- A leveraged fund promises a multiple of one day and resets, so over a quarter the honest benchmark is that promise compounded. 490 of 595 came up short of their own, by a median of 2.27 points.
What this is
One 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 figure 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 figures 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
490 of 595 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 2.27 points short of its own promise, and the sign flips by direction: long funds 2.65 behind, inverse 1.58 ahead, because a short position earns interest on its collateral.
| Ticker | Fund | Against its own promise | Decay Resistancepercentile in this set, this quarter |
|---|---|---|---|
| LMNX | Defiance Daily Target 2X Long LMND ETF | +13.95 | 99.9 |
| XCOM | Corgi All Commodities 2x Daily ETF | +3.06 | 99.7 |
| LASC | Corgi LASR 2x Daily ETF | 0.00 | 99.5 |
| EO | Corgi EOSE 2x Daily ETF | −0.22 | 99.3 |
| TEUP | T-REX 2X LONG TE DAILY TARGET ETF | −0.23 | 99.0 |
| UBT | ProShares Ultra 20+ Year Treasury | −0.37 | 98.8 |
| APPC | Corgi APP 2x Daily ETF | −0.44 | 98.6 |
| XNDX | Tradr 2X Long XNDU Daily ETF | −0.48 | 98.4 |
| CHAU | Direxion Daily CSI 300 China A Share Bul | −0.49 | 98.2 |
| APPX | Tradr 2X Long APP Daily ETF | −0.67 | 97.9 |
| Ticker | Fund | Against its own promise | Decay Resistancepercentile in this set, this quarter |
|---|---|---|---|
| BIS | ProShares UltraShort Nasdaq Biotechnolog | +5.10 | 99.6 |
| TYO | Direxion Daily 7-10 Year Treasury Bear 3 | +4.68 | 98.8 |
| TMV | Direxion Daily 20+ Year Treasury Bear 3X | +4.58 | 98.0 |
| SRTY | ProShares UltraPro Short Russell2000 | +4.41 | 97.2 |
| SMDD | ProShares UltraPro Short MidCap400 | +4.31 | 96.4 |
| TZA | Direxion Daily Small Cap Bear 3X ETF | +4.17 | 95.6 |
| ZSL | ProShares UltraShort Silver | +4.13 | 94.8 |
| FAZ | Direxion Daily Financial Bear 3X ETF | +3.96 | 93.6 |
| TTT | ProShares UltraPro Short 20+ Year Treasu | +3.96 | 93.6 |
| SDOW | ProShares UltraPro Short Dow30 | +3.95 | 92.4 |
How to use this
Each line above is one desk'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 desk's study publishes the file every figure in it was computed from, fund by fund, with the excluded funds and the reason for each. They are free to use, including commercially, with attribution to ETFIQ and a link.
Cite this: ETFIQ, The ETFIQ Quarterly, 2026-Q3, Oct 2, 2026. https://etfiq.com/research/quarterly/2026-q3/