{
 "ticker": "TYO",
 "name": "Direxion Daily 7-10 Year Treasury Bear 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/tyo",
 "html": "https://etfiq.com/funds/tyo",
 "markdown": "https://etfiq.com/funds/tyo.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: TYO returned +18.5% where its own daily promise gave +13.8%, 4.7 points over.",
 "key_facts": [
  {
   "key": "what_ief_did",
   "label": "What IEF did",
   "value": "\u22124.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TYO, what IEF did: \u22124.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "+13.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TYO, what \u22123 times a day gives: +13.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+18.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TYO, what the fund returned: +18.5%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+4.7 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TYO, the fund itself added: +4.7 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$11m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "TYO, net assets: $11m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.00%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "TYO, expense ratio: 1.00% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of IEF, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "IEF moved \u22124.3% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IEF",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, bond",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$11m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.00%",
   "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": "5% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+11.9%",
   "IEF": "\u22123.4%",
   "-3x the move": "+10.1%",
   "Difference": "+1.8 pts",
   "IEF moved about": "6%"
  },
  {
   "window": "3 months",
   "Fund": "+18.5%",
   "IEF": "\u22124.3%",
   "-3x the move": "+13.1%",
   "Difference": "+5.4 pts",
   "IEF moved about": "5%"
  },
  {
   "window": "6 months",
   "Fund": "+22.4%",
   "IEF": "\u22124.4%",
   "-3x the move": "+13.3%",
   "Difference": "+9.1 pts",
   "IEF moved about": "5%"
  },
  {
   "window": "1 year",
   "Fund": "+28.8%",
   "IEF": "\u22123.7%",
   "-3x the move": "+11.2%",
   "Difference": "+17.6 pts",
   "IEF moved about": "5%"
  },
  {
   "window": "3 years",
   "Fund": "+19.9%",
   "IEF": "+8.9%",
   "-3x the move": "\u221226.8%",
   "Difference": "+46.6 pts",
   "IEF moved about": "6%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221269.5%",
   "IEF": "+47.1%",
   "-3x the move": "\u2212141.4%",
   "Difference": "+71.9 pts",
   "IEF moved about": "7%"
  }
 ],
 "questions": [
  {
   "q": "Did TYO return -3 times IEF?",
   "a": "Over the window to Sep 30, 2026, IEF moved \u22124.3% and TYO returned +18.5%. \u22123 times that move is +13.1%, so the fund came out 5.4 points ahead of it."
  },
  {
   "q": "Why does TYO not return -3 times over a year?",
   "a": "Because it resets daily. TYO 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)."
}