{
 "ticker": "WEBS",
 "name": "Direxion Daily Dow Jones Internet Bear 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/webs",
 "html": "https://etfiq.com/funds/webs",
 "markdown": "https://etfiq.com/funds/webs.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: WEBS returned \u221220.8% where its own daily promise gave \u221223.3%, 2.4 points over.",
 "key_facts": [
  {
   "key": "what_fdn_did",
   "label": "What FDN did",
   "value": "+7.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "WEBS, what FDN did: +7.0%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221223.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "WEBS, what \u22123 times a day gives: \u221223.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221220.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "WEBS, what the fund returned: \u221220.8%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+2.4 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "WEBS, the fund itself added: +2.4 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$7m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "WEBS, net assets: $7m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.07%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "WEBS, expense ratio: 1.07% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of FDN, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-2.98 times, against -3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "FDN",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$7m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.07%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Nov 7, 2019",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "20% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+3.3%",
   "FDN": "\u22121.4%",
   "-3x the move": "+4.1%",
   "Difference": "\u22120.9 pts",
   "FDN moved about": "20%"
  },
  {
   "window": "3 months",
   "Fund": "\u221220.8%",
   "FDN": "+7.0%",
   "-3x the move": "\u221221.0%",
   "Difference": "+0.2 pts",
   "FDN moved about": "20%"
  },
  {
   "window": "6 months",
   "Fund": "\u221248.7%",
   "FDN": "+22.3%",
   "-3x the move": "\u221266.8%",
   "Difference": "+18.1 pts",
   "FDN moved about": "20%"
  },
  {
   "window": "1 year",
   "Fund": "\u221219.9%",
   "FDN": "+3.1%",
   "-3x the move": "\u22129.2%",
   "Difference": "\u221210.6 pts",
   "FDN moved about": "21%"
  },
  {
   "window": "3 years",
   "Fund": "\u221288.6%",
   "FDN": "+80.7%",
   "-3x the move": "\u2212242.2%",
   "Difference": "+153.6 pts",
   "FDN moved about": "22%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.3%",
   "FDN": "+116.9%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "FDN moved about": "28%"
  }
 ],
 "questions": [
  {
   "q": "Did WEBS return -3 times FDN?",
   "a": "Over the window to Sep 30, 2026, FDN moved +7.0% and WEBS returned \u221220.8%. \u22123 times that move is \u221221.0%, so the fund came out 0.2 points ahead of it."
  },
  {
   "q": "Why does WEBS not return -3 times over a year?",
   "a": "Because it resets daily. WEBS 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)."
}