{
 "ticker": "APLZ",
 "name": "Tradr 2X Short APLD Daily ETF",
 "issuer": "Tradr",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/APLZ",
 "html": "https://etfiq.com/funds/APLZ",
 "markdown": "https://etfiq.com/funds/APLZ.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: APLZ returned +42.4% where its own daily promise gave +45.0%, 2.6 points short.",
 "key_facts": [
  {
   "key": "what_apld_did",
   "label": "What APLD did",
   "value": "\u221238.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "APLZ, what APLD did: \u221238.1%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "+45.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "APLZ, what \u22122 times a day gives: +45.0%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+42.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "APLZ, what the fund returned: +42.4%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22122.6 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "APLZ, the fund itself cost: \u22122.6 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5m",
   "source": "source, as filed for Jun 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "APLZ, net assets: $5m (source, as filed for Jun 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.49%",
   "source": "485BPOS XBRL, Jan 20, 2026",
   "as_of": "2026-09-11",
   "sentence": "APLZ, expense ratio: 1.49% (485BPOS XBRL, Jan 20, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of APLD, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.11 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "APLD",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5m",
   "source": "source, as filed for Jun 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.49%",
   "source": "485BPOS XBRL, Jan 20, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 22, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "87% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+22.1%",
   "APLD": "\u221215.2%",
   "-2x the move": "+30.4%",
   "Difference": "\u22128.3 pts",
   "APLD moved about": "70%"
  },
  {
   "window": "3 months",
   "Fund": "+42.4%",
   "APLD": "\u221238.1%",
   "-2x the move": "+76.3%",
   "Difference": "\u221233.9 pts",
   "APLD moved about": "87%"
  },
  {
   "window": "6 months",
   "Fund": "\u221277.7%",
   "APLD": "\u22122.3%",
   "-2x the move": "+4.7%",
   "Difference": "\u221282.4 pts",
   "APLD moved about": "98%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221282.7%",
   "APLD": "\u221223.9%",
   "-2x the move": "+47.9%",
   "Difference": "\u2212130.6 pts",
   "APLD moved about": "104%"
  }
 ],
 "questions": [
  {
   "q": "Did APLZ return -2 times APLD?",
   "a": "Over the window to Sep 11, 2026, APLD moved \u221238.1% and APLZ returned +42.4%. 2 times that move is +76.3%, so the fund came out 33.9 points short of it."
  },
  {
   "q": "Why does APLZ not return -2 times over a year?",
   "a": "Because it resets daily. APLZ 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)."
}