{
 "ticker": "LQDD",
 "name": "MicroSectors -3x Short Investment Grade Corporate Bond (LQD) ETNs",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/lqdd",
 "html": "https://etfiq.com/funds/lqdd",
 "markdown": "https://etfiq.com/funds/lqdd.md",
 "as_of": "2026-09-30",
 "verdict": "One month to Sep 30, 2026: LQDD returned +11.0% where its own daily promise gave +10.6%, 0.4 points over.",
 "key_facts": [
  {
   "key": "what_lqd_did",
   "label": "What LQD did",
   "value": "\u22123.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "LQDD, what LQD did: \u22123.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "+10.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "LQDD, what \u22123 times a day gives: +10.6%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+11.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "LQDD, what the fund returned: +11.0%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+0.4 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "LQDD, the fund itself added: +0.4 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": "LQDD, 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": "LQDD, 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 LQD, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "LQD moved \u22123.4% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "LQD",
   "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 11, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "7% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+11.0%",
   "LQD": "\u22123.4%",
   "-3x the move": "+10.2%",
   "Difference": "+0.9 pts",
   "LQD moved about": "7%"
  },
  {
   "window": "Since launch",
   "Fund": "+10.7%",
   "LQD": "\u22123.2%",
   "-3x the move": "+9.6%",
   "Difference": "+1.1 pts",
   "LQD moved about": "6%"
  }
 ],
 "questions": [
  {
   "q": "Did LQDD return -3 times LQD?",
   "a": "Over the window to Sep 30, 2026, LQD moved \u22123.4% and LQDD returned +11.0%. \u22123 times that move is +10.2%, so the fund came out 0.9 points ahead of it."
  },
  {
   "q": "Why does LQDD not return -3 times over a year?",
   "a": "Because it resets daily. LQDD 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)."
}