{
 "ticker": "LQDD",
 "name": "MicroSectors -3x Short Investment Grade Corporate Bond (LQD) ETNs",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/LQDD",
 "html": "https://etfiq.com/funds/LQDD",
 "markdown": "https://etfiq.com/funds/LQDD.md",
 "as_of": "2026-09-11",
 "verdict": "One month to Sep 11, 2026: LQDD returned +4.1% where its own daily promise gave +3.8%, 0.4 points over.",
 "key_facts": [
  {
   "key": "what_lqd_did",
   "label": "What LQD did",
   "value": "\u22121.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LQDD, what LQD did: \u22121.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "+3.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LQDD, what \u22123 times a day gives: +3.8%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+4.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LQDD, what the fund returned: +4.1%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+0.4 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LQDD, the fund itself added: +0.4 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": "LQDD, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "LQD",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LQDD, underlying: LQD, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of LQD, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "LQD moved \u22121.3% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "LQD",
   "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": "Aug 11, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "6% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+4.1%",
   "LQD": "\u22121.3%",
   "-3x the move": "+3.8%",
   "Difference": "+0.3 pts",
   "LQD moved about": "6%"
  },
  {
   "window": "Since launch",
   "Fund": "+3.8%",
   "LQD": "\u22121.2%",
   "-3x the move": "+3.5%",
   "Difference": "+0.3 pts",
   "LQD moved about": "6%"
  }
 ],
 "questions": [
  {
   "q": "Did LQDD return -3 times LQD?",
   "a": "Over the window to Sep 11, 2026, LQD moved \u22121.3% and LQDD returned +4.1%. 3 times that move is +3.8%, so the fund came out 0.3 points ahead of it."
  },
  {
   "q": "Why does LQDD not return -3 times over a year?",
   "a": "Because it resets daily. LQDD 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)."
}