{
 "ticker": "SHNY",
 "name": "MicroSectors Gold 3X Leveraged ETNs due January 29, 2043",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/SHNY",
 "html": "https://etfiq.com/funds/SHNY",
 "markdown": "https://etfiq.com/funds/SHNY.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: SHNY returned \u22120.5% where its own daily promise gave +4.8%, 5.4 points short.",
 "key_facts": [
  {
   "key": "what_gld_did",
   "label": "What GLD did",
   "value": "+3.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SHNY, what GLD did: +3.2%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What +3 times a day gives",
   "value": "+4.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SHNY, what +3 times a day gives: +4.8%, 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": "SHNY, what the fund returned: \u22120.5%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22125.4 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SHNY, the fund itself cost: \u22125.4 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": "SHNY, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "GLD",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SHNY, underlying: GLD, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+3 times the daily move of GLD, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "GLD moved +3.2% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "GLD",
   "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 22, 2023",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "25% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22127.8%",
   "GLD": "\u22121.5%",
   "+3x the move": "\u22124.6%",
   "Difference": "\u22123.3 pts",
   "GLD moved about": "27%"
  },
  {
   "window": "3 months",
   "Fund": "\u22120.5%",
   "GLD": "+3.2%",
   "+3x the move": "+9.5%",
   "Difference": "\u221210.0 pts",
   "GLD moved about": "25%"
  },
  {
   "window": "6 months",
   "Fund": "\u221247.5%",
   "GLD": "\u221213.5%",
   "+3x the move": "\u221240.4%",
   "Difference": "\u22127.1 pts",
   "GLD moved about": "27%"
  },
  {
   "window": "1 year",
   "Fund": "+5.4%",
   "GLD": "+19.1%",
   "+3x the move": "+57.4%",
   "Difference": "\u221252.0 pts",
   "GLD moved about": "29%"
  },
  {
   "window": "3 years",
   "Fund": "+286.1%",
   "GLD": "+124.7%",
   "+3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "GLD moved about": "21%"
  },
  {
   "window": "Since launch",
   "Fund": "+278.9%",
   "GLD": "+135.0%",
   "+3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "GLD moved about": "20%"
  }
 ],
 "questions": [
  {
   "q": "Did SHNY return +3 times GLD?",
   "a": "Over the window to Sep 11, 2026, GLD moved +3.2% and SHNY returned \u22120.5%. 3 times that move is +9.5%, so the fund came out 10.0 points short of it."
  },
  {
   "q": "Why does SHNY not return +3 times over a year?",
   "a": "Because it resets daily. SHNY 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)."
}