{
 "ticker": "XOVL",
 "name": "Defiance Daily Target 2X Long XOVR ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/XOVL",
 "html": "https://etfiq.com/funds/XOVL",
 "markdown": "https://etfiq.com/funds/XOVL.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: XOVL returned \u22125.2% where its own daily promise gave +6.2%, 11.4 points short.",
 "key_facts": [
  {
   "key": "what_xovr_did",
   "label": "What XOVR did",
   "value": "+4.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "XOVL, what XOVR did: +4.2%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "+6.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "XOVL, what +2 times a day gives: +6.2%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22125.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "XOVL, what the fund returned: \u22125.2%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u221211.4 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "XOVL, the fund itself cost: \u221211.4 pts, as of Sep 11, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Mar 27, 2026",
   "as_of": "2026-09-11",
   "sentence": "XOVL, expense ratio: 1.31% (485BPOS XBRL, Mar 27, 2026)."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XOVR",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "XOVL, underlying: XOVR, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of XOVR, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "XOVR moved +4.2% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XOVR",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Mar 27, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "May 5, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "30% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22120.5%",
   "XOVR": "+1.6%",
   "+2x the move": "+3.1%",
   "Difference": "\u22123.6 pts",
   "XOVR moved about": "19%"
  },
  {
   "window": "3 months",
   "Fund": "\u22125.2%",
   "XOVR": "+4.2%",
   "+2x the move": "+8.3%",
   "Difference": "\u221213.5 pts",
   "XOVR moved about": "30%"
  },
  {
   "window": "Since launch",
   "Fund": "+2.6%",
   "XOVR": "+10.9%",
   "+2x the move": "+21.8%",
   "Difference": "\u221219.2 pts",
   "XOVR moved about": "28%"
  }
 ],
 "questions": [
  {
   "q": "Did XOVL return +2 times XOVR?",
   "a": "Over the window to Sep 11, 2026, XOVR moved +4.2% and XOVL returned \u22125.2%. 2 times that move is +8.3%, so the fund came out 13.5 points short of it."
  },
  {
   "q": "Why does XOVL not return +2 times over a year?",
   "a": "Because it resets daily. XOVL 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)."
}