# OUSL (Defiance Daily Target 2X Long OUST ETF)

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

One month to Sep 11, 2026: OUSL returned −45.3% where its own daily promise gave −43.9%, 1.4 points short.

## Key facts

- OUSL, what OUST did: −23.4%, as of Sep 11, 2026.
- OUSL, what +2 times a day gives: −43.9%, as of Sep 11, 2026.
- OUSL, what the fund returned: −45.3%, as of Sep 11, 2026.
- OUSL, the fund itself cost: −1.4 pts, as of Sep 11, 2026.
- OUSL, expense ratio: 1.31% (485BPOS XBRL, Apr 22, 2026).
- OUSL, underlying: OUST, as of Sep 11, 2026.

## OUSL over each window to Sep 11, 2026

| Window | Fund | OUST | +2x the move | Difference | OUST moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −45.3% | −23.4% | −46.8% | +1.5 pts | 68% |
| Since launch | −43.5% | −15.8% | −31.6% | −11.8 pts | 103% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of OUST, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.94 times, against +2 stated | ETFIQ |
| Underlying | OUST | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Expense ratio | 1.31% | 485BPOS XBRL, Apr 22, 2026 |
| Launched | Jul 14, 2026 | ETFIQ |
| Underlying volatility over the window | 68% annualized | ETFIQ |

## Questions

### Did OUSL return +2 times OUST?

Over the window to Sep 11, 2026, OUST moved −23.4% and OUSL returned −45.3%. 2 times that move is −46.8%, so the fund came out 1.5 points ahead of it.

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

Because it resets daily. OUSL 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, OUSL, data as of Sep 11, 2026. https://etfiq.com/funds/OUSL
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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