# ANEL (Defiance Daily Target 2X Long ANET ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: ANEL returned +33.1% where its own daily promise gave +38.4%, 5.3 points short.

## Key facts

- ANEL, what ANET did: +22.3%, as of Sep 11, 2026.
- ANEL, what +2 times a day gives: +38.4%, as of Sep 11, 2026.
- ANEL, what the fund returned: +33.1%, as of Sep 11, 2026.
- ANEL, the fund itself cost: −5.3 pts, as of Sep 11, 2026.
- ANEL, net assets: $6m (source, as filed for Apr 30, 2026).
- ANEL, expense ratio: 1.45% (485BPOS XBRL, Aug 24, 2026).

## ANEL over each window to Sep 11, 2026

| Window | Fund | ANET | +2x the move | Difference | ANET moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −12.2% | −5.2% | −10.4% | −1.8 pts | 44% |
| 3 months | +33.1% | +22.3% | +44.5% | −11.4 pts | 56% |
| 6 months | +73.0% | +49.4% | +98.9% | −25.8 pts | 59% |
| 1 year | +8.0% | +30.4% | +60.8% | −52.9 pts | 55% |
| Since launch | +26.6% | +41.4% | +82.8% | −56.1 pts | 55% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of ANET, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.49 times, against +2 stated | ETFIQ |
| Underlying | ANET | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $6m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.45% | 485BPOS XBRL, Aug 24, 2026 |
| Launched | Sep 4, 2025 | ETFIQ |
| Underlying volatility over the window | 56% annualized | ETFIQ |

## Questions

### Did ANEL return +2 times ANET?

Over the window to Sep 11, 2026, ANET moved +22.3% and ANEL returned +33.1%. 2 times that move is +44.5%, so the fund came out 11.4 points short of it.

### Why does ANEL not return +2 times over a year?

Because it resets daily. ANEL 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.


## Cite this page

ETFIQ, ANEL, data as of Sep 11, 2026. https://etfiq.com/funds/ANEL
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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