# ONDL (Defiance Daily Target 2X Long ONDS ETF)

Defiance · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: ONDL returned −35.1% where its own daily promise gave −26.6%, 8.4 points short.

## Key facts

- ONDL, what ONDS did: −7.5%, as of Sep 30, 2026.
- ONDL, what 2 times a day gives: −26.6%, as of Sep 30, 2026.
- ONDL, what the fund returned: −35.1%, as of Sep 30, 2026.
- ONDL, the fund itself cost: −8.4 pts, as of Sep 30, 2026.
- ONDL, net assets: $30m (the issuer’s own daily fund list, as of Sep 30, 2026).
- ONDL, expense ratio: 1.32% (485BPOS XBRL, Aug 25, 2026).

## ONDL over each window to Sep 30, 2026

| Window | Fund | ONDS | +2x the move | Difference | ONDS moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −14.0% | −4.3% | −8.5% | −5.5 pts | 51% |
| 3 months | −35.1% | −7.5% | −14.9% | −20.2 pts | 78% |
| 6 months | −63.7% | −16.8% | −33.6% | −30.1 pts | 93% |
| Since launch | −76.7% | −18.5% | −36.9% | −39.8 pts | 98% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of ONDS, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +4.71 times, against +2 stated | ETFIQ |
| Underlying | ONDS | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $30m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.32% | 485BPOS XBRL, Aug 25, 2026 |
| Launched | Dec 30, 2025 | ETFIQ |
| Underlying volatility over the window | 78% annualized | ETFIQ |

## Questions

### Did ONDL return +2 times ONDS?

Over the window to Sep 30, 2026, ONDS moved −7.5% and ONDL returned −35.1%. 2 times that move is −14.9%, so the fund came out 20.2 points short of it.

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

Because it resets daily. ONDL 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.

### Which +2x ONDS ETF tracked its stated multiple most closely?

4 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.


## Cite this page

ETFIQ, ONDL, data as of Sep 30, 2026. https://etfiq.com/funds/ondl
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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