# LUNL (Defiance Daily Target 2X Long LUNR ETF)

Defiance · Leveraged ETFs · data as of Oct 2, 2026

Three months to Oct 2, 2026: LUNL returned −56.9% where its own daily promise gave −51.5%, 5.4 points short.

## Key facts

- LUNL, what LUNR did: −24.9%, as of Oct 2, 2026.
- LUNL, what 2 times a day gives: −51.5%, as of Oct 2, 2026.
- LUNL, what the fund returned: −56.9%, as of Oct 2, 2026.
- LUNL, the fund itself cost: −5.4 pts, as of Oct 2, 2026.
- LUNL, net assets: $21m (the issuer’s own daily fund list, as of Oct 1, 2026).
- LUNL, expense ratio: 1.34% (485BPOS XBRL, Aug 25, 2026).

## LUNL over each window to Oct 2, 2026

| Window | Fund | LUNR | +2x the move | Difference | LUNR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −9.6% | −1.0% | −2.0% | −7.5 pts | 72% |
| 3 months | −56.9% | −24.9% | −49.7% | −7.2 pts | 77% |
| 6 months | −81.3% | −38.7% | −77.4% | −4.0 pts | 100% |
| Since launch | −78.8% | −16.3% | −32.6% | −46.2 pts | 112% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of LUNR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.29 times, against +2 stated | ETFIQ |
| Underlying | LUNR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $21m | the issuer’s own daily fund list, as of Oct 1, 2026 |
| Expense ratio | 1.34% | 485BPOS XBRL, Aug 25, 2026 |
| Launched | Jan 13, 2026 | ETFIQ |
| Underlying volatility over the window | 77% annualized | ETFIQ |

## Questions

### Did LUNL return +2 times LUNR?

Over the window to Oct 2, 2026, LUNR moved −24.9% and LUNL returned −56.9%. 2 times that move is −49.7%, so the fund came out 7.2 points short of it.

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

Because it resets daily. LUNL 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.


## Cite this page

ETFIQ, LUNL, data as of Oct 2, 2026. https://etfiq.com/funds/lunl
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/lunl  ·  JSON: https://etfiq.com/funds/lunl.json