# LUNL (Defiance Daily Target 2X Long LUNR ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: LUNL returned −78.6% where its own daily promise gave −75.1%, 3.5 points short.

## Key facts

- LUNL, what LUNR did: −46.1%, as of Sep 11, 2026.
- LUNL, what +2 times a day gives: −75.1%, as of Sep 11, 2026.
- LUNL, what the fund returned: −78.6%, as of Sep 11, 2026.
- LUNL, the fund itself cost: −3.5 pts, as of Sep 11, 2026.
- LUNL, net assets: $23m (source, as filed for Apr 30, 2026).
- LUNL, expense ratio: 1.34% (485BPOS XBRL, Aug 25, 2026).

## LUNL over each window to Sep 11, 2026

| Window | Fund | LUNR | +2x the move | Difference | LUNR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −33.9% | −15.3% | −30.7% | −3.2 pts | 68% |
| 3 months | −78.6% | −46.1% | −92.2% | +13.6 pts | 76% |
| 6 months | −69.9% | −18.5% | −36.9% | −32.9 pts | 110% |
| Since launch | −78.5% | −18.3% | −36.7% | −41.9 pts | 115% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of LUNR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.71 times, against +2 stated | ETFIQ |
| Underlying | LUNR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $23m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.34% | 485BPOS XBRL, Aug 25, 2026 |
| Launched | Jan 13, 2026 | ETFIQ |
| Underlying volatility over the window | 76% annualized | ETFIQ |

## Questions

### Did LUNL return +2 times LUNR?

Over the window to Sep 11, 2026, LUNR moved −46.1% and LUNL returned −78.6%. 2 times that move is −92.2%, so the fund came out 13.6 points ahead of it.

### Why does LUNL not return +2 times over a year?

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.


## Cite this page

ETFIQ, LUNL, data as of Sep 11, 2026. https://etfiq.com/funds/LUNL
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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