# XOVL (Defiance Daily Target 2X Long XOVR ETF)

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

Three months to Sep 11, 2026: XOVL returned −5.2% where its own daily promise gave +6.2%, 11.4 points short.

## Key facts

- XOVL, what XOVR did: +4.2%, as of Sep 11, 2026.
- XOVL, what +2 times a day gives: +6.2%, as of Sep 11, 2026.
- XOVL, what the fund returned: −5.2%, as of Sep 11, 2026.
- XOVL, the fund itself cost: −11.4 pts, as of Sep 11, 2026.
- XOVL, expense ratio: 1.31% (485BPOS XBRL, Mar 27, 2026).
- XOVL, underlying: XOVR, as of Sep 11, 2026.

## XOVL over each window to Sep 11, 2026

| Window | Fund | XOVR | +2x the move | Difference | XOVR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −0.5% | +1.6% | +3.1% | −3.6 pts | 19% |
| 3 months | −5.2% | +4.2% | +8.3% | −13.5 pts | 30% |
| Since launch | +2.6% | +10.9% | +21.8% | −19.2 pts | 28% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of XOVR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | XOVR moved +4.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | XOVR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Expense ratio | 1.31% | 485BPOS XBRL, Mar 27, 2026 |
| Launched | May 5, 2026 | ETFIQ |
| Underlying volatility over the window | 30% annualized | ETFIQ |

## Questions

### Did XOVL return +2 times XOVR?

Over the window to Sep 11, 2026, XOVR moved +4.2% and XOVL returned −5.2%. 2 times that move is +8.3%, so the fund came out 13.5 points short of it.

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

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.


## Cite this page

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

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