{
 "ticker": "LUNL",
 "name": "Defiance Daily Target 2X Long LUNR ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/LUNL",
 "html": "https://etfiq.com/funds/LUNL",
 "markdown": "https://etfiq.com/funds/LUNL.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: LUNL returned \u221278.6% where its own daily promise gave \u221275.1%, 3.5 points short.",
 "key_facts": [
  {
   "key": "what_lunr_did",
   "label": "What LUNR did",
   "value": "\u221246.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LUNL, what LUNR did: \u221246.1%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u221275.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LUNL, what +2 times a day gives: \u221275.1%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221278.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LUNL, what the fund returned: \u221278.6%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22123.5 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "LUNL, the fund itself cost: \u22123.5 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$23m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "LUNL, net assets: $23m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.34%",
   "source": "485BPOS XBRL, Aug 25, 2026",
   "as_of": "2026-09-11",
   "sentence": "LUNL, expense ratio: 1.34% (485BPOS XBRL, Aug 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of LUNR, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.71 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "LUNR",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$23m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.34%",
   "source": "485BPOS XBRL, Aug 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 13, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "76% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221233.9%",
   "LUNR": "\u221215.3%",
   "+2x the move": "\u221230.7%",
   "Difference": "\u22123.2 pts",
   "LUNR moved about": "68%"
  },
  {
   "window": "3 months",
   "Fund": "\u221278.6%",
   "LUNR": "\u221246.1%",
   "+2x the move": "\u221292.2%",
   "Difference": "+13.6 pts",
   "LUNR moved about": "76%"
  },
  {
   "window": "6 months",
   "Fund": "\u221269.9%",
   "LUNR": "\u221218.5%",
   "+2x the move": "\u221236.9%",
   "Difference": "\u221232.9 pts",
   "LUNR moved about": "110%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221278.5%",
   "LUNR": "\u221218.3%",
   "+2x the move": "\u221236.7%",
   "Difference": "\u221241.9 pts",
   "LUNR moved about": "115%"
  }
 ],
 "questions": [
  {
   "q": "Did LUNL return +2 times LUNR?",
   "a": "Over the window to Sep 11, 2026, LUNR moved \u221246.1% and LUNL returned \u221278.6%. 2 times that move is \u221292.2%, so the fund came out 13.6 points ahead of it."
  },
  {
   "q": "Why does LUNL not return +2 times over a year?",
   "a": "Because it resets daily. LUNL 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)."
}