{
 "ticker": "ANEL",
 "name": "Defiance Daily Target 2X Long ANET ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/ANEL",
 "html": "https://etfiq.com/funds/ANEL",
 "markdown": "https://etfiq.com/funds/ANEL.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: ANEL returned +33.1% where its own daily promise gave +38.4%, 5.3 points short.",
 "key_facts": [
  {
   "key": "what_anet_did",
   "label": "What ANET did",
   "value": "+22.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "ANEL, what ANET did: +22.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "+38.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "ANEL, what +2 times a day gives: +38.4%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+33.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "ANEL, what the fund returned: +33.1%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22125.3 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "ANEL, the fund itself cost: \u22125.3 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$6m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "ANEL, net assets: $6m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.45%",
   "source": "485BPOS XBRL, Aug 24, 2026",
   "as_of": "2026-09-11",
   "sentence": "ANEL, expense ratio: 1.45% (485BPOS XBRL, Aug 24, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of ANET, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.49 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "ANET",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$6m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.45%",
   "source": "485BPOS XBRL, Aug 24, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Sep 4, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "56% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221212.2%",
   "ANET": "\u22125.2%",
   "+2x the move": "\u221210.4%",
   "Difference": "\u22121.8 pts",
   "ANET moved about": "44%"
  },
  {
   "window": "3 months",
   "Fund": "+33.1%",
   "ANET": "+22.3%",
   "+2x the move": "+44.5%",
   "Difference": "\u221211.4 pts",
   "ANET moved about": "56%"
  },
  {
   "window": "6 months",
   "Fund": "+73.0%",
   "ANET": "+49.4%",
   "+2x the move": "+98.9%",
   "Difference": "\u221225.8 pts",
   "ANET moved about": "59%"
  },
  {
   "window": "1 year",
   "Fund": "+8.0%",
   "ANET": "+30.4%",
   "+2x the move": "+60.8%",
   "Difference": "\u221252.9 pts",
   "ANET moved about": "55%"
  },
  {
   "window": "Since launch",
   "Fund": "+26.6%",
   "ANET": "+41.4%",
   "+2x the move": "+82.8%",
   "Difference": "\u221256.1 pts",
   "ANET moved about": "55%"
  }
 ],
 "questions": [
  {
   "q": "Did ANEL return +2 times ANET?",
   "a": "Over the window to Sep 11, 2026, ANET moved +22.3% and ANEL returned +33.1%. 2 times that move is +44.5%, so the fund came out 11.4 points short of it."
  },
  {
   "q": "Why does ANEL not return +2 times over a year?",
   "a": "Because it resets daily. ANEL aims at +2 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 +2 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": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}