{
 "ticker": "XLPD",
 "name": "MicroSectors -3x Short Consumer Staples (XLP) ETNs",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/xlpd",
 "html": "https://etfiq.com/funds/xlpd",
 "markdown": "https://etfiq.com/funds/xlpd.md",
 "as_of": "2026-09-30",
 "verdict": "Since launch to Sep 30, 2026: XLPD returned +6.6% where its own daily promise gave +6.9%, 0.3 points short.",
 "key_facts": [
  {
   "key": "what_xlp_did",
   "label": "What XLP did",
   "value": "\u22122.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "XLPD, what XLP did: \u22122.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "+6.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "XLPD, what \u22123 times a day gives: +6.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+6.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "XLPD, what the fund returned: +6.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22120.3 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "XLPD, the fund itself cost: \u22120.3 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "XLPD, net assets: an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt, as of Sep 30, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "XLPD, expense ratio: not read by ETFIQ, as of Sep 30, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of XLP, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "XLP moved \u22122.4% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XLP",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, index",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Sep 10, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "12% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "Since launch",
   "Fund": "+6.6%",
   "XLP": "\u22122.4%",
   "-3x the move": "+7.1%",
   "Difference": "\u22120.5 pts",
   "XLP moved about": "12%"
  }
 ],
 "questions": [
  {
   "q": "Did XLPD return -3 times XLP?",
   "a": "Over the window to Sep 30, 2026, XLP moved \u22122.4% and XLPD returned +6.6%. \u22123 times that move is +7.1%, so the fund came out 0.5 points short of it."
  },
  {
   "q": "Why does XLPD not return -3 times over a year?",
   "a": "Because it resets daily. XLPD aims at -3 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 -3 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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}