Share-split context: A reverse split was recorded on Mar 20, 2026 with coefficient 0.166667. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The DEFIANCE DAILY TARGET 2X LONG QS ETF (QSU) is a leveraged ETF. This means it uses financial tools to try and double the daily return of a specific target. It is designed for traders who want a more aggressive way to bet on the price movement of its target.

What the numbers show

As of October 7, 2026, the share price of QSU is $3.72. The data shows a significant decline in value so far this year. The year-to-date (YTD) price return is approximately -90.55%. Because there were no distributions, the YTD total return is also -90.55%.

This ETF has a history of a reverse split. On March 20, 2026, a reverse split occurred. In a reverse split, multiple old shares are combined into fewer new shares. This causes the quoted per-share price to rise mechanically, but it does not restore any lost investment value.

Income and distribution explanation

Some investors buy ETFs to get regular cash payments, known as distributions. However, QSU is not designed for income. The distribution yield is 0%, and no distributions have been detected in the last 12 months. It has an income rating grade of "F."

NAV erosion explanation

NAV erosion happens when the value of the fund's underlying assets drops over time, often making it hard for the share price to recover. While this ETF has seen a large price decline, the "severe erosion-risk flag" is currently false. Additionally, the erosion score is unavailable because there is not enough verified price history to calculate it.

Top Holdings

As of October 8, 2026, the fund holds one asset:

• First American Government Obligs X (FGXXX): 9.25%

Pros

• It provides a way to get leveraged (2x) exposure to its target without needing a margin account.

Cons

• The share price has declined by approximately 90.55% year-to-date.

• It provides no cash income or distributions to investors.

• It has undergone a reverse split, which is often a sign of a falling share price.

Beginner takeaway

QSU is a high-risk, leveraged tool, not a traditional long-term investment. It has experienced a very large price drop this year. For beginners, it is important to remember that a high-leverage strategy can lead to fast losses. Additionally, because this fund pays no distributions, investors rely entirely on the share price going up to make money.