# SOUX (Defiance Daily Target 2X Long SOUN ETF)

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

Three months to Sep 11, 2026: SOUX returned −32.4% where its own daily promise gave −24.9%, 7.6 points short.

## Key facts

- SOUX, what SOUN did: −9.3%, as of Sep 11, 2026.
- SOUX, what +2 times a day gives: −24.9%, as of Sep 11, 2026.
- SOUX, what the fund returned: −32.4%, as of Sep 11, 2026.
- SOUX, the fund itself cost: −7.6 pts, as of Sep 11, 2026.
- SOUX, net assets: $17m (source, as filed for Apr 30, 2026).
- SOUX, expense ratio: 1.32% (485BPOS XBRL, Aug 26, 2026).

## SOUX over each window to Sep 11, 2026

| Window | Fund | SOUN | +2x the move | Difference | SOUN moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −31.8% | −15.4% | −30.8% | −1.0 pts | 39% |
| 3 months | −32.4% | −9.3% | −18.6% | −13.8 pts | 62% |
| 6 months | −53.2% | −14.3% | −28.5% | −24.7 pts | 73% |
| 1 year | −92.5% | −57.1% | −114.1% | +21.6 pts | 72% |
| Since launch | −87.1% | −36.3% | −72.5% | −14.6 pts | 78% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of SOUN, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +3.49 times, against +2 stated | ETFIQ |
| Underlying | SOUN | 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 | Jun 24, 2025 | ETFIQ |
| Underlying volatility over the window | 62% annualized | ETFIQ |

## Questions

### Did SOUX return +2 times SOUN?

Over the window to Sep 11, 2026, SOUN moved −9.3% and SOUX returned −32.4%. 2 times that move is −18.6%, so the fund came out 13.8 points short of it.

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

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.


## Cite this page

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

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