{
 "ticker": "SNK",
 "name": "GraniteShares 2x Short SpaceX Daily ETF",
 "issuer": "GraniteShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/snk",
 "html": "https://etfiq.com/funds/snk",
 "markdown": "https://etfiq.com/funds/snk.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SNK returned \u221225.7% where its own daily promise gave \u221225.1%, 0.5 points short.",
 "key_facts": [
  {
   "key": "what_spcx_did",
   "label": "What SPCX did",
   "value": "\u22124.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SNK, what SPCX did: \u22124.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221225.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SNK, what \u22122 times a day gives: \u221225.1%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221225.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SNK, what the fund returned: \u221225.7%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22120.5 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SNK, the fund itself cost: \u22120.5 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$60m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SNK, net assets: $60m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "2.20%",
   "source": "485BPOS XBRL, Jun 12, 2026",
   "as_of": "2026-09-30",
   "sentence": "SNK, expense ratio: 2.20% (485BPOS XBRL, Jun 12, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of SPCX, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "SPCX moved \u22124.2% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SPCX",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$60m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "2.20%",
   "source": "485BPOS XBRL, Jun 12, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jun 15, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "70% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221214.2%",
   "SPCX": "+5.0%",
   "-2x the move": "\u221210.0%",
   "Difference": "\u22124.2 pts",
   "SPCX moved about": "44%"
  },
  {
   "window": "3 months",
   "Fund": "\u221225.7%",
   "SPCX": "\u22124.2%",
   "-2x the move": "+8.5%",
   "Difference": "\u221234.2 pts",
   "SPCX moved about": "70%"
  },
  {
   "window": "Since launch",
   "Fund": "\u22124.9%",
   "SPCX": "\u221221.6%",
   "-2x the move": "+43.3%",
   "Difference": "\u221248.2 pts",
   "SPCX moved about": "75%"
  }
 ],
 "questions": [
  {
   "q": "Did SNK return -2 times SPCX?",
   "a": "Over the window to Sep 30, 2026, SPCX moved \u22124.2% and SNK returned \u221225.7%. \u22122 times that move is +8.5%, so the fund came out 34.2 points short of it."
  },
  {
   "q": "Why does SNK not return -2 times over a year?",
   "a": "Because it resets daily. SNK 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 SPCX ETF tracked its stated multiple most closely?",
   "a": "5 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 \u22122 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)."
}