At a glance
AVGX charges 1.31% a year. It has $212.6M in assets; it paid 2.22% of its price in distributions over the past 12 months, annual. Over the past year it returned −36.3% with distributions reinvested.
The short version
Defiance Daily Target 2X Long AVGO ETF (AVGX) aims to deliver twice the daily percentage move of Broadcom (AVGO) shares. It does this with swap agreements and options rather than by owning the stock. Its exposure resets every day, so over weeks or months its returns can drift far from twice Broadcom's. It may appeal to active traders with a short-term view on one chip company. A 1.31% expense ratio and extreme swings set it apart.
Price history
The interactive chart needs JavaScript.
AVGX -36.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AVGX official prospectus, to Dec 31, 2025 | — | +47.02% | — | — | — | +90.29% |
| AVGX price data to Oct 27, 2026 | -25.2% | -36.3% | — | — | — | +33.2% |
- Over the year to Oct 27, 2026, AVGX returned -36.3%.
- Its worst full calendar year was 2025 (+47.0%); its best was 2025 (+47.0%).
- The deepest fall in its price history was 71% (Dec 16, 2024 to Apr 4, 2025), recovered by Jul 17, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -25.2% | — |
| 2025 | +47.0% | +47.02% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7800 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (4.43% of net assets), with its exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 65.97% |
By country
United States 65.97%By issuer
US Treasury 65.97%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $149.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.90%, -32.52%, +3.31%.
How it works
AVGX is actively managed and follows no index. Its goal is 200% of Broadcom's share-price change for a single day, measured from one market close to the next. It gets that exposure mainly through swap agreements: contracts with financial institutions that pay the fund the return on a set dollar amount of Broadcom stock. As of July 31, 2026, it held swaps with several counterparties. When swaps are scarce, it can use short-dated in-the-money call options instead (options that expire in a month or less and are already worth something). The prospectus warns that options are usually less efficient than swaps.
The fund expects to keep 40% to 60% of its assets as collateral or option premiums. As of July 31, 2026, a US Treasury bill made up about 66% of net assets of $212.6 million, and cash was 4.4%. At each close, the adviser rebalances to bring exposure back to about 200%. That daily trading produced portfolio turnover of 34,201%.
Because each day's return compounds on the last, results over longer periods will very likely differ from twice Broadcom's return. The fund loses money if Broadcom ends flat, and it can lose money even when Broadcom rises. The prospectus says shares should not be held unmonitored for longer than one trading day.
What it really costs
- AVGX charges 1.31% a year.
- Of that, 1.29% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $133 in the first year and $1,579 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AVGX | $133 | $415 | $718 | $1,579 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
The fund resets its 2x Broadcom exposure daily and says it is not meant to be held unmonitored for longer than one trading day.
AVGX launched on August 21, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 47.02%, but the path was violent. From December 16, 2024, to April 4, 2025, it fell 71%. It took until July 17, 2025, about 3.4 months, to recover. Over the year to October 27, 2026, it lost 36.3%. Anyone who had to sell or draw cash during a slump like that would lock in deep losses. The trailing yield was 2.22% as of October 27, 2026. That is paid once a year and is not designed as steady income. The 1.31% expense ratio comes to $133 in the first year in the SEC's $10,000 example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want twice Broadcom's daily move for a day or a few days and can watch the position closely.
- Traders seeking leveraged Broadcom exposure without a margin account or trading swaps and options themselves.
- People who can stomach drops like its 71% fall between December 2024 and April 2025 without needing that money.
Look elsewhere if
- Buy-and-hold investors and retirees: daily resets make long holding periods unpredictable, and the fund fell 36.3% in the year to October 27, 2026.
- Income seekers: its 2.22% trailing yield is paid once a year, and the fund isn't built to produce steady income.
- Anyone who wants diversification or low costs: it tracks one stock and charges 1.31%, or $1,579 over 10 years in the SEC's $10,000 example.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is AVGX good for long-term investing?
No, the fund isn't designed for it. AVGX targets twice Broadcom's return for one trading day only, and its prospectus says shares should not be held unmonitored for longer than a day. Over longer stretches, compounding can pull results far from 2x Broadcom. As of October 27, 2026, it had lost 36.3% over one year, after returning 47.02% in 2025. It also fell 71% from December 2024 to April 2025.
What's the difference between AVGX and buying AVGO stock?
AVGO is Broadcom's own stock. AVGX doesn't own those shares. It uses swap agreements with banks, plus sometimes options, to get about twice Broadcom's daily move, and it holds Treasury bills as collateral. AVGX holders get no voting rights in Broadcom, and they pay a 1.31% expense ratio. Because of the daily reset, AVGX's return over months can differ sharply from double the stock's.
Can AVGX lose money if Broadcom goes up?
Yes. The prospectus says the fund can lose money over time even while Broadcom's price rises, and that it will lose money if Broadcom ends flat. When the stock swings up and down, the daily 2x reset compounds losses faster than gains. Financing costs for the leverage and fund expenses add to the drag. This matters most for anyone holding longer than a day.
Does AVGX pay a dividend?
Yes, but only once a year, and not reliably. Over the 12 months to October 27, 2026, AVGX paid $0.78 per share, a trailing yield of 2.22%. The fund doesn't own Broadcom shares, so this is not Broadcom's dividend passed through. Payouts from a leveraged fund like this can change a lot from year to year.
What is AVGX's expense ratio?
AVGX's expense ratio is 1.31%, according to its prospectus filed August 24, 2026, and includes a 1.29% management fee. In the SEC's standard example, with $10,000 invested, a 5% yearly return and shares sold at the end, costs would total $133 after one year, $415 after three, $718 after five and $1,579 after ten. The fund doesn't report trading costs from its 34,201% turnover as part of that ratio.