{
 "ticker": "CEFD",
 "name": "ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN",
 "issuer": "ETRACS",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/CEFD",
 "html": "https://etfiq.com/funds/CEFD",
 "markdown": "https://etfiq.com/funds/CEFD.md",
 "as_of": "2026-09-11",
 "verdict": "CEFD aims to return +1.5 times ETRACS Monthly Pay Closed-End's move each day, then resets. Over one day it does that.",
 "key_facts": [
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "CEFD, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "ETRACS Monthly Pay Closed-End (no investable tracker)",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "CEFD, underlying: ETRACS Monthly Pay Closed-End (no investable tracker), as of Sep 11, 2026."
  },
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+1.5 times the daily move of ETRACS Monthly Pay Closed-End, reset daily",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "CEFD, sets out to return: +1.5 times the daily move of ETRACS Monthly Pay Closed-End, reset daily, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+1.5 times the daily move of ETRACS Monthly Pay Closed-End, reset daily",
   "source": null
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "ETRACS Monthly Pay Closed-End (no investable tracker)",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, index variant",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jun 3, 2020",
   "source": null
  }
 ],
 "periods": [],
 "questions": [
  {
   "q": "Why does CEFD not return +1.5 times over a year?",
   "a": "Because it resets daily. CEFD aims at +1.5 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 +1.5 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)."
}