{
 "ticker": "DAMD",
 "name": "Defiance Daily Target 2X Short AMD ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/damd",
 "html": "https://etfiq.com/funds/damd",
 "markdown": "https://etfiq.com/funds/damd.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: DAMD returned \u221244.3% where its own daily promise gave \u221244.6%, 0.3 points over.",
 "key_facts": [
  {
   "key": "what_amd_did",
   "label": "What AMD did",
   "value": "+13.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DAMD, what AMD did: +13.1%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221244.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DAMD, what \u22122 times a day gives: \u221244.6%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221244.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DAMD, what the fund returned: \u221244.3%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+0.3 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DAMD, the fund itself added: +0.3 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$34m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "DAMD, net assets: $34m (the issuer\u2019s own daily fund list, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.30%",
   "source": "485BPOS XBRL, Aug 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "DAMD, expense ratio: 1.30% (485BPOS XBRL, Aug 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of AMD, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-3.38 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "AMD",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$34m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.30%",
   "source": "485BPOS XBRL, Aug 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Nov 14, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "67% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221246.0%",
   "AMD": "+30.0%",
   "-2x the move": "\u221259.9%",
   "Difference": "+13.9 pts",
   "AMD moved about": "55%"
  },
  {
   "window": "3 months",
   "Fund": "\u221244.3%",
   "AMD": "+13.1%",
   "-2x the move": "\u221226.2%",
   "Difference": "\u221218.1 pts",
   "AMD moved about": "67%"
  },
  {
   "window": "6 months",
   "Fund": "\u221295.3%",
   "AMD": "+191.0%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "AMD moved about": "75%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221295.6%",
   "AMD": "+147.9%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "AMD moved about": "69%"
  }
 ],
 "questions": [
  {
   "q": "Did DAMD return -2 times AMD?",
   "a": "Over the window to Sep 30, 2026, AMD moved +13.1% and DAMD returned \u221244.3%. \u22122 times that move is \u221226.2%, so the fund came out 18.1 points short of it."
  },
  {
   "q": "Why does DAMD not return -2 times over a year?",
   "a": "Because it resets daily. DAMD 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)."
}