{
 "ticker": "DRNL",
 "name": "Defiance 2X Daily Long Pure Drone and Aerial Automation ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/DRNL",
 "html": "https://etfiq.com/funds/DRNL",
 "markdown": "https://etfiq.com/funds/DRNL.md",
 "as_of": "2026-09-11",
 "verdict": "DRNL aims to return +2 times Pure Drone and Aerial Automation's move each day, then resets. Over one day it does that.",
 "key_facts": [
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$115,168",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "DRNL, net assets: $115,168 (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Jan 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "DRNL, expense ratio: 1.31% (485BPOS XBRL, Jan 26, 2026)."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "Pure Drone and Aerial Automation (no investable tracker)",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DRNL, underlying: Pure Drone and Aerial Automation (no investable tracker), as of Sep 11, 2026."
  },
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of Pure Drone and Aerial Automation, reset daily",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "DRNL, sets out to return: +2 times the daily move of Pure Drone and Aerial Automation, reset daily, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of Pure Drone and Aerial Automation, reset daily",
   "source": null
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "Pure Drone and Aerial Automation (no investable tracker)",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, theme",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$115,168",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Jan 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Mar 3, 2026",
   "source": null
  }
 ],
 "periods": [],
 "questions": [
  {
   "q": "Why does DRNL not return +2 times over a year?",
   "a": "Because it resets daily. DRNL 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)."
}