# VELL (Defiance Daily Target 2X Long VELO ETF)

Defiance · Leveraged ETFs · data as of Oct 2, 2026

Three months to Oct 2, 2026: VELL returned −66.8% where its own daily promise gave −61.3%, 5.5 points short.

## Key facts

- VELL, what VELO did: −28.3%, as of Oct 2, 2026.
- VELL, what 2 times a day gives: −61.3%, as of Oct 2, 2026.
- VELL, what the fund returned: −66.8%, as of Oct 2, 2026.
- VELL, the fund itself cost: −5.5 pts, as of Oct 2, 2026.
- VELL, net assets: $1m (the issuer’s own daily fund list, as of Oct 1, 2026).
- VELL, expense ratio: 1.31% (485BPOS XBRL, May 5, 2026).

## VELL over each window to Oct 2, 2026

| Window | Fund | VELO | +2x the move | Difference | VELO moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −14.7% | −3.6% | −7.2% | −7.5 pts | 64% |
| 3 months | −66.8% | −28.3% | −56.7% | −10.1 pts | 106% |
| Since launch | −78.2% | −29.3% | −58.7% | −19.5 pts | 141% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of VELO, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.36 times, against +2 stated | ETFIQ |
| Underlying | VELO | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $1m | the issuer’s own daily fund list, as of Oct 1, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, May 5, 2026 |
| Launched | Jun 5, 2026 | ETFIQ |
| Underlying volatility over the window | 106% annualized | ETFIQ |

## Questions

### Did VELL return +2 times VELO?

Over the window to Oct 2, 2026, VELO moved −28.3% and VELL returned −66.8%. 2 times that move is −56.7%, so the fund came out 10.1 points short of it.

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

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.


## Cite this page

ETFIQ, VELL, data as of Oct 2, 2026. https://etfiq.com/funds/vell
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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