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ONDL

GradeDChicago Board Options Exchange

Daily Target 2X Long ONDS ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2025-12-29 · SEC filings

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$5.72−0.18 (−3.05%)

As of Sep 23, 2026, 2:14 PM EDT

History starts Dec 30, 2025.History starts Dec 30, 2025.
Intraday session: down, 55 prints from 5.90 to 5.72. Range 5.61 to 6.18. Use the arrow keys to read each point.$5.60$5.80$6.00$6.2010 AM12 PM2 PM4 PM
Expense ratio
1.32%
Fund size
$30M
1Y return
—
Yield · Last 12 months
—
Holdings
10
Volume · 30D
1.6M sh
NAV per share
$5.40
52W range
low $4.70high $59.29

The ETF.net ONDL Grade

D

37/ 100

Rank 226 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for ONDL. Scores out of 100: Cost 27, Risk 32, Mission 63, Tradability 54, Holdings not scored, Durability 66. Strongest: Durability (66). Weakest: Cost (27). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 37 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 27
    Category rank275/380 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    BScore 63
    Category rank144/147 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 32
    Category rank217/285 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 54
    Category rank160/380 · top 42%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 66
    Category rank84/380 · top 22%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on ONDL

ETF.net Research

DONDL aims to move twice as much as Ondas Holdings does each day, up or down. It is the cheaper of the two US ETFs built on leveraged ONDS exposure, and the daily reset makes it a day-by-day instrument rather than a set-and-forget holding.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to two times the daily percentage change in Ondas Holdings Inc. and therefore provides amplified long exposure to that company.

Why people hold it

  1. 01One job, stated plainly: two times the daily percentage change in Ondas Holdings. No index committee, no basket drift, just amplified exposure to one company.
  2. 02At 1.31%, it undercuts the other leveraged ONDS fund (ONDU, 1.49%), making it the cheaper wrapper for the same underlying trade.
  3. 03The leverage sits inside the fund. You get the 2x daily exposure through an ordinary brokerage account, with no margin agreement to sign.
  4. 04Shares trade actively despite a small asset base, so the fund is not dependent on its own size for a working market.

Worth knowing

  1. 01The daily reset compounds. Hold longer than a day and results can drift meaningfully away from 2x the stock's move over that stretch, especially in choppy markets.
  2. 02The 1.31% fee runs above the median for 2x single-stock funds, and every basis point comes out of an already volatile ride.
  3. 03Launched at the end of 2025 with everything riding on one company's share price, and it currently grades out in the lower half of its 2x single-stock peer group.

ONDL Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
10
Top-10 weight
235%
Largest holding
United States Treasury Bill 11/19/202633.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 11/19/202633.60%10,300,000$10M48
002—ONDAS INC.-SWAP-JNST-L31.69%1,305,999$10M1
003—ONDAS HOLDINGS INC SWAP CS-L31.47%1,296,808$10M1
004—ONDAS HLDGS INC SWAP MAREX-L29.42%1,212,330$9M1
005—ONDAS INC.-SWAP-NMRA-L29.26%1,205,675$9M1
006—ONDAS INC SWAP NBC-L26.43%1,089,146$8M1
007—ONDAS INC.-SWAP-MSCS-L26.18%1,079,000$8M1
008—ONDAS HLDGS INC SWAP CANTOR-L25.75%1,061,288$8M1
009—First American Government Obligations Fund 12/01/20311.55%471,615$472K625

Showing 1–9 of 9 holdings

ONDL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

ONDL$2,240
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. ONDL $2,240. SPY $11,430. Use the arrow keys to read each point.$546$10,653$20,760Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for ONDL. Periods over one year show the average yearly return.
PeriodONDL
Year to date−77.6%
1 month−26.9%
3 months−43.8%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ONDL
YearReturn barONDL
2026 YTD−77.6%
2025+17.4%

History from Dec 30, 2025

ONDL in the news

ETF.net Research hasn’t filed on ONDL yet — coverage lands here as it’s written.

ONDL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Dec 2025. No distributions yet.

ONDL Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
4.88
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

ONDL Cost

Expense ratio1.32%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

250 of the 329 Single-Stock Long Leveraged funds charge less.

ONDL costs $132.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.