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PUR Defiance Daily Target 2X Long PURR ETF
Aims to return twice the daily move of Hyperliquid Strategies (PURR)Defiance1.31% fee$12mSince Jul 8, 2026Fund page at the issuer ↗SEC filings ↗Every Defiance fund ETFIQ covers
One month to Sep 30, 2026: PUR returned −10.3% where its own daily promise gave −6.9%, 3.5 points short.
+0.2%
What PURR did
−6.9%
What 2 times a day gives
−10.3%
What the fund returned
−3.5 pts
The fund itself cost
What it aimed at, and what it did
Over the 1 month to Sep 30, 2026, PUR returned −10.3%, where 2 times that move implies +0.3%. The difference is −10.6 pts.
Over the since launch to Sep 30, 2026, PUR returned +80.5%, where 2 times that move implies +115.4%. The difference is −34.9 pts.
| Window | Fund | PURR | +2x the move | Difference | PURR moved about |
|---|---|---|---|---|---|
| 1M Aug 31 – Sep 30, 2026 | −10.3% | +0.2% | +0.3% | −10.6 pts | 96% |
| Since launch Jul 8 – Sep 30, 2026 | +80.5% | +57.7% | +115.4% | −34.9 pts | 104% |
PUR over each window to Sep 30, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.
The same trade from 2 issuers · One week
Every fund that sets out to return +2 times PURR, over the days all of them have been trading. Ranked by how close each came to its own stated multiple.
| Fund | Issuer | Returned | +2x the move | Difference |
|---|---|---|---|---|
| KATT | T-REX | −23.6% | −24.0% | +0.4 pts |
| PUR | Defiance | −23.8% | −24.0% | +0.2 pts |
PURR funds at +2x, to Sep 30, 2026. Source: ETFIQ.
In plain words
Read the multiple against the whole window instead and 2 times PURR's 0.2% implies +0.3%, which makes PUR look 10.6 points short. 7.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. PUR aims to return +2 times PURR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. PURR moved at 96% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
Sets out to return+2 times the daily move of PURR, reset daily
Multiple a holder actually got over the window (ETFIQ)PURR moved +0.2% over this window, too little to read a multiple from
UnderlyingPURR
Segmentsingle stock, company
Net assets (the issuer’s own daily fund list, as of Sep 30, 2026)$12m
Expense ratio (485BPOS XBRL, Jun 24, 2026)1.31%
LaunchedJul 8, 2026
Underlying volatility over the window (ETFIQ)96% annualized
PUR (Defiance Daily Target 2X Long PURR ETF), leveraged ETFs fields as of Sep 30, 2026. Source: ETFIQ.
Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. How these figures are computed
Questions people ask about PUR
- Did PUR return +2 times PURR?
- Over the window to Sep 30, 2026, PURR moved +0.2% and PUR returned −10.3%. 2 times that move is +0.3%, so the fund came out 10.6 points short of it.
- Why does PUR not return +2 times over a year?
- Because it resets daily. PUR 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.
- Which +2x PURR ETF tracked its stated multiple most closely?
- 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.
Sources and dates
Prices, PUR and PURRTiingo end-of-day prices ↗
Fee, 1.31%SEC 485BPOS XBRL · Jun 24, 2026
Net assets, $12mThe issuer’s own daily fund list · Sep 30, 2026
IssuerDefiance page for PUR ↗
All fund filingsFund filings on SEC EDGAR ↗
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page
ETFIQ, PUR, leveraged ETFs, data as of Sep 30, 2026. https://etfiq.com/funds/pur
ETFIQ. (Sep 30, 2026). PUR, leveraged ETFs. Retrieved from https://etfiq.com/funds/pur
[PUR, leveraged ETFs (ETFIQ, Sep 30, 2026)](https://etfiq.com/funds/pur)
The label bar for PUR, redrawn every trading night. Free to use with the credit link.
Free to use with attribution; the underlying files are at Open data.
Stated multiple
What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.
Daily reset
The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.
Compounding
Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.
Decay
What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.
Difference against the stated multiple
The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one figure that says whether a holder got what the fund’s own multiple describes.
PUR, Leveraged ETFs, ETFIQ, data as of Sep 30, 2026. Every figure is calculated from a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.