{
 "ticker": "AVAZ",
 "name": "2x Avalanche ETF",
 "issuer": "Volatility Shares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/avaz",
 "html": "https://etfiq.com/funds/avaz",
 "markdown": "https://etfiq.com/funds/avaz.md",
 "as_of": "2026-10-21",
 "verdict": "Over the three months to Oct 21, 2026, AVAZ returned 83.1%, against 92.1% for twice Avalanche's daily moves.",
 "promise": {
  "badge": "missed",
  "label": "Missed",
  "category": "leverage",
  "sentence": "Over three months to Oct 21, 2026, AVAZ finished 9.0 points behind twice Avalanche's daily moves, compounded.",
  "figure": -9.0,
  "unit": "points",
  "from": "2026-07-22",
  "to": "2026-10-21",
  "url": "https://etfiq.com/promise-index/leverage/"
 },
 "key_facts": [
  {
   "key": "what_avalanche_did",
   "label": "What Avalanche did",
   "value": "+49.3%",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-21",
   "sentence": "AVAZ, what Avalanche did: +49.3%, as of Oct 21, 2026.",
   "cite": {
    "value": "+49.3%",
    "as_of": "2026-10-21",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/avaz#fact-what-avalanche-did",
    "text": "AVAZ, what Avalanche did: +49.3%, as of Oct 21, 2026."
   }
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+92.1%",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-21",
   "sentence": "AVAZ, what 2 times a day gives: +92.1%, as of Oct 21, 2026.",
   "cite": {
    "value": "+92.1%",
    "as_of": "2026-10-21",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/avaz#fact-what-2-times-a-day-gives",
    "text": "AVAZ, what 2 times a day gives: +92.1%, as of Oct 21, 2026."
   }
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+83.1%",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-21",
   "sentence": "AVAZ, what the fund returned: +83.1%, as of Oct 21, 2026.",
   "cite": {
    "value": "+83.1%",
    "as_of": "2026-10-21",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/avaz#fact-what-the-fund-returned",
    "text": "AVAZ, what the fund returned: +83.1%, as of Oct 21, 2026."
   }
  },
  {
   "key": "gap_to_2_times_a_day",
   "label": "Gap to 2 times a day",
   "value": "\u22129.0 pts",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-21",
   "sentence": "AVAZ, gap to 2 times a day: \u22129.0 pts, as of Oct 21, 2026.",
   "cite": {
    "value": "\u22129.0 pts",
    "as_of": "2026-10-21",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/avaz#fact-gap-to-2-times-a-day",
    "text": "AVAZ, gap to 2 times a day: \u22129.0 pts, as of Oct 21, 2026."
   }
  },
  {
   "key": "last_payment",
   "label": "Last payment (paid monthly), ex-date Oct 21, 2026",
   "value": "$0.0078",
   "source": "Tiingo end-of-day distributions",
   "as_of": "2026-10-21",
   "sentence": "AVAZ, last payment (paid monthly), ex-date Oct 21, 2026: $0.0078, as of Oct 21, 2026.",
   "cite": {
    "value": "$0.0078",
    "as_of": "2026-10-21",
    "source": "Tiingo end-of-day distributions",
    "url": "https://etfiq.com/funds/avaz#fact-last-payment",
    "text": "AVAZ, last payment (paid monthly), ex-date Oct 21, 2026: $0.0078, as of Oct 21, 2026."
   }
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$1m",
   "source": "issuer page, as of Oct 21, 2026",
   "as_of": "2026-10-21",
   "sentence": "AVAZ, net assets: $1m (issuer page, as of Oct 21, 2026).",
   "cite": {
    "value": "$1m",
    "as_of": "2026-10-21",
    "source": "issuer page, as of Oct 21, 2026",
    "url": "https://etfiq.com/funds/avaz#fact-net-assets",
    "text": "AVAZ, net assets: $1m (issuer page, as of Oct 21, 2026)."
   }
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.85%",
   "source": "497 XBRL, May 15, 2026",
   "as_of": "2026-05-15",
   "sentence": "AVAZ, expense ratio: 1.85% (497 XBRL, May 15, 2026).",
   "cite": {
    "value": "1.85%",
    "as_of": "2026-05-15",
    "source": "497 XBRL, May 15, 2026",
    "url": "https://etfiq.com/funds/avaz#fact-expense-ratio",
    "text": "AVAZ, expense ratio: 1.85% (497 XBRL, May 15, 2026)."
   }
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of Avalanche, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.68409 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "Avalanche",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, crypto",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$1m",
   "source": "issuer page, as of Oct 21, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.85%",
   "source": "497 XBRL, May 15, 2026"
  },
  {
   "key": "first_traded",
   "label": "First traded",
   "value": "May 15, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "88% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Total return": "\u221225.0%",
   "Avalanche": "\u221211.1%",
   "+2x the move": "\u221222.2%",
   "Difference": "\u22122.8 pts",
   "Avalanche moved about, annualized": "65%"
  },
  {
   "window": "3 months",
   "Total return": "+83.1%",
   "Avalanche": "+49.3%",
   "+2x the move": "+98.6%",
   "Difference": "\u221215.5 pts",
   "Avalanche moved about, annualized": "88%"
  },
  {
   "window": "Since launch",
   "Total return": "\u221218.4%",
   "Avalanche": "+3.3%",
   "+2x the move": "+6.6%",
   "Difference": "\u221225.0 pts",
   "Avalanche moved about, annualized": "77%"
  }
 ],
 "questions": [
  {
   "q": "Did AVAZ return +2 times Avalanche?",
   "a": "Over the three months to Oct 21, 2026, Avalanche moved +49.3% and AVAZ returned +83.1%. 2 times that move is +98.6%, so the fund came out 15.5 points short of it. That is not its objective, which is daily. Against 2 times each day's move, compounded, it was 9.0 points short."
  },
  {
   "q": "Why does AVAZ not return +2 times over a year?",
   "a": "Because it resets daily. AVAZ aims at +2 times each day's move, and daily results compound. If the underlying falls and recovers, a holder ends up behind +2 times the period move; in a steady run in one direction, possibly ahead. The longer the holding and the more the underlying swings, the wider the gap."
  }
 ],
 "key_stats": [
  {
   "key": "high52",
   "label": "High since May 15, 2026, daily closes to Oct 21, 2026",
   "value": "$19.88 on Oct 6, 2026",
   "as_of": "2026-10-06",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 19.8832,
   "window": {
    "from": "2026-05-15",
    "to": "2026-10-21"
   }
  },
  {
   "key": "low52",
   "label": "Low since May 15, 2026, daily closes to Oct 21, 2026",
   "value": "$6.70 on Jun 25, 2026",
   "as_of": "2026-06-25",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 6.7016,
   "window": {
    "from": "2026-05-15",
    "to": "2026-10-21"
   }
  },
  {
   "key": "inrange",
   "label": "Close on Oct 21, 2026, within that range",
   "value": "$14.31, 58% of the way from the low to the high",
   "as_of": "2026-10-21",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 14.3068
  }
 ],
 "flows": {
  "as_of": "2026-05-31",
  "coverage": "monthly",
  "computed_by": "ETFIQ, from the change in shares outstanding times the previous day\u2019s NAV",
  "method": "https://etfiq.com/methodology/flows",
  "data": "https://etfiq.com/data/flows/funds/avaz.json",
  "windows": [],
  "latest_month": {
   "month": "2026-05",
   "net_flow_usd": 783000,
   "net_flow": "+$783k",
   "source": "SEC Form N-PORT"
  }
 },
 "generated": "2026-10-22",
 "license": "https://etfiq.com/license/",
 "license_text": "Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.",
 "citation": "ETFIQ, AVAZ, leveraged ETFs, data as of Oct 21, 2026. https://etfiq.com/funds/avaz"
}