   "window": "1 year",
   "Fund": "\u221272.2%",
   "XLK": "+39.6%",
   "-3x the move": "\u2212118.8%",
   "Difference": "+46.6 pts",
   "XLK moved about": "26%"
  },
  {
   "window": "3 years",
   "Fund": "\u221296.4%",
   "XLK": "+143.3%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "XLK moved about": "25%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "XLK": "+1992.5%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "XLK moved about": "22%"
  }
 ],
 "questions": [
  {
   "q": "Did TECS return -3 times XLK?",
   "a": "Over the window to Sep 30, 2026, XLK moved +5.6% and TECS returned \u221221.0%. \u22123 times that move is \u221216.7%, so the fund came out 4.3 points short of it."
  },
  {
   "q": "Why does TECS not return -3 times over a year?",
   "a": "Because it resets daily. TECS aims at -3 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 -3 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)."
}