{
 "ticker": "ANEL",
 "name": "Defiance Daily Target 2X Long ANET ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/anel",
 "html": "https://etfiq.com/funds/anel",
 "markdown": "https://etfiq.com/funds/anel.md",
 "as_of": "2026-10-02",
 "verdict": "Three months to Oct 2, 2026: ANEL returned +50.8% where its own daily promise gave +57.1%, 6.3 points short.",
 "key_facts": [
  {
   "key": "what_anet_did",
   "label": "What ANET did",
   "value": "+29.6%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "ANEL, what ANET did: +29.6%, as of Oct 2, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+57.1%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "ANEL, what 2 times a day gives: +57.1%, as of Oct 2, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+50.8%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "ANEL, what the fund returned: +50.8%, as of Oct 2, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22126.3 pts",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "ANEL, the fund itself cost: \u22126.3 pts, as of Oct 2, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$17m",
   "source": "the issuer\u2019s own daily fund list, as of Oct 1, 2026",
   "as_of": "2026-10-02",
   "sentence": "ANEL, net assets: $17m (the issuer\u2019s own daily fund list, as of Oct 1, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.45%",
   "source": "485BPOS XBRL, Aug 24, 2026",
   "as_of": "2026-10-02",
   "sentence": "ANEL, expense ratio: 1.45% (485BPOS XBRL, Aug 24, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of ANET, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.72 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "ANET",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$17m",
   "source": "the issuer\u2019s own daily fund list, as of Oct 1, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.45%",
   "source": "485BPOS XBRL, Aug 24, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Sep 4, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "52% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+21.4%",
   "ANET": "+11.4%",
   "+2x the move": "+22.8%",
   "Difference": "\u22121.4 pts",
   "ANET moved about": "36%"
  },
  {
   "window": "3 months",
   "Fund": "+50.8%",
   "ANET": "+29.6%",
   "+2x the move": "+59.2%",
   "Difference": "\u22128.4 pts",
   "ANET moved about": "52%"
  },
  {
   "window": "6 months",
   "Fund": "+110.2%",
   "ANET": "+63.7%",
   "+2x the move": "+127.4%",
   "Difference": "\u221217.1 pts",
   "ANET moved about": "56%"
  },
  {
   "window": "1 year",
   "Fund": "+32.3%",
   "ANET": "+43.5%",
   "+2x the move": "+87.1%",
   "Difference": "\u221254.7 pts",
   "ANET moved about": "54%"
  },
  {
   "window": "Since launch",
   "Fund": "+34.4%",
   "ANET": "+46.9%",
   "+2x the move": "+93.8%",
   "Difference": "\u221259.4 pts",
   "ANET moved about": "54%"
  }
 ],
 "questions": [
  {
   "q": "Did ANEL return +2 times ANET?",
   "a": "Over the window to Oct 2, 2026, ANET moved +29.6% and ANEL returned +50.8%. 2 times that move is +59.2%, so the fund came out 8.4 points short of it."
  },
  {
   "q": "Why does ANEL not return +2 times over a year?",
   "a": "Because it resets daily. ANEL 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": "2026-10-03",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}