{
 "ticker": "DKNX",
 "name": "Defiance Daily Target 2X Long DKNG ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/DKNX",
 "html": "https://etfiq.com/funds/DKNX",
 "markdown": "https://etfiq.com/funds/DKNX.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: DKNX returned \u221237.7% where its own daily promise gave \u221232.2%, 5.5 points short.",
 "key_facts": [
  {
   "key": "what_dkng_did",
   "label": "What DKNG did",
   "value": "\u221214.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DKNX, what DKNG did: \u221214.7%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u221232.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DKNX, what +2 times a day gives: \u221232.2%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221237.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DKNX, what the fund returned: \u221237.7%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22125.5 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DKNX, the fund itself cost: \u22125.5 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "DKNX, net assets: $5m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.29%",
   "source": "485BPOS XBRL, Aug 26, 2025",
   "as_of": "2026-09-11",
   "sentence": "DKNX, expense ratio: 1.29% (485BPOS XBRL, Aug 26, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of DKNG, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+2.56 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "DKNG",
   "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 Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.29%",
   "source": "485BPOS XBRL, Aug 26, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jul 31, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "54% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221212.0%",
   "DKNG": "\u22123.0%",
   "+2x the move": "\u22126.0%",
   "Difference": "\u22125.9 pts",
   "DKNG moved about": "48%"
  },
  {
   "window": "3 months",
   "Fund": "\u221237.7%",
   "DKNG": "\u221214.7%",
   "+2x the move": "\u221229.4%",
   "Difference": "\u22128.3 pts",
   "DKNG moved about": "54%"
  },
  {
   "window": "6 months",
   "Fund": "\u221230.2%",
   "DKNG": "\u22124.4%",
   "+2x the move": "\u22128.7%",
   "Difference": "\u221221.5 pts",
   "DKNG moved about": "53%"
  },
  {
   "window": "1 year",
   "Fund": "\u221282.9%",
   "DKNG": "\u221246.1%",
   "+2x the move": "\u221292.1%",
   "Difference": "+9.3 pts",
   "DKNG moved about": "53%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221282.7%",
   "DKNG": "\u221245.1%",
   "+2x the move": "\u221290.1%",
   "Difference": "+7.5 pts",
   "DKNG moved about": "51%"
  }
 ],
 "questions": [
  {
   "q": "Did DKNX return +2 times DKNG?",
   "a": "Over the window to Sep 11, 2026, DKNG moved \u221214.7% and DKNX returned \u221237.7%. 2 times that move is \u221229.4%, so the fund came out 8.3 points short of it."
  },
  {
   "q": "Why does DKNX not return +2 times over a year?",
   "a": "Because it resets daily. DKNX 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)."
}