Share-split context: A reverse split was recorded on Mar 19, 2026 with coefficient 0.333333. 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 VST ETF (VSTL) is a leveraged ETF. It is designed to provide two times (2X) the daily return of its target investment. Because it is leveraged, it aims to amplify the daily price movements of its underlying assets.

What the numbers show

The data shows a significant decline in share price over the last year. The one-year price return is approximately -54.90%, and the year-to-date (YTD) price return is approximately -23.99%. Because this fund does not pay distributions, the total return is the same as the price return.

VSTL has a history of share splits. Specifically, it underwent a reverse split on March 19, 2026. In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the quoted per-share price. This mechanical increase does not restore lost investment value.

Income and distribution explanation

VSTL is not designed as an income fund. The data shows a distribution yield of 0%, with no distributions detected over the last 12 months. It has an income rating grade of "F."

Price and NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, the price-based evidence is significant. VSTL has a severe erosion-risk flag. This flag was triggered because of the split-adjusted price trend and an erosion score of 10, which is labeled as "Severe price erosion." This indicates that the share price has deteriorated substantially.

Top Holdings

As of October 8, 2026, the fund holds two assets:

• First American Government Obligs X (FGXXX): 11.07%

• Vistra Corp (VST): 2.37%

Holdings can change over time.

Pros

• Provides leveraged exposure for those seeking to amplify daily movements of the target asset.

Cons

• Significant share-price decline over the last year and year-to-date.

• History of a reverse split, which is often a sign of price deterioration.

• No income or cash distributions for investors.

• High erosion-risk score.

Beginner takeaway

VSTL is a high-risk, leveraged tool, not a traditional long-term investment or an income fund. It has experienced a severe decline in share price and has a severe erosion-risk flag. Investors should be aware that leveraged ETFs are designed for short-term targets and can lose value quickly.