# VELL (Defiance Daily Target 2X Long VELO ETF)

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

Three months to Sep 11, 2026: VELL returned −90.8% where its own daily promise gave −88.9%, 1.9 points short.

## Key facts

- VELL, what VELO did: −58.7%, as of Sep 11, 2026.
- VELL, what +2 times a day gives: −88.9%, as of Sep 11, 2026.
- VELL, what the fund returned: −90.8%, as of Sep 11, 2026.
- VELL, the fund itself cost: −1.9 pts, as of Sep 11, 2026.
- VELL, net assets: $2m (source, as filed for Jun 30, 2026).
- VELL, expense ratio: 1.31% (485BPOS XBRL, May 5, 2026).

## VELL over each window to Sep 11, 2026

| Window | Fund | VELO | +2x the move | Difference | VELO moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −56.3% | −30.3% | −60.5% | +4.2 pts | 66% |
| 3 months | −90.8% | −58.7% | −117.4% | +26.6 pts | 127% |
| Since launch | −79.7% | −33.6% | −67.1% | −12.6 pts | 153% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of VELO, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.55 times, against +2 stated | ETFIQ |
| Underlying | VELO | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $2m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, May 5, 2026 |
| Launched | Jun 5, 2026 | ETFIQ |
| Underlying volatility over the window | 127% annualized | ETFIQ |

## Questions

### Did VELL return +2 times VELO?

Over the window to Sep 11, 2026, VELO moved −58.7% and VELL returned −90.8%. 2 times that move is −117.4%, so the fund came out 26.6 points ahead of it.

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

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

HTML: https://etfiq.com/funds/VELL  ·  JSON: https://etfiq.com/funds/VELL.json