What this ETF is trying to do

The Defiance Daily Target 2X Long ANET ETF (ANEL) is a leveraged ETF. This means it uses financial tools to try and double the daily return of its target investment. It is designed for investors who want a more aggressive way to track a specific asset.

What the numbers show

As of October 2, 2026, the share price of ANEL was $28.38.

The ETF has seen growth recently:

• Year-to-Date (YTD): The price return and total return are both approximately 75.24%.

• One Year: The price return and total return are both approximately 32.34%.

Because this ETF does not pay distributions, the price return (the change in share price) and the total return (the overall return) are the same.

To put the one-year growth in perspective, if you had invested $10,000 in this ETF roughly one year ago at the estimated price of $21.44, your investment would be worth approximately $13,234 based on the price return alone.

Income and distribution explanation

This ETF does not provide regular cash payments to investors. The distribution yield is 0%, and there have been no payouts in the last 12 months. Investors in this fund do not earn income through distributions; they only potentially make money if the share price increases.

NAV erosion explanation

"NAV erosion" happens when the value of an ETF's underlying assets drops over time, often causing the share price to fall even if the market it tracks stays flat.

For ANEL, the erosion-risk score is 100, and the erosion severity is labeled as "good." The data shows that no price erosion has been detected, and the severe erosion-risk flag is false.

Top Holdings

As of October 7, 2026, the fund held:

• First American Government Obligs X (FGXXX): 9.65%

Pros

• Strong Recent Growth: The ETF has shown significant price increases over the last year and so far this year.

• Low Erosion Risk: Current measurements indicate no signs of NAV erosion.

Cons

• No Income: There are no distributions for investors seeking cash flow.

• Leverage Risk: Because it is a leveraged ETF, it is designed for daily targets, which can be more volatile than standard ETFs.

Beginner takeaway

ANEL is a leveraged tool meant for growth, not for income. While it has had a strong year, it does not pay dividends. New investors should remember that high returns in the past do not guarantee future results, and leveraged ETFs behave differently than traditional stock funds.