{"url":"https://etfiq.com/research/quarterly/2026-q2/","section":"research","title":"The ETFIQ Quarterly, 2026-Q2 | ETFIQ","description":"Every category of fund left a measurable distance between its label and what its holder got, across 1,006 ETFs over the second quarter of 2026.","as_of":"Sep 11, 2026","structured_data":[{"@type":"Report","name":"The ETFIQ Quarterly, 2026-Q2","description":"Every category of fund left a measurable distance between its label and what its holder got, across 1,006 ETFs over the second quarter of 2026.","url":"https://etfiq.com/research/quarterly/2026-q2/","datePublished":"2026-09-11","author":{"@id":"https://etfiq.com/#org"},"publisher":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"inLanguage":"en","temporalCoverage":"2026-04-01/2026-06-30","hasPart":[{"@type":"Report","name":"Leveraged ETFs against their own promise, 2026-Q2","url":"https://etfiq.com/research/quarterly/2026-q2-leveraged/"},{"@type":"Report","name":"What option-income ETFs paid and made, 2026-Q2","url":"https://etfiq.com/research/quarterly/2026-q2-income/"},{"@type":"Report","name":"How much of a theme was already the index, 2026-Q2","url":"https://etfiq.com/research/quarterly/2026-q2-themes/"},{"@type":"Report","name":"What a buffer ETF delivers mid-period, 2026-Q2","url":"https://etfiq.com/research/quarterly/2026-q2-buffer/"},{"@type":"Report","name":"Spot crypto ETPs against the coin they hold, 2026-Q2","url":"https://etfiq.com/research/quarterly/2026-q2-crypto/"}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ETFIQ Research","item":"https://etfiq.com/research/"},{"@type":"ListItem","position":3,"name":"ETFIQ Quarterly","item":"https://etfiq.com/research/quarterly/"},{"@type":"ListItem","position":4,"name":"2026-Q2 \u00b7 The whole quarter","item":"https://etfiq.com/research/quarterly/2026-q2/"}]},{"@type":"WebPage","name":"The ETFIQ Quarterly, 2026-Q2","description":"Every category of fund left a measurable distance between its label and what its holder got, across 1,006 ETFs over the second quarter of 2026.","url":"https://etfiq.com/research/quarterly/2026-q2/","dateModified":"2026-10-26","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":13367,"truncated":false,"content":"ETFIQ / ETFIQ Research / ETFIQ Quarterly / 2026-Q2 \u00b7 The whole quarter \n \n [ETFIQ] \n ETFIQ Quarterly The ETFIQ Quarterly, 2026-Q2\n The second quarter of 2026 , Apr 1, 2026 to Jun 30, 2026\n 1,006 funds measured \u00b7 published Sep 11, 2026\n Across 1,006 exchange-traded funds in five categories over the second quarter of 2026, every category of fund left a measurable distance between what its label says and what its holder got, and no issuer publishes that distance for any of them.\n\n ETFIQ is an independent publisher of data about exchange-traded funds. It is not a fund issuer, broker-dealer or investment adviser and makes no recommendations. Every number here is calculated from a named public source and carries the date it applies to. These numbers do not change once published. etfiq.com \u00b7 every number here is drawn from one of the category studies, and each of those publishes the data file it was computed from\n\n [ETFIQ] \u00b7 ETFIQ Quarterly \u00b7 2026-Q2 \n A closed quarter, Apr 1, 2026 to Jun 30, 2026. These numbers do not change. Published Sep 11, 2026.\n Corrected on Oct 3, 2026. In the Leveraged ETFs study, NVDB and TSLI were left out on an outdated name for their tickers and are now measured, so 349 funds are measured, not 347. The rows for AMDD, MARU, PLTD and TIPD carried another fund's prices: each now names the fund its ticker trades as. The data before and after .\n The ETFIQ Quarterly, 2026-Q2\n Across 1,006 exchange-traded funds in five categories over the second quarter of 2026, every category of fund left a measurable distance between what its label says and what its holder got, and no issuer publishes that distance for any of them.\n ETFIQ Quarterly. Free to quote with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The file behind every number is published with each category's own study.\n Download the PDF Print this page \n What this quarter found A leveraged fund promises a multiple of one day and resets, so over a quarter the honest benchmark is that promise compounded. 289 of 349 came up short of their own, by a median of 2.80 points .\n 116 of 275 option-income funds paid out more cash than they made in total return. A yield is not a return and on this many funds the two pointed opposite ways.\n How much of a theme a buyer already owned runs from 0.0 per cent of the fund to 72.8 across 227 funds sold under the same word, at a median fee of 0.56 percent that barely moves across that range.\n \n 1,006 Funds measured across five categories \n 5 Kinds of fund, five different mechanics \n 5 Studies, each with every fund in it \n 2026 Q2 Apr 1, 2026 to Jun 30, 2026, closed and final \n\n Investor note Across 1,006 exchange-traded funds in five categories over the second quarter of 2026, every category of fund left a measurable distance between what its label says and what its holder got, and no issuer publishes that distance for any of them. ETFIQ measured every fund against the thing its own prospectus names, over Apr 1, 2026 to Jun 30, 2026. Funds measured 1,006 \n Categories 5 \n Quarter Apr 1, 2026 to Jun 30, 2026 \n Published Sep 11, 2026 \n ETFIQ, The ETFIQ Quarterly, 2026-Q2, published Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2/\n\n Copy this block \n What this is\n Five studies of one closed quarter, one for each kind of fund ETFIQ measures, with the finding from each and a link to the whole of it. Every number here is calculated from a named public source, measured against the thing the fund's own prospectus names, over the same days for the fund and for what it is measured against.\n A closed quarter is the only form of this work that can be quoted. Every other page on this site is measured to yesterday and moves tonight, which is right for a reader deciding today and useless to anybody citing it. These numbers are the same next year as this week, and each study publishes the file it was computed from, the funds it excluded and the test that excluded them.\n Leveraged ETFs\n 289 of 349 behind their own stated multiple\n A leveraged fund promises a multiple of one day and resets. Compounded through the days that happened, the median fund came up 2.80 points short of its own promise, and the sign flips by direction: long funds 3.45 behind , inverse 1.75 ahead , because a short position earns interest on its collateral.\n\n Long: the 10 furthest above their own promise, of 272. Source: ETFIQ. Ticker Fund Against its own promise 3-Month Tracking percentile in this set, this quarter \n CHAU Direxion Daily CSI 300 China A Share Bul \u22120.75 99.8 \n JNUG Direxion Daily Junior Gold Miners Index \u22120.80 99.4 \n NUGT Direxion Daily Gold Miners Index Bull 2X \u22120.81 99.1 \n CCUP T-REX 2X LONG CRCL DAILY TARGET ETF \u22120.86 98.7 \n TSL GraniteShares 1.25x Long TSLA Daily ETF \u22120.87 98.3 \n UST ProShares Ultra 7-10 Year Treasury \u22120.90 98.0 \n ERX Direxion Daily Energy Bull 2X ETF \u22120.91 97.6 \n DIG ProShares Ultra Energy \u22120.98 97.2 \n GUSH Direxion Daily S&P Oil & Gas Exp. & Prod \u22121.07 96.7 \n UBT ProShares Ultra 20+ Year Treasury \u22121.07 96.7 \n \n Inverse: the 10 furthest above their own promise, of 77. Source: ETFIQ. Ticker Fund Against its own promise 3-Month Tracking percentile in this set, this quarter \n YANG Direxion Daily FTSE China Bear 3X ETF +4.93 99.4 \n TYO Direxion Daily 7-10 Year Treasury Bear 3 +3.64 98.1 \n TMV Direxion Daily 20+ Year Treasury Bear 3X +3.49 96.8 \n DUST Direxion Daily Gold Miners Index Bear 2X +3.15 95.5 \n SBIT ProShares UltraShort Bitcoin ETF +3.03 94.2 \n ERY Direxion Daily Energy Bear 2X ETF +2.93 92.9 \n DRIP Direxion Daily S&P Oil & Gas Exp. & Prod +2.92 91.6 \n JDST Direxion Daily Junior Gold Miners Index +2.76 90.3 \n FAZ Direxion Daily Financial Bear 3X ETF +2.73 89.0 \n SZK ProShares UltraShort Consumer Staples +2.72 87.7 \n \n Full report Leveraged ETFs against their own promise, 2026-Q2 https://etfiq.com/research/quarterly/2026-q2-leveraged/ \n Data file Every one of the 349 funds, with the excluded funds and the reason for each https://etfiq.com/data/quarterly/2026-q2-leverage.json \n\n Income ETFs\n 116 of 275 paid more than they made\n The median fund paid out 4.66 percent of its own price and returned +6.55 percent in total, so the median arrangement worked. A yield is not a return, and on this many funds the two pointed opposite ways.\n\n Writes on an index, an ETF or a basket: the 10 furthest ahead of their benchmark, of 196. Source: ETFIQ. Ticker Fund Against its benchmark Distribution Coverage percentile in this set, this quarter \n EGGY NestYield Dynamic Income ETF +37.11 99.7 \n KYLD Kurv High Income ETF +15.31 99.2 \n GIAX Nicholas Global Equity and Income ETF +15.06 98.7 \n NUGY GraniteShares YieldBOOST Gold Miners ETF +14.58 98.2 \n SOXY YieldMax(R) Target 12(TM) Semiconductor +13.73 97.7 \n MDST Westwood Salient Enhanced Midstream Inco +13.17 97.2 \n RDVI FT Vest Rising Dividend Achievers Target +11.82 96.7 \n EIPI FT Energy Income Partners Enhanced Incom +8.99 96.2 \n KLIP KraneShares KWEB Covered Call Strategy E +7.89 95.7 \n ETCO Grayscale Ethereum Covered Call ETF +6.82 95.2 \n \n Writes on a single company: the 10 furthest ahead of their benchmark, of 79. Source: ETFIQ. Ticker Fund Against its benchmark Distribution Coverage percentile in this set, this quarter \n LLII REX LLY Growth & Income ETF +119.49 99.4 \n PLTI REX PLTR Growth & Income ETF +95.72 98.1 \n CWII REX CRWV Growth & Income ETF +90.17 96.8 \n HOII REX HOOD Growth & Income ETF +67.47 95.6 \n WNTR YieldMax(R) MSTR Short Option Income Str +35.32 94.3 \n NVIT YieldMax(R) NVDA Performance & Distribut +29.58 93.0 \n TEST YieldMax(R) TSLA Performance & Distribut +28.41 91.8 \n FIAT YieldMax(R) Short COIN Option Income Str +23.85 90.5 \n MSII REX MSTR Growth & Income ETF +16.73 89.2 \n MTYY GraniteShares YieldBOOST MSTR ETF +10.84 88.0 \n \n Full report What option-income ETFs paid and made, 2026-Q2 https://etfiq.com/research/quarterly/2026-q2-income/ \n Data file Every one of the 275 funds, with the excluded funds and the reason for each https://etfiq.com/data/quarterly/2026-q2-income.json \n\n Thematic ETFs\n 32.5% of the median fund was already the index\n Across 227 funds it runs from 0.0 percent at the tenth to 72.8 at the ninetieth, at a median fee of 0.56 percent that barely moves across that range. The word thematic tells a buyer nothing about the answer.\n\n The 10 furthest ahead of the S&P 500, of 227. Source: ETFIQ. Ticker Fund Against the S&P 500 S&P 500 Difference percentile in this set, this quarter \n AIS VistaShares Artificial Intelligence Supe +82.85 99.8 \n PSI Invesco Semiconductors ETF +79.25 99.3 \n CHPS Xtrackers Semiconductor Select Equity ET +76.68 98.9 \n SOXX iShares Semiconductor ETF +75.10 98.5 \n XSD State Street(R) SPDR(R) S&P(R) Semicondu +73.57 98.0 \n FTXL First Trust Nasdaq Semiconductor ETF +72.97 97.6 \n SOXQ Invesco PHLX Semiconductor ETF +68.38 97.1 \n WGMI CoinShares Bitcoin Mining ETF +66.66 96.7 \n CHPX Global X AI Semiconductor & Quantum ETF +66.23 96.3 \n IGPT Invesco AI and Next Gen Software ETF +60.85 95.8 \n \n Full report How much of a theme was already the index, 2026-Q2 https://etfiq.com/research/quarterly/2026-q2-themes/ \n Data file Every one of the 227 funds, with the excluded funds and the reason for each https://etfiq.com/data/quarterly/2026-q2-themes.json \n\n Buffer ETFs\n 48.5% of the reference reached the holder\n The reference rose for every one of the 114 funds and every one delivered less than all of it. The buffer engaged on 0 of them: the shape these funds promise arrives on the last day of the period and not before.\n\n The 10 that delivered most of their reference, of 114. Source: ETFIQ. Ticker Fund Share of its reference delivered Downside Cover percentile in this set, this quarter \n ARLU AllianzIM U.S. Equity Buffer15 Uncapped 75.5% 99.6 \n BNOV Innovator U.S. Equity Buffer ETF - Nov 73.6% 98.7 \n BDEC Innovator U.S. Equity Buffer ETF - Dec 71.1% 97.8 \n NVBT AllianzIM U.S. Equity Buffer10 ETF - Nov 71.0% 96.9 \n JANU AllianzIM U.S. Equity Buffer15 Uncapped 69.1% 96.1 \n BOCT Innovator U.S. Equity Buffer ETF - Oct 68.7% 95.2 \n DECT AllianzIM U.S. Equity Buffer10 ETF - Dec 68.4% 94.3 \n INOV Innovator Intl Developed Power Buffer ET 68.0% 93.4 \n RSSE FT Vest U.S. Equity Equal Weight Buffer 67.9% 92.5 \n OCTU AllianzIM U.S. Equity Buffer15 Uncapped 67.7% 91.7 \n \n Full report What a buffer ETF delivers mid-period, 2026-Q2 https://etfiq.com/research/quarterly/2026-q2-buffer/ \n Data file Every one of the 114 funds, with the excluded funds and the reason for each https://etfiq.com/data/quarterly/2026-q2-buffer.json \n\n Crypto ETFs\n 99.4% of its own coin kept by the median fund\n A spot trust holds one thing and promises to hold it, so the only question is how much of the coin reached the holder. 15 of 41 finished behind theirs. Read the median and not the count: a coin trades all night and a fund prices at four.\n\n The 10 furthest ahead of their own coin, of 41. Source: ETFIQ. Ticker Fund Against the coin it holds Coin Capture percentile in this set, this quarter \n OSOL Osprey Solana Trust +10.35 98.8 \n ETH Grayscale Ethereum Staking Mini ETF +0.70 96.3 \n GAVA Grayscale Avalanche Staking ETF +0.68 93.9 \n VAVX VanEck Avalanche ETF +0.65 91.5 \n QETH Invesco Galaxy Ethereum ETF +0.45 89.0 \n FETH Fidelity Ethereum Fund +0.42 86.6 \n ETHB iShares Staked Ethereum Trust ETF +0.40 84.1 \n GXRP Grayscale XRP Trust ETF +0.37 80.5 \n TETH 21Shares Ethereum Staking ETF +0.37 80.5 \n ETHW Bitwise Ethereum ETF +0.34 75.6 \n \n Full report Spot crypto ETPs against the coin they hold, 2026-Q2 https://etfiq.com/research/quarterly/2026-q2-crypto/ \n Data file Every one of the 41 funds, with the excluded funds and the reason for each https://etfiq.com/data/quarterly/2026-q2-crypto.json \n\n How to use this\n Each line above is one category's answer to one question, and each links the study that shows every fund in the population it is drawn from. Nothing here is a view on any fund. The distances measured are properties of how each kind of fund is built, not verdicts on how any of them is run, and every study says so in its own words where the distance is largest.\n Check any of it\n Each category's study publishes the file every number in it was computed from, fund by fund, with the excluded funds and the reason for each. The data ETFIQ computed in them are free to use, including commercially, with attribution to ETFIQ and a link; issuer data stays under its owner's terms.\n Open data The manifest describing every file ETFIQ publishes https://etfiq.com/data/ \n Method How every number on this site is computed https://etfiq.com/methodology/ \n\n Cite this: ETFIQ, The ETFIQ Quarterly, 2026-Q2, Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2/\n Where to next\n Every edition ETFIQ Research Method Take the data \n Cite this page. ETFIQ, The ETFIQ Quarterly, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, The ETFIQ Quarterly, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2/ APA ETFIQ. (Sep 11, 2026). The ETFIQ Quarterly, 2026-Q2. Retrieved from https://etfiq.com/research/quarterly/2026-q2/ Markdown [The ETFIQ Quarterly, 2026-Q2 (ETFIQ, Sep 11, 2026)](https://etfiq.com/research/quarterly/2026-q2/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, The ETFIQ Quarterly, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2/"}