# QSU (Defiance Daily Target 2X Long QS ETF)

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

Three months to Sep 11, 2026: QSU returned −56.0% where its own daily promise gave −51.2%, 4.9 points short.

## Key facts

- QSU, what QS did: −25.5%, as of Sep 11, 2026.
- QSU, what +2 times a day gives: −51.2%, as of Sep 11, 2026.
- QSU, what the fund returned: −56.0%, as of Sep 11, 2026.
- QSU, the fund itself cost: −4.9 pts, as of Sep 11, 2026.
- QSU, net assets: $17m (source, as filed for Apr 30, 2026).
- QSU, expense ratio: 1.32% (485BPOS XBRL, Aug 26, 2026).

## QSU over each window to Sep 11, 2026

| Window | Fund | QS | +2x the move | Difference | QS moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −35.3% | −17.2% | −34.5% | −0.8 pts | 47% |
| 3 months | −56.0% | −25.5% | −51.1% | −5.0 pts | 72% |
| 6 months | −61.2% | −21.6% | −43.1% | −18.1 pts | 71% |
| Since launch | −95.2% | −66.0% | −132.0% | +36.8 pts | 75% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of QS, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.19 times, against +2 stated | ETFIQ |
| Underlying | QS | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $17m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.32% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Oct 21, 2025 | ETFIQ |
| Underlying volatility over the window | 72% annualized | ETFIQ |

## Questions

### Did QSU return +2 times QS?

Over the window to Sep 11, 2026, QS moved −25.5% and QSU returned −56.0%. 2 times that move is −51.1%, so the fund came out 5.0 points short of it.

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

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

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