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Launched · SEC filings

Daily Target 2X Long SOUN ETF

SOUXNasdaqDefianceDThis 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.

$3.02−0.43 (−12.46%)

As of Nov 10, 2026, 11:25 AM ET

D30/ 100

Rank 320 of 367 in Single-Stock Long Leveraged

D30/100Rank 320 of 367inSingle-Stock Long Leveraged
Intraday session: down, 24 prints from 3.45 to 3.02. Range 3.00 to 3.35. Use the arrow keys to read each point.3.103.203.303.4010 AM12 PM2 PM4 PM
Expense ratio
1.32%
Fund size
$4M
1Y total return
−96.5%
Yield · Last 12 months
No data
Holdings
10
Avg volume · 30D
97.7K sh
52W range
low $3.17high $131.12
Launched
Filings
SEC EDGAR

The ETF.net SOUX Grade

Based on 5 of 6 pillars

D

Score 30 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
320 of 367
Six-pillar profile for SOUX. Scores out of 100: Cost 26, Risk 24, Mission 96, Tradability 37, Holdings not scored, Durability 59. Strongest: Mission (96). Weakest: Risk (24). Based on 5 of 6 pillars.

Score 30 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
31
This cap took
0
Published Score
30 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D26 out of 100
    Rank 259 of 367

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A96 out of 100
    Rank 29 of 143

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F24 out of 100
    Rank 322 of 363

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D37 out of 100
    Rank 252 of 367

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B59 out of 100
    Rank 128 of 367

Our read on SOUX

ETF.net Research

In short

DSoundHound AI at double volume, one day at a time. Defiance got to this trade first: 2x daily SOUN exposure through swaps, no margin account needed. The leverage resets each day, and it charges 1.32% a year.

Stated mandate

The Fund seeks daily investment results equal to twice the daily percentage change in SoundHound AI, Inc.'s share price, before fees and expenses.

Why people hold it

  • First out of the gate on SoundHound AI (June 2025 launch): 2x daily exposure that sits in a plain brokerage account, no margin agreement required.etfgi.com
  • Since launch it has stayed close to its stated target of 200% of SOUN's daily move, before fees.
  • One ticker, one job: double the day's move in a single stock, built with swaps inside a 1940 Act fund rather than a note.defianceetfs.com

Worth knowing

  • At 1.32% it costs more than the cheapest 2x single-stock funds (TSMG 0.76%, OKTG 0.75%, neither waived) and above the category median.
  • The daily reset is the whole mechanism: over longer stretches, compounding can push returns away from 2x the stock's move, especially in choppy markets.defianceetfs.com
  • Still a small, moderately traded fund, so spreads and liquidity are part of the cost of doing business.

SOUX Performance

Launched Jun 23, 2025

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

Not enough history yet.Not enough history yet.Not enough history yet.
SOUX$352
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. SOUX $352. SPY $11,339. Use the arrow keys to read each point.$0$5,000$10,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 SOUX. Periods over one year show the average yearly return.
PeriodSOUX
Year to date−92.1%
1 month−47.2%
3 months−78.6%
1 year−96.5%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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 SOUX
YearReturn barSOUX
2026 YTD−92.1%
2025−39.2%

History from Jun 24, 2025

SOUX in the news

SOUX Dividends

Last payment
$8.84 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $8.84. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$8.84

$10,000 in SOUX 1 year ago paid $838 in dividends.

SOUX Risk

Risk pillarF24 out of 100Rank 322 of 363 in Single-Stock Long Leveraged

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.
119.6%
Annualised · 16 months to Oct 2026
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.
−1.15
vs 3-month T-bills · 16 months to Oct 2026
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.
−98.6%
16 months · trough Nov 2026
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.
6.94
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.

FMP measures it over up to five years of monthly returns.

SOUX Cost

Compare SOUX and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$19,513

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SOUX 1.32%

    $23,668

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • SOUX 1.32%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530SOUX $23,668GOGL $4,155

Year by year

YearSOUXGOGLOverpaying
10$2,296$365$1,931
20$8,507$1,421$7,086
30$23,668$4,155$19,513

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