{
 "ticker": "VELL",
 "name": "Defiance Daily Target 2X Long VELO ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/vell",
 "html": "https://etfiq.com/funds/vell",
 "markdown": "https://etfiq.com/funds/vell.md",
 "as_of": "2026-10-02",
 "verdict": "Three months to Oct 2, 2026: VELL returned \u221266.8% where its own daily promise gave \u221261.3%, 5.5 points short.",
 "key_facts": [
  {
   "key": "what_velo_did",
   "label": "What VELO did",
   "value": "\u221228.3%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "VELL, what VELO did: \u221228.3%, as of Oct 2, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "\u221261.3%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "VELL, what 2 times a day gives: \u221261.3%, as of Oct 2, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221266.8%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "VELL, what the fund returned: \u221266.8%, as of Oct 2, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22125.5 pts",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "VELL, the fund itself cost: \u22125.5 pts, as of Oct 2, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$1m",
   "source": "the issuer\u2019s own daily fund list, as of Oct 1, 2026",
   "as_of": "2026-10-02",
   "sentence": "VELL, net assets: $1m (the issuer\u2019s own daily fund list, as of Oct 1, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, May 5, 2026",
   "as_of": "2026-10-02",
   "sentence": "VELL, expense ratio: 1.31% (485BPOS XBRL, May 5, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of VELO, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+2.36 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "VELO",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$1m",
   "source": "the issuer\u2019s own daily fund list, as of Oct 1, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, May 5, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jun 5, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "106% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221214.7%",
   "VELO": "\u22123.6%",
   "+2x the move": "\u22127.2%",
   "Difference": "\u22127.5 pts",
   "VELO moved about": "64%"
  },
  {
   "window": "3 months",
   "Fund": "\u221266.8%",
   "VELO": "\u221228.3%",
   "+2x the move": "\u221256.7%",
   "Difference": "\u221210.1 pts",
   "VELO moved about": "106%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221278.2%",
   "VELO": "\u221229.3%",
   "+2x the move": "\u221258.7%",
   "Difference": "\u221219.5 pts",
   "VELO moved about": "141%"
  }
 ],
 "questions": [
  {
   "q": "Did VELL return +2 times VELO?",
   "a": "Over the window to Oct 2, 2026, VELO moved \u221228.3% and VELL returned \u221266.8%. 2 times that move is \u221256.7%, so the fund came out 10.1 points short of it."
  },
  {
   "q": "Why does VELL not return +2 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-03",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}