{
 "ticker": "FNGU",
 "name": "MicroSectors FANG+ 3X Leveraged ETNs",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/fngu",
 "html": "https://etfiq.com/funds/fngu",
 "markdown": "https://etfiq.com/funds/fngu.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: FNGU returned +29.6% where its own daily promise gave +37.3%, 7.7 points short.",
 "key_facts": [
  {
   "key": "what_fngs_did",
   "label": "What FNGS did",
   "value": "+12.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGU, what FNGS did: +12.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What 3 times a day gives",
   "value": "+37.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGU, what 3 times a day gives: +37.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+29.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGU, what the fund returned: +29.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22127.7 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FNGU, the fund itself cost: \u22127.7 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": "FNGU, 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": "FNGU, 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": "+2.43 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": "Feb 20, 2025",
   "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%",
   "+3x the move": "+7.0%",
   "Difference": "\u22122.9 pts",
   "FNGS moved about": "17%"
  },
  {
   "window": "3 months",
   "Fund": "+29.6%",
   "FNGS": "+12.2%",
   "+3x the move": "+36.7%",
   "Difference": "\u22127.0 pts",
   "FNGS moved about": "20%"
  },
  {
   "window": "6 months",
   "Fund": "+111.8%",
   "FNGS": "+35.7%",
   "+3x the move": "+107.1%",
   "Difference": "+4.7 pts",
   "FNGS moved about": "24%"
  },
  {
   "window": "1 year",
   "Fund": "+18.5%",
   "FNGS": "+18.0%",
   "+3x the move": "+53.9%",
   "Difference": "\u221235.4 pts",
   "FNGS moved about": "23%"
  },
  {
   "window": "Since launch",
   "Fund": "+42.6%",
   "FNGS": "+37.4%",
   "+3x the move": "+112.3%",
   "Difference": "\u221269.7 pts",
   "FNGS moved about": "27%"
  }
 ],
 "questions": [
  {
   "q": "Did FNGU return +3 times FNGS?",
   "a": "Over the window to Sep 30, 2026, FNGS moved +12.2% and FNGU returned +29.6%. 3 times that move is +36.7%, so the fund came out 7.0 points short of it."
  },
  {
   "q": "Why does FNGU not return +3 times over a year?",
   "a": "Because it resets daily. FNGU 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)."
}