{
 "ticker": "AVXX",
 "name": "Defiance Daily Target 2X Long AVAV ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/AVXX",
 "html": "https://etfiq.com/funds/AVXX",
 "markdown": "https://etfiq.com/funds/AVXX.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: AVXX returned \u221240.2% where its own daily promise gave \u221236.3%, 4.0 points short.",
 "key_facts": [
  {
   "key": "what_avav_did",
   "label": "What AVAV did",
   "value": "\u221214.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "AVXX, what AVAV did: \u221214.0%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u221236.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "AVXX, what +2 times a day gives: \u221236.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221240.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "AVXX, what the fund returned: \u221240.2%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22124.0 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "AVXX, the fund itself cost: \u22124.0 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$9m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "AVXX, net assets: $9m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Aug 24, 2026",
   "as_of": "2026-09-11",
   "sentence": "AVXX, expense ratio: 1.31% (485BPOS XBRL, Aug 24, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of AVAV, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+2.88 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "AVAV",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$9m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Aug 24, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Oct 24, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "79% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221245.2%",
   "AVAV": "\u221224.3%",
   "+2x the move": "\u221248.6%",
   "Difference": "+3.4 pts",
   "AVAV moved about": "53%"
  },
  {
   "window": "3 months",
   "Fund": "\u221240.2%",
   "AVAV": "\u221214.0%",
   "+2x the move": "\u221228.0%",
   "Difference": "\u221212.3 pts",
   "AVAV moved about": "79%"
  },
  {
   "window": "6 months",
   "Fund": "\u221266.5%",
   "AVAV": "\u221229.1%",
   "+2x the move": "\u221258.3%",
   "Difference": "\u22128.2 pts",
   "AVAV moved about": "76%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221292.8%",
   "AVAV": "\u221261.2%",
   "+2x the move": "\u2212122.5%",
   "Difference": "+29.6 pts",
   "AVAV moved about": "78%"
  }
 ],
 "questions": [
  {
   "q": "Did AVXX return +2 times AVAV?",
   "a": "Over the window to Sep 11, 2026, AVAV moved \u221214.0% and AVXX returned \u221240.2%. 2 times that move is \u221228.0%, so the fund came out 12.2 points short of it."
  },
  {
   "q": "Why does AVXX not return +2 times over a year?",
   "a": "Because it resets daily. AVXX 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."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}