# The ETFIQ Quarterly, 2026-Q2

> 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.

Data as of Sep 11, 2026. Rebuilt every trading night.

ETFIQ Quarterly

### The ETFIQ Quarterly, 2026-Q2

The second quarter of 2026 , Apr 1, 2026 to Jun 30, 2026

1,006 funds measured · published Sep 11, 2026

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 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 · every number here is drawn from one of the category studies, and each of those publishes the data file it was computed from

· ETFIQ Quarterly · 2026-Q2

A closed quarter, Apr 1, 2026 to Jun 30, 2026. These numbers do not change. Published Sep 11, 2026.

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 In the Leveraged ETFs study, NVDB and TSLI were left out on an outdated name for their tickers and are now measured, so 349 funds are measured, not 347.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 .

## The ETFIQ Quarterly, 2026-Q2

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 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.

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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 .

- 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.

- 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.

1,006 Funds measured across five categories

5 Kinds of fund, five different mechanics

5 Studies, each with every fund in it

2026 Q2 Apr 1, 2026 to Jun 30, 2026, closed and final

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

Categories 5

Quarter Apr 1, 2026 to Jun 30, 2026

Published Sep 11, 2026

ETFIQ, The ETFIQ Quarterly, 2026-Q2, published Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2/

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### What this is

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.

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.

### Leveraged ETFs

289 of 349 behind their own stated multiple

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.

| Ticker | Fund | Against its own promise | 3-Month Tracking percentile in this set, this quarter |
| --- | --- | --- | --- |
| CHAU | Direxion Daily CSI 300 China A Share Bul | −0.75 | 99.8 |
| JNUG | Direxion Daily Junior Gold Miners Index | −0.80 | 99.4 |
| NUGT | Direxion Daily Gold Miners Index Bull 2X | −0.81 | 99.1 |
| CCUP | T-REX 2X LONG CRCL DAILY TARGET ETF | −0.86 | 98.7 |
| TSL | GraniteShares 1.25x Long TSLA Daily ETF | −0.87 | 98.3 |
| UST | ProShares Ultra 7-10 Year Treasury | −0.90 | 98.0 |
| ERX | Direxion Daily Energy Bull 2X ETF | −0.91 | 97.6 |
| DIG | ProShares Ultra Energy | −0.98 | 97.2 |
| GUSH | Direxion Daily S&P Oil & Gas Exp. & Prod | −1.07 | 96.7 |
| UBT | ProShares Ultra 20+ Year Treasury | −1.07 | 96.7 |

| Ticker | Fund | Against its own promise | 3-Month Tracking percentile in this set, this quarter |
| --- | --- | --- | --- |
| YANG | Direxion Daily FTSE China Bear 3X ETF | +4.93 | 99.4 |
| TYO | Direxion Daily 7-10 Year Treasury Bear 3 | +3.64 | 98.1 |
| TMV | Direxion Daily 20+ Year Treasury Bear 3X | +3.49 | 96.8 |
| DUST | Direxion Daily Gold Miners Index Bear 2X | +3.15 | 95.5 |
| SBIT | ProShares UltraShort Bitcoin ETF | +3.03 | 94.2 |
| ERY | Direxion Daily Energy Bear 2X ETF | +2.93 | 92.9 |
| DRIP | Direxion Daily S&P Oil & Gas Exp. & Prod | +2.92 | 91.6 |
| JDST | Direxion Daily Junior Gold Miners Index | +2.76 | 90.3 |
| FAZ | Direxion Daily Financial Bear 3X ETF | +2.73 | 89.0 |
| SZK | ProShares UltraShort Consumer Staples | +2.72 | 87.7 |

Full report Leveraged ETFs against their own promise, 2026-Q2 https://etfiq.com/research/quarterly/2026-q2-leveraged/

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

### Income ETFs

116 of 275 paid more than they made

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.

| Ticker | Fund | Against its benchmark | Distribution Coverage percentile in this set, this quarter |
| --- | --- | --- | --- |
| EGGY | NestYield Dynamic Income ETF | +37.11 | 99.7 |
| KYLD | Kurv High Income ETF | +15.31 | 99.2 |
| GIAX | Nicholas Global Equity and Income ETF | +15.06 | 98.7 |
| NUGY | GraniteShares YieldBOOST Gold Miners ETF | +14.58 | 98.2 |
| SOXY | YieldMax(R) Target 12(TM) Semiconductor | +13.73 | 97.7 |
| MDST | Westwood Salient Enhanced Midstream Inco | +13.17 | 97.2 |
| RDVI | FT Vest Rising Dividend Achievers Target | +11.82 | 96.7 |
| EIPI | FT Energy Income Partners Enhanced Incom | +8.99 | 96.2 |
| KLIP | KraneShares KWEB Covered Call Strategy E | +7.89 | 95.7 |
| ETCO | Grayscale Ethereum Covered Call ETF | +6.82 | 95.2 |

| Ticker | Fund | Against its benchmark | Distribution Coverage percentile in this set, this quarter |
| --- | --- | --- | --- |
| LLII | REX LLY Growth & Income ETF | +119.49 | 99.4 |
| PLTI | REX PLTR Growth & Income ETF | +95.72 | 98.1 |
| CWII | REX CRWV Growth & Income ETF | +90.17 | 96.8 |
| HOII | REX HOOD Growth & Income ETF | +67.47 | 95.6 |
| WNTR | YieldMax(R) MSTR Short Option Income Str | +35.32 | 94.3 |
| NVIT | YieldMax(R) NVDA Performance & Distribut | +29.58 | 93.0 |
| TEST | YieldMax(R) TSLA Performance & Distribut | +28.41 | 91.8 |
| FIAT | YieldMax(R) Short COIN Option Income Str | +23.85 | 90.5 |
| MSII | REX MSTR Growth & Income ETF | +16.73 | 89.2 |
| MTYY | GraniteShares YieldBOOST MSTR ETF | +10.84 | 88.0 |

Full report What option-income ETFs paid and made, 2026-Q2 https://etfiq.com/research/quarterly/2026-q2-income/

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

### Thematic ETFs

32.5% of the median fund was already the index

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.

| Ticker | Fund | Against the S&P 500 | S&P 500 Difference percentile in this set, this quarter |
| --- | --- | --- | --- |
| AIS | VistaShares Artificial Intelligence Supe | +82.85 | 99.8 |
| PSI | Invesco Semiconductors ETF | +79.25 | 99.3 |
| CHPS | Xtrackers Semiconductor Select Equity ET | +76.68 | 98.9 |
| SOXX | iShares Semiconductor ETF | +75.10 | 98.5 |
| XSD | State Street(R) SPDR(R) S&P(R) Semicondu | +73.57 | 98.0 |
| FTXL | First Trust Nasdaq Semiconductor ETF | +72.97 | 97.6 |
| SOXQ | Invesco PHLX Semiconductor ETF | +68.38 | 97.1 |
| WGMI | CoinShares Bitcoin Mining ETF | +66.66 | 96.7 |
| CHPX | Global X AI Semiconductor & Quantum ETF | +66.23 | 96.3 |
| IGPT | Invesco AI and Next Gen Software ETF | +60.85 | 95.8 |

Full report How much of a theme was already the index, 2026-Q2 https://etfiq.com/research/quarterly/2026-q2-themes/

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

### Buffer ETFs

48.5% of the reference reached the holder

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.

| Ticker | Fund | Share of its reference delivered | Downside Cover percentile in this set, this quarter |
| --- | --- | --- | --- |
| ARLU | AllianzIM U.S. Equity Buffer15 Uncapped | 75.5% | 99.6 |
| BNOV | Innovator U.S. Equity Buffer ETF - Nov | 73.6% | 98.7 |
| BDEC | Innovator U.S. Equity Buffer ETF - Dec | 71.1% | 97.8 |
| NVBT | AllianzIM U.S. Equity Buffer10 ETF - Nov | 71.0% | 96.9 |
| JANU | AllianzIM U.S. Equity Buffer15 Uncapped | 69.1% | 96.1 |
| BOCT | Innovator U.S. Equity Buffer ETF - Oct | 68.7% | 95.2 |
| DECT | AllianzIM U.S. Equity Buffer10 ETF - Dec | 68.4% | 94.3 |
| INOV | Innovator Intl Developed Power Buffer ET | 68.0% | 93.4 |
| RSSE | FT Vest U.S. Equity Equal Weight Buffer | 67.9% | 92.5 |
| OCTU | AllianzIM U.S. Equity Buffer15 Uncapped | 67.7% | 91.7 |

Full report What a buffer ETF delivers mid-period, 2026-Q2 https://etfiq.com/research/quarterly/2026-q2-buffer/

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

### Crypto ETFs

99.4% of its own coin kept by the median fund

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.

| Ticker | Fund | Against the coin it holds | Coin Capture percentile in this set, this quarter |
| --- | --- | --- | --- |
| OSOL | Osprey Solana Trust | +10.35 | 98.8 |
| ETH | Grayscale Ethereum Staking Mini ETF | +0.70 | 96.3 |
| GAVA | Grayscale Avalanche Staking ETF | +0.68 | 93.9 |
| VAVX | VanEck Avalanche ETF | +0.65 | 91.5 |
| QETH | Invesco Galaxy Ethereum ETF | +0.45 | 89.0 |
| FETH | Fidelity Ethereum Fund | +0.42 | 86.6 |
| ETHB | iShares Staked Ethereum Trust ETF | +0.40 | 84.1 |
| GXRP | Grayscale XRP Trust ETF | +0.37 | 80.5 |
| TETH | 21Shares Ethereum Staking ETF | +0.37 | 80.5 |
| ETHW | Bitwise Ethereum ETF | +0.34 | 75.6 |

Full report Spot crypto ETPs against the coin they hold, 2026-Q2 https://etfiq.com/research/quarterly/2026-q2-crypto/

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

### How to use this

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.

### Check any of it

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.

Open data The manifest describing every file ETFIQ publishes https://etfiq.com/data/

Method How every number on this site is computed https://etfiq.com/methodology/

Cite this: ETFIQ, The ETFIQ Quarterly, 2026-Q2, Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2/

### Where to next

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, The ETFIQ Quarterly, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/research/quarterly/2026-q2/