ETF Education Report: Defiance Daily Target 2X Short LLY ETF (LLYZ)

What this ETF is trying to do

The Defiance Daily Target 2X Short LLY ETF (ticker: LLYZ) is an exchange-traded fund listed on the NASDAQ. Based on its name, this type of fund is designed to move in the opposite direction of a specific underlying asset with "2X" leverage. This means it aims to provide double the inverse movement of its target.

What the numbers show

As of August 11, 2026, the current price of LLYZ is $8.57.

When looking at how the fund has performed this year, we look at two different types of returns:

• Year-to-Date (YTD) Price Return: This measures only the change in the share price. For LLYZ, the YTD price return is approximately 2.22%.

• Year-to-Date (YTD) Total Return: This measure includes both the share price change and any distributions (cash payments). The YTD total return for this fund is also approximately 2.22%.

Because the price return and the total return are the same in this case, it shows that there were no cash distributions added to the price movement so far this year.

Income and distribution explanation

Some investors look for ETFs that pay regular cash, known as distributions. However, for LLYZ, the data shows a distribution yield of 0%. There have been no distributions detected over the last 12 months. This means the fund has not provided cash income to shareholders during this period.

NAV erosion explanation

"NAV" stands for Net Asset Value, which is the actual value of the assets held by the fund. "NAV erosion" is a term used when the value of those underlying assets declines significantly over time.

For this specific ETF, an erosion score was not provided because there is insufficient verified price history. There is no severe erosion-risk flag active for this fund at this time.

Top Holdings

The following is a list of the Top Holdings for this fund. Please note that holdings can change over time.

• FIRST AMERICAN GOVERNMENT OBLIGS X: 15.84%

Pros

• The fund has shown a positive YTD total return of approximately 2.22%.

Cons

• This fund does not currently provide cash distributions or income.

• There is limited verified price history available to determine long-term erosion risks.

Beginner takeaway

When learning about ETFs, it is important to distinguish between the share price and the total return. The share price tells you what the ETF costs to buy, while the total return tells you how much your investment actually grew or shrank by including any cash payments. In the case of LLYZ, the growth seen so far this year has come entirely from the movement of the share price itself.