{
 "ticker": "FNGU",
 "name": "MicroSectors FANG+ 3X Leveraged ETNs",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/FNGU",
 "html": "https://etfiq.com/funds/FNGU",
 "markdown": "https://etfiq.com/funds/FNGU.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: FNGU returned +22.4% where its own daily promise gave +28.3%, 5.9 points short.",
 "key_facts": [
  {
   "key": "what_fngs_did",
   "label": "What FNGS did",
   "value": "+10.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FNGU, what FNGS did: +10.1%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What +3 times a day gives",
   "value": "+28.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FNGU, what +3 times a day gives: +28.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+22.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FNGU, what the fund returned: +22.4%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22125.9 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FNGU, the fund itself cost: \u22125.9 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": "FNGU, 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": "FNGU, 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": "+2.21 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": "Feb 20, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "24% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22120.2%",
   "FNGS": "+0.6%",
   "+3x the move": "+1.7%",
   "Difference": "\u22121.9 pts",
   "FNGS moved about": "16%"
  },
  {
   "window": "3 months",
   "Fund": "+22.4%",
   "FNGS": "+10.1%",
   "+3x the move": "+30.4%",
   "Difference": "\u22128.0 pts",
   "FNGS moved about": "24%"
  },
  {
   "window": "6 months",
   "Fund": "+70.9%",
   "FNGS": "+28.0%",
   "+3x the move": "+84.1%",
   "Difference": "\u221213.3 pts",
   "FNGS moved about": "26%"
  },
  {
   "window": "1 year",
   "Fund": "+13.3%",
   "FNGS": "+15.5%",
   "+3x the move": "+46.4%",
   "Difference": "\u221233.2 pts",
   "FNGS moved about": "23%"
  },
  {
   "window": "Since launch",
   "Fund": "+32.6%",
   "FNGS": "+33.2%",
   "+3x the move": "+99.7%",
   "Difference": "\u221267.1 pts",
   "FNGS moved about": "27%"
  }
 ],
 "questions": [
  {
   "q": "Did FNGU return +3 times FNGS?",
   "a": "Over the window to Sep 11, 2026, FNGS moved +10.1% and FNGU returned +22.4%. 3 times that move is +30.4%, so the fund came out 8.0 points short of it."
  },
  {
   "q": "Why does FNGU not return +3 times over a year?",
   "a": "Because it resets daily. FNGU 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)."
}