At a glance
LLYX charges 1.49% a year. It has $45.8M in assets; it paid 2.39% of its price in distributions over the past 12 months, annual. Over the past year it returned +88.4% with distributions reinvested (S&P 500: +11.5%).
The short version
Defiance Daily Target 2X Long LLY ETF (LLYX) aims to deliver twice the daily percentage change in Eli Lilly shares. It does this with swap agreements and options rather than by owning the stock. Its exposure resets every day, so returns over weeks or months can differ sharply from twice Lilly's return. It charges a 1.49% expense ratio and fell 68% from peak to low in its short history. It is built for short-term trading, not buy-and-hold.
Price history
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LLYX +88.4% 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 | |
|---|---|---|---|---|---|---|
| LLYX official prospectus, to Dec 31, 2025 | — | +44.38% | — | — | — | +21.17% |
| LLYX price data to Oct 27, 2026 | +15.1% | +88.4% | — | — | — | +11.4% |
- Over the year to Oct 27, 2026, LLYX returned +88.4%.
- Its worst full calendar year was 2025 (+44.3%); its best was 2025 (+44.3%).
- The deepest fall in its price history was 68% (Aug 30, 2024 to Aug 8, 2025), recovered by Aug 19, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.1% | — |
| 2025 | +44.3% | +44.38% |
| 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 | $0.7000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (9.15% 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 | 21.33% |
By country
United States 21.33%By issuer
US Treasury 21.33%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 withdrew a net $44.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +37.63%, +15.48%, -9.89%.
How it works
LLYX is actively managed and does not track an index. Its target is a single company: Eli Lilly and Company (NYSE: LLY), a global drugmaker working in areas such as cardiometabolic health, oncology, immunology and neuroscience. The fund does not buy Lilly shares. Instead it uses swap agreements, which are contracts where a financial institution pays the fund the return on a set dollar amount of Lilly stock. It may also use short-dated in-the-money call options, which are options to buy Lilly at a price below the market price. As of July 31, 2026, it held seven derivative positions, including Lilly swaps with counterparties listed as MS, Cantor, CS, Marex and BMO.
Swaps don't require the full value in cash up front. The fund expects to put 40% to 60% of its assets toward collateral or option premiums. It keeps that collateral in short-term holdings such as Treasury bills and money market funds. As of July 31, 2026, a US Treasury bill made up 21.3% of assets and cash made up 9.15%.
At each day's close, the adviser rebalances to bring exposure back to about 200% of Lilly. Because of this daily reset, returns compound day by day and will very likely differ from twice Lilly's return over any longer period. The prospectus says the fund will lose money if Lilly is flat over time, and it can lose money even when Lilly rises. Daily rebalancing produced portfolio turnover of 28,390%.
What it really costs
- LLYX charges 1.49% 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 $152 in the first year and $1,779 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| LLYX | $152 | $471 | $813 | $1,779 |
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.
In a retirement portfolio
It targets twice Eli Lilly's return for a single day, and its prospectus warns against holding it unmonitored for longer than one trading day.
LLYX launched on August 7, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its own short history shows how sharp the swings can be. It fell 68% between August 30, 2024, and August 8, 2025, and took about 12.4 months to recover, by August 19, 2026. Anyone who had to sell shares near that low would have locked in most of the loss. Its trailing yield was 2.39% as of October 27, 2026, paid once a year, which is not a steady source of income. On the SEC's standard $10,000 example, the 1.49% expense ratio comes to $152 after one year and $1,779 over 10 years. 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
- Active traders who want twice the one-day move in Eli Lilly shares and are prepared to check their positions every day.
- Experienced investors who understand swaps, daily resets and compounding, and can accept drops like its 68% fall from 2024 to 2025.
- Short-term traders who want leveraged Lilly exposure without a margin account and accept a 1.49% expense ratio for brief holding periods.
Look elsewhere if
- Retirement savers looking for a long-term holding, since the prospectus warns returns beyond one day can differ sharply from twice Lilly's return.
- Investors who want diversification, because the fund's exposure is tied to one pharmaceutical company and it is classified as non-diversified.
- Income seekers, because it pays only once a year, with a 2.39% trailing yield as of October 27, 2026, and that payout isn't reliable.
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 LLYX a good long-term investment?
It isn't designed to be one. LLYX seeks twice Eli Lilly's return for a single trading day only. Its prospectus says investors should not plan to hold it unmonitored for longer than that. The fund loses money if Lilly is flat over time and can lose money even if Lilly rises. Its price return was 88.4% for the year to October 27, 2026. Earlier, it fell 68% between August 2024 and August 2025.
Does LLYX own Eli Lilly stock?
No. LLYX gets its Lilly exposure through swap agreements with financial institutions and, at times, listed call options. As of July 31, 2026, its portfolio held seven derivative positions, a US Treasury bill worth 21.3% of assets, and 9.15% in cash. The Treasury bill and cash serve as collateral. Because the fund doesn't own Lilly shares, its investors have no voting rights in the company.
What is LLYX's expense ratio?
LLYX's expense ratio is 1.49%, which includes a 1.29% management fee, according to its prospectus filed August 24, 2026. Under the SEC's standard example, a $10,000 investment earning 5% a year would cost $152 after one year, $471 after three years, $813 after five years and $1,779 after 10 years. The fund's 28,390% portfolio turnover also creates trading costs that the expense ratio doesn't include.
Does LLYX pay dividends?
Yes, but only once a year, and not in a predictable amount. As of October 27, 2026, it had paid $0.70 per share over the past 12 months, a trailing yield of 2.39%. A leveraged swap-based fund like this doesn't pass through Lilly's dividends. Its payouts come from the fund's own gains and collateral income, so they can vary widely from year to year.
LLYX vs LLY stock: what's the difference?
Owning LLY means holding Eli Lilly shares directly, with voting rights and no daily reset. LLYX aims to double Lilly's move each day, up or down, using swaps and options. It charges a 1.49% expense ratio. Over longer periods, daily compounding means LLYX's return will very likely differ from twice Lilly's. In choppy markets it is usually worse. LLYX has also swung far more, dropping 68% from peak to low.