{
 "ticker": "SOUX",
 "name": "Defiance Daily Target 2X Long SOUN ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/SOUX",
 "html": "https://etfiq.com/funds/SOUX",
 "markdown": "https://etfiq.com/funds/SOUX.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: SOUX returned \u221232.4% where its own daily promise gave \u221224.9%, 7.6 points short.",
 "key_facts": [
  {
   "key": "what_soun_did",
   "label": "What SOUN did",
   "value": "\u22129.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SOUX, what SOUN did: \u22129.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u221224.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SOUX, what +2 times a day gives: \u221224.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221232.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SOUX, what the fund returned: \u221232.4%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22127.6 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SOUX, the fund itself cost: \u22127.6 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$17m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "SOUX, net assets: $17m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.32%",
   "source": "485BPOS XBRL, Aug 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "SOUX, expense ratio: 1.32% (485BPOS XBRL, Aug 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of SOUN, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+3.49 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SOUN",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$17m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.32%",
   "source": "485BPOS XBRL, Aug 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jun 24, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "62% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221231.8%",
   "SOUN": "\u221215.4%",
   "+2x the move": "\u221230.8%",
   "Difference": "\u22121.0 pts",
   "SOUN moved about": "39%"
  },
  {
   "window": "3 months",
   "Fund": "\u221232.4%",
   "SOUN": "\u22129.3%",
   "+2x the move": "\u221218.6%",
   "Difference": "\u221213.8 pts",
   "SOUN moved about": "62%"
  },
  {
   "window": "6 months",
   "Fund": "\u221253.2%",
   "SOUN": "\u221214.3%",
   "+2x the move": "\u221228.5%",
   "Difference": "\u221224.7 pts",
   "SOUN moved about": "73%"
  },
  {
   "window": "1 year",
   "Fund": "\u221292.5%",
   "SOUN": "\u221257.1%",
   "+2x the move": "\u2212114.1%",
   "Difference": "+21.6 pts",
   "SOUN moved about": "72%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221287.1%",
   "SOUN": "\u221236.3%",
   "+2x the move": "\u221272.5%",
   "Difference": "\u221214.6 pts",
   "SOUN moved about": "78%"
  }
 ],
 "questions": [
  {
   "q": "Did SOUX return +2 times SOUN?",
   "a": "Over the window to Sep 11, 2026, SOUN moved \u22129.3% and SOUX returned \u221232.4%. 2 times that move is \u221218.6%, so the fund came out 13.8 points short of it."
  },
  {
   "q": "Why does SOUX not return +2 times over a year?",
   "a": "Because it resets daily. SOUX 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)."
}