{
 "ticker": "HAWG",
 "name": "HCM Hedged Equity ETF",
 "issuer": "not established",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/HAWG",
 "html": "https://etfiq.com/funds/HAWG",
 "markdown": "https://etfiq.com/funds/HAWG.md",
 "as_of": "2026-09-11",
 "verdict": "Since launch to Sep 11, 2026: HAWG returned \u22120.5% where its own daily promise gave \u221250.1%, 49.6 points over.",
 "key_facts": [
  {
   "key": "what_hawk_did",
   "label": "What HAWK did",
   "value": "\u221228.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "HAWG, what HAWK did: \u221228.4%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u221250.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "HAWG, what +2 times a day gives: \u221250.1%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22120.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "HAWG, what the fund returned: \u22120.5%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+49.6 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "HAWG, the fund itself added: +49.6 pts, as of Sep 11, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.49%",
   "source": "485BPOS XBRL, Jul 31, 2026",
   "as_of": "2026-09-11",
   "sentence": "HAWG, expense ratio: 1.49% (485BPOS XBRL, Jul 31, 2026)."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "HAWK",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "HAWG, underlying: HAWK, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of HAWK, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+0.02 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "HAWK",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.49%",
   "source": "485BPOS XBRL, Jul 31, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Aug 14, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "50% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "Since launch",
   "Fund": "\u22120.5%",
   "HAWK": "\u221228.4%",
   "+2x the move": "\u221256.9%",
   "Difference": "+56.4 pts",
   "HAWK moved about": "50%"
  }
 ],
 "questions": [
  {
   "q": "Did HAWG return +2 times HAWK?",
   "a": "Over the window to Sep 11, 2026, HAWK moved \u221228.4% and HAWG returned \u22120.5%. 2 times that move is \u221256.9%, so the fund came out 56.4 points ahead of it."
  },
  {
   "q": "Why does HAWG not return +2 times over a year?",
   "a": "Because it resets daily. HAWG 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)."
}