{
 "ticker": "FNGO",
 "name": "MicroSectors FANG  Index 2X Leveraged ETNs due January 8, 2038",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/fngo",
 "html": "https://etfiq.com/funds/fngo",
 "markdown": "https://etfiq.com/funds/fngo.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: FNGO returned +22.3% where its own daily promise gave +24.7%, 2.4 points short.",
 "key_facts": [
  {
   "key": "what_fngs_did",
   "label": "What FNGS did",
   "value": "+12.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGO, what FNGS did: +12.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+24.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGO, what 2 times a day gives: +24.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+22.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGO, what the fund returned: +22.3%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22122.4 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGO, the fund itself cost: \u22122.4 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": "FNGO, 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": "FNGO, expense ratio: not read by ETFIQ, as of Sep 30, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 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": "+1.83 times, against +2 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": "Aug 2, 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": "+4.1%",
   "FNGS": "+2.3%",
   "+2x the move": "+4.7%",
   "Difference": "\u22120.6 pts",
   "FNGS moved about": "17%"
  },
  {
   "window": "3 months",
   "Fund": "+22.3%",
   "FNGS": "+12.2%",
   "+2x the move": "+24.4%",
   "Difference": "\u22122.1 pts",
   "FNGS moved about": "20%"
  },
  {
   "window": "6 months",
   "Fund": "+76.4%",
   "FNGS": "+35.7%",
   "+2x the move": "+71.4%",
   "Difference": "+4.9 pts",
   "FNGS moved about": "24%"
  },
  {
   "window": "1 year",
   "Fund": "+26.4%",
   "FNGS": "+18.0%",
   "+2x the move": "+35.9%",
   "Difference": "\u22129.5 pts",
   "FNGS moved about": "23%"
  },
  {
   "window": "3 years",
   "Fund": "+369.4%",
   "FNGS": "+158.1%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "FNGS moved about": "26%"
  },
  {
   "window": "Since launch",
   "Fund": "+1669.1%",
   "FNGS": "+567.8%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "FNGS moved about": "31%"
  }
 ],
 "questions": [
  {
   "q": "Did FNGO return +2 times FNGS?",
   "a": "Over the window to Sep 30, 2026, FNGS moved +12.2% and FNGO returned +22.3%. 2 times that move is +24.4%, so the fund came out 2.1 points short of it."
  },
  {
   "q": "Why does FNGO not return +2 times over a year?",
   "a": "Because it resets daily. FNGO 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 FNGS ETF tracked its stated multiple most closely?",
   "a": "2 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)."
}