{
 "ticker": "ASTN",
 "name": "Defiance Daily Target 2X Short ASTS ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/astn",
 "html": "https://etfiq.com/funds/astn",
 "markdown": "https://etfiq.com/funds/astn.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: ASTN returned +17.0% where its own daily promise gave +26.4%, 9.3 points short.",
 "key_facts": [
  {
   "key": "what_asts_did",
   "label": "What ASTS did",
   "value": "\u221231.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ASTN, what ASTS did: \u221231.6%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "+26.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ASTN, what \u22122 times a day gives: +26.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+17.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ASTN, what the fund returned: +17.0%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22129.3 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ASTN, the fund itself cost: \u22129.3 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$4m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "ASTN, net assets: $4m (the issuer\u2019s own daily fund list, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Aug 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "ASTN, expense ratio: 1.31% (485BPOS XBRL, Aug 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of ASTS, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-0.54 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "ASTS",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$4m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Aug 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Feb 6, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "83% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221212.6%",
   "ASTS": "\u22120.4%",
   "-2x the move": "+0.8%",
   "Difference": "\u221213.4 pts",
   "ASTS moved about": "72%"
  },
  {
   "window": "3 months",
   "Fund": "+17.0%",
   "ASTS": "\u221231.6%",
   "-2x the move": "+63.3%",
   "Difference": "\u221246.3 pts",
   "ASTS moved about": "83%"
  },
  {
   "window": "6 months",
   "Fund": "\u221268.1%",
   "ASTS": "\u221229.9%",
   "-2x the move": "+59.8%",
   "Difference": "\u2212128.0 pts",
   "ASTS moved about": "105%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221271.3%",
   "ASTS": "\u221242.2%",
   "-2x the move": "+84.4%",
   "Difference": "\u2212155.7 pts",
   "ASTS moved about": "104%"
  }
 ],
 "questions": [
  {
   "q": "Did ASTN return -2 times ASTS?",
   "a": "Over the window to Sep 30, 2026, ASTS moved \u221231.6% and ASTN returned +17.0%. \u22122 times that move is +63.3%, so the fund came out 46.3 points short of it."
  },
  {
   "q": "Why does ASTN not return -2 times over a year?",
   "a": "Because it resets daily. ASTN 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": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}