{
 "ticker": "VSTL",
 "name": "Defiance Daily Target 2X Long VST ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/VSTL",
 "html": "https://etfiq.com/funds/VSTL",
 "markdown": "https://etfiq.com/funds/VSTL.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: VSTL returned \u22128.1% where its own daily promise gave \u22123.6%, 4.5 points short.",
 "key_facts": [
  {
   "key": "what_vst_did",
   "label": "What VST did",
   "value": "+0.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "VSTL, what VST did: +0.4%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u22123.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "VSTL, what +2 times a day gives: \u22123.6%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22128.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "VSTL, what the fund returned: \u22128.1%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22124.5 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "VSTL, the fund itself cost: \u22124.5 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$7m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "VSTL, net assets: $7m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.30%",
   "source": "485BPOS XBRL, Aug 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "VSTL, expense ratio: 1.30% (485BPOS XBRL, Aug 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of VST, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "VST moved +0.4% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "VST",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$7m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.30%",
   "source": "485BPOS XBRL, Aug 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jul 22, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "42% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+0.2%",
   "VST": "+1.2%",
   "+2x the move": "+2.3%",
   "Difference": "\u22122.1 pts",
   "VST moved about": "31%"
  },
  {
   "window": "3 months",
   "Fund": "\u22128.1%",
   "VST": "+0.4%",
   "+2x the move": "+0.8%",
   "Difference": "\u22128.9 pts",
   "VST moved about": "42%"
  },
  {
   "window": "6 months",
   "Fund": "\u221229.1%",
   "VST": "\u22126.4%",
   "+2x the move": "\u221212.8%",
   "Difference": "\u221216.3 pts",
   "VST moved about": "46%"
  },
  {
   "window": "1 year",
   "Fund": "\u221265.5%",
   "VST": "\u221226.9%",
   "+2x the move": "\u221253.8%",
   "Difference": "\u221211.8 pts",
   "VST moved about": "49%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221261.4%",
   "VST": "\u221221.1%",
   "+2x the move": "\u221242.2%",
   "Difference": "\u221219.2 pts",
   "VST moved about": "48%"
  }
 ],
 "questions": [
  {
   "q": "Did VSTL return +2 times VST?",
   "a": "Over the window to Sep 11, 2026, VST moved +0.4% and VSTL returned \u22128.1%. 2 times that move is +0.8%, so the fund came out 8.9 points short of it."
  },
  {
   "q": "Why does VSTL not return +2 times over a year?",
   "a": "Because it resets daily. VSTL 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)."
}