{
 "ticker": "FNGD",
 "name": "MicroSectors FANG  Index -3X Inverse Leveraged ETNs due January 8, 2038",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/FNGD",
 "html": "https://etfiq.com/funds/FNGD",
 "markdown": "https://etfiq.com/funds/FNGD.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: FNGD returned \u221230.0% where its own daily promise gave \u221231.3%, 1.3 points over.",
 "key_facts": [
  {
   "key": "what_fngs_did",
   "label": "What FNGS did",
   "value": "+10.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FNGD, what FNGS did: +10.1%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221231.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FNGD, what \u22123 times a day gives: \u221231.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221230.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FNGD, what the fund returned: \u221230.0%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.3 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FNGD, the fund itself added: +1.3 pts, as of Sep 11, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FNGD, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "FNGS",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FNGD, underlying: FNGS, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of FNGS, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-2.96 times, against -3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "FNGS",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, index",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 23, 2018",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "24% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22122.8%",
   "FNGS": "+0.6%",
   "-3x the move": "\u22121.7%",
   "Difference": "\u22121.1 pts",
   "FNGS moved about": "16%"
  },
  {
   "window": "3 months",
   "Fund": "\u221230.0%",
   "FNGS": "+10.1%",
   "-3x the move": "\u221230.4%",
   "Difference": "+0.4 pts",
   "FNGS moved about": "24%"
  },
  {
   "window": "6 months",
   "Fund": "\u221258.6%",
   "FNGS": "+28.0%",
   "-3x the move": "\u221284.1%",
   "Difference": "+25.5 pts",
   "FNGS moved about": "26%"
  },
  {
   "window": "1 year",
   "Fund": "\u221249.3%",
   "FNGS": "+15.5%",
   "-3x the move": "\u221246.4%",
   "Difference": "\u22122.9 pts",
   "FNGS moved about": "23%"
  },
  {
   "window": "3 years",
   "Fund": "\u221296.8%",
   "FNGS": "+135.9%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "FNGS moved about": "26%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "FNGS": "+547.5%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "FNGS moved about": "31%"
  }
 ],
 "questions": [
  {
   "q": "Did FNGD return -3 times FNGS?",
   "a": "Over the window to Sep 11, 2026, FNGS moved +10.1% and FNGD returned \u221230.0%. 3 times that move is \u221230.4%, so the fund came out 0.4 points ahead of it."
  },
  {
   "q": "Why does FNGD not return -3 times over a year?",
   "a": "Because it resets daily. FNGD aims at -3 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 -3 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)."
}