{
 "ticker": "PDDL",
 "name": "GraniteShares 2x Long PDD Daily ETF",
 "issuer": "GraniteShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/pddl",
 "html": "https://etfiq.com/funds/pddl",
 "markdown": "https://etfiq.com/funds/pddl.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: PDDL returned \u221217.0% where its own daily promise gave \u221212.4%, 4.6 points short.",
 "key_facts": [
  {
   "key": "what_pdd_did",
   "label": "What PDD did",
   "value": "\u22125.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PDDL, what PDD did: \u22125.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "\u221212.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PDDL, what 2 times a day gives: \u221212.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221217.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PDDL, what the fund returned: \u221217.0%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22124.6 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PDDL, the fund itself cost: \u22124.6 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$6m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "PDDL, net assets: $6m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.50%",
   "source": "485BPOS XBRL, Oct 24, 2025",
   "as_of": "2026-09-30",
   "sentence": "PDDL, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of PDD, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+3.06 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "PDD",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$6m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.50%",
   "source": "485BPOS XBRL, Oct 24, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jul 15, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "27% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221216.0%",
   "PDD": "\u22127.2%",
   "+2x the move": "\u221214.4%",
   "Difference": "\u22121.6 pts",
   "PDD moved about": "20%"
  },
  {
   "window": "3 months",
   "Fund": "\u221217.0%",
   "PDD": "\u22125.5%",
   "+2x the move": "\u221211.1%",
   "Difference": "\u22125.9 pts",
   "PDD moved about": "27%"
  },
  {
   "window": "6 months",
   "Fund": "\u221250.3%",
   "PDD": "\u221223.4%",
   "+2x the move": "\u221246.8%",
   "Difference": "\u22123.4 pts",
   "PDD moved about": "36%"
  },
  {
   "window": "1 year",
   "Fund": "\u221273.2%",
   "PDD": "\u221241.0%",
   "+2x the move": "\u221282.1%",
   "Difference": "+8.8 pts",
   "PDD moved about": "33%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221259.1%",
   "PDD": "\u221225.8%",
   "+2x the move": "\u221251.6%",
   "Difference": "\u22127.5 pts",
   "PDD moved about": "33%"
  }
 ],
 "questions": [
  {
   "q": "Did PDDL return +2 times PDD?",
   "a": "Over the window to Sep 30, 2026, PDD moved \u22125.5% and PDDL returned \u221217.0%. 2 times that move is \u221211.1%, so the fund came out 5.9 points short of it."
  },
  {
   "q": "Why does PDDL not return +2 times over a year?",
   "a": "Because it resets daily. PDDL 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 PDD 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)."
}