{
 "ticker": "DRAL",
 "name": "Defiance Daily Target 2X Long DRAM ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/dral",
 "html": "https://etfiq.com/funds/dral",
 "markdown": "https://etfiq.com/funds/dral.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: DRAL returned \u221232.5% where its own daily promise gave \u221228.5%, 4.1 points short.",
 "key_facts": [
  {
   "key": "what_dram_did",
   "label": "What DRAM did",
   "value": "\u22128.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRAL, what DRAM did: \u22128.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "\u221228.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRAL, what 2 times a day gives: \u221228.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221232.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRAL, what the fund returned: \u221232.5%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22124.1 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DRAL, the fund itself cost: \u22124.1 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$17m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "DRAL, net assets: $17m (the issuer\u2019s own daily fund list, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Jun 24, 2026",
   "as_of": "2026-09-30",
   "sentence": "DRAL, expense ratio: 1.31% (485BPOS XBRL, Jun 24, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of DRAM, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+3.9 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "DRAM",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$17m",
   "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, Jun 24, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jun 29, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "80% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+8.4%",
   "DRAM": "+6.1%",
   "+2x the move": "+12.2%",
   "Difference": "\u22123.7 pts",
   "DRAM moved about": "52%"
  },
  {
   "window": "3 months",
   "Fund": "\u221232.5%",
   "DRAM": "\u22128.3%",
   "+2x the move": "\u221216.7%",
   "Difference": "\u221215.8 pts",
   "DRAM moved about": "80%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221244.1%",
   "DRAM": "\u221216.1%",
   "+2x the move": "\u221232.2%",
   "Difference": "\u221211.9 pts",
   "DRAM moved about": "82%"
  }
 ],
 "questions": [
  {
   "q": "Did DRAL return +2 times DRAM?",
   "a": "Over the window to Sep 30, 2026, DRAM moved \u22128.3% and DRAL returned \u221232.5%. 2 times that move is \u221216.7%, so the fund came out 15.8 points short of it."
  },
  {
   "q": "Why does DRAL not return +2 times over a year?",
   "a": "Because it resets daily. DRAL 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."
  },
  {
   "q": "Which +2x DRAM ETF tracked its stated multiple most closely?",
   "a": "3 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}