# AVXX (Defiance Daily Target 2X Long AVAV ETF)

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

Three months to Sep 11, 2026: AVXX returned −40.2% where its own daily promise gave −36.3%, 4.0 points short.

## Key facts

- AVXX, what AVAV did: −14.0%, as of Sep 11, 2026.
- AVXX, what +2 times a day gives: −36.3%, as of Sep 11, 2026.
- AVXX, what the fund returned: −40.2%, as of Sep 11, 2026.
- AVXX, the fund itself cost: −4.0 pts, as of Sep 11, 2026.
- AVXX, net assets: $9m (source, as filed for Apr 30, 2026).
- AVXX, expense ratio: 1.31% (485BPOS XBRL, Aug 24, 2026).

## AVXX over each window to Sep 11, 2026

| Window | Fund | AVAV | +2x the move | Difference | AVAV moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −45.2% | −24.3% | −48.6% | +3.4 pts | 53% |
| 3 months | −40.2% | −14.0% | −28.0% | −12.3 pts | 79% |
| 6 months | −66.5% | −29.1% | −58.3% | −8.2 pts | 76% |
| Since launch | −92.8% | −61.2% | −122.5% | +29.6 pts | 78% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of AVAV, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.88 times, against +2 stated | ETFIQ |
| Underlying | AVAV | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $9m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Aug 24, 2026 |
| Launched | Oct 24, 2025 | ETFIQ |
| Underlying volatility over the window | 79% annualized | ETFIQ |

## Questions

### Did AVXX return +2 times AVAV?

Over the window to Sep 11, 2026, AVAV moved −14.0% and AVXX returned −40.2%. 2 times that move is −28.0%, so the fund came out 12.2 points short of it.

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

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.


## Cite this page

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

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