{
 "ticker": "ORCX",
 "name": "Defiance Daily Target 2X Long ORCL ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/orcx",
 "html": "https://etfiq.com/funds/orcx",
 "markdown": "https://etfiq.com/funds/orcx.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: ORCX returned \u221216.3% where its own daily promise gave \u221213.1%, 3.2 points short.",
 "key_facts": [
  {
   "key": "what_orcl_did",
   "label": "What ORCL did",
   "value": "\u22123.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ORCX, what ORCL did: \u22123.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "\u221213.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ORCX, what 2 times a day gives: \u221213.1%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221216.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ORCX, what the fund returned: \u221216.3%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22123.2 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ORCX, the fund itself cost: \u22123.2 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$235m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "ORCX, net assets: $235m (the issuer\u2019s own daily fund list, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Aug 28, 2026",
   "as_of": "2026-09-30",
   "sentence": "ORCX, expense ratio: 1.31% (485BPOS XBRL, Aug 28, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of ORCL, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "ORCL moved \u22123.3% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "ORCL",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$235m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Aug 28, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Feb 7, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "54% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221218.0%",
   "ORCL": "\u22127.9%",
   "+2x the move": "\u221215.9%",
   "Difference": "\u22122.1 pts",
   "ORCL moved about": "52%"
  },
  {
   "window": "3 months",
   "Fund": "\u221216.3%",
   "ORCL": "\u22123.3%",
   "+2x the move": "\u22126.6%",
   "Difference": "\u22129.7 pts",
   "ORCL moved about": "54%"
  },
  {
   "window": "6 months",
   "Fund": "\u221229.6%",
   "ORCL": "\u22124.8%",
   "+2x the move": "\u22129.6%",
   "Difference": "\u221220.0 pts",
   "ORCL moved about": "61%"
  },
  {
   "window": "1 year",
   "Fund": "\u221284.6%",
   "ORCL": "\u221250.6%",
   "+2x the move": "\u2212101.2%",
   "Difference": "+16.6 pts",
   "ORCL moved about": "56%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221270.2%",
   "ORCL": "\u221219.9%",
   "+2x the move": "\u221239.9%",
   "Difference": "\u221230.4 pts",
   "ORCL moved about": "60%"
  }
 ],
 "questions": [
  {
   "q": "Did ORCX return +2 times ORCL?",
   "a": "Over the window to Sep 30, 2026, ORCL moved \u22123.3% and ORCX returned \u221216.3%. 2 times that move is \u22126.6%, so the fund came out 9.7 points short of it."
  },
  {
   "q": "Why does ORCX not return +2 times over a year?",
   "a": "Because it resets daily. ORCX 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 ORCL ETF tracked its stated multiple most closely?",
   "a": "3 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)."
}