# DRAL (Defiance Daily Target 2X Long DRAM ETF)

Defiance · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: DRAL returned −32.5% where its own daily promise gave −28.5%, 4.1 points short.

## Key facts

- DRAL, what DRAM did: −8.3%, as of Sep 30, 2026.
- DRAL, what 2 times a day gives: −28.5%, as of Sep 30, 2026.
- DRAL, what the fund returned: −32.5%, as of Sep 30, 2026.
- DRAL, the fund itself cost: −4.1 pts, as of Sep 30, 2026.
- DRAL, net assets: $17m (the issuer’s own daily fund list, as of Sep 30, 2026).
- DRAL, expense ratio: 1.31% (485BPOS XBRL, Jun 24, 2026).

## DRAL over each window to Sep 30, 2026

| Window | Fund | DRAM | +2x the move | Difference | DRAM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +8.4% | +6.1% | +12.2% | −3.7 pts | 52% |
| 3 months | −32.5% | −8.3% | −16.7% | −15.8 pts | 80% |
| Since launch | −44.1% | −16.1% | −32.2% | −11.9 pts | 82% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of DRAM, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +3.9 times, against +2 stated | ETFIQ |
| Underlying | DRAM | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $17m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Jun 24, 2026 |
| Launched | Jun 29, 2026 | ETFIQ |
| Underlying volatility over the window | 80% annualized | ETFIQ |

## Questions

### Did DRAL return +2 times DRAM?

Over the window to Sep 30, 2026, DRAM moved −8.3% and DRAL returned −32.5%. 2 times that move is −16.7%, so the fund came out 15.8 points short of it.

### Why does DRAL not return +2 times over a year?

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.

### Which +2x DRAM ETF tracked its stated multiple most closely?

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.


## Cite this page

ETFIQ, DRAL, data as of Sep 30, 2026. https://etfiq.com/funds/dral
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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