{
 "ticker": "FNGD",
 "name": "MicroSectors FANG  Index -3X Inverse Leveraged ETNs due January 8, 2038",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/fngd",
 "html": "https://etfiq.com/funds/fngd",
 "markdown": "https://etfiq.com/funds/fngd.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: FNGD returned \u221230.9% where its own daily promise gave \u221233.4%, 2.5 points over.",
 "key_facts": [
  {
   "key": "what_fngs_did",
   "label": "What FNGS did",
   "value": "+12.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGD, what FNGS did: +12.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221233.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGD, what \u22123 times a day gives: \u221233.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221230.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGD, what the fund returned: \u221230.9%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+2.5 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGD, the fund itself added: +2.5 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGD, net assets: an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt, as of Sep 30, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGD, expense ratio: not read by ETFIQ, as of Sep 30, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of FNGS, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-2.53 times, against -3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "FNGS",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, index",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 23, 2018",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "20% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22126.3%",
   "FNGS": "+2.3%",
   "-3x the move": "\u22127.0%",
   "Difference": "+0.7 pts",
   "FNGS moved about": "17%"
  },
  {
   "window": "3 months",
   "Fund": "\u221230.9%",
   "FNGS": "+12.2%",
   "-3x the move": "\u221236.7%",
   "Difference": "+5.7 pts",
   "FNGS moved about": "20%"
  },
  {
   "window": "6 months",
   "Fund": "\u221265.0%",
   "FNGS": "+35.7%",
   "-3x the move": "\u2212107.1%",
   "Difference": "+42.2 pts",
   "FNGS moved about": "24%"
  },
  {
   "window": "1 year",
   "Fund": "\u221251.8%",
   "FNGS": "+18.0%",
   "-3x the move": "\u221253.9%",
   "Difference": "+2.1 pts",
   "FNGS moved about": "23%"
  },
  {
   "window": "3 years",
   "Fund": "\u221297.5%",
   "FNGS": "+158.1%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "FNGS moved about": "26%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "FNGS": "+567.8%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "FNGS moved about": "31%"
  }
 ],
 "questions": [
  {
   "q": "Did FNGD return -3 times FNGS?",
   "a": "Over the window to Sep 30, 2026, FNGS moved +12.2% and FNGD returned \u221230.9%. \u22123 times that move is \u221236.7%, so the fund came out 5.7 points ahead of it."
  },
  {
   "q": "Why does FNGD not return -3 times over a year?",
   "a": "Because it resets daily. FNGD aims at -3 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 -3 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)."
}