At a glance
SOFX charges 1.33% a year. It has $68.7M in assets; it paid 49.97% of its price in distributions over the past 12 months, annual. Over the past year it returned −83.0% with distributions reinvested (S&P 500: +11.5%).
The short version
Defiance Daily Target 2X Long SOFI ETF (SOFX) uses swaps and options to seek twice the daily percentage change of one stock, SoFi Technologies (SOFI). It resets its leverage every day, so over longer periods its returns can end up far from twice SOFI's move. It charges 1.33% a year and lost 83% in the year to October 27, 2026. That makes it a short-term trading tool, not a long-term holding.
Price history
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SOFX -83.0% 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 | |
|---|---|---|---|---|---|---|
| SOFX price data to Oct 27, 2026 | -74.7% | -83.0% | — | — | — | -34.5% |
- Over the year to Oct 27, 2026, SOFX returned -83.0%.
- The deepest fall in its price history was 88.1% (Oct 28, 2025 to Oct 14, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -74.7% |
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 40.09% of assets, and 10.33% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 40.09% |
By country
United States 40.09%By issuer
US Treasury 40.09%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 $19.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +23.44%, -7.35%, -21.35%.
How it works
SOFX is an actively managed ETF, and it does not track an index. Its target is a single stock: SoFi Technologies, a US financial services company with lending, technology platform and financial services segments. The fund does not own SOFI shares. Instead, it signs swap agreements, which are contracts where a financial firm pays the fund the return on a set dollar amount of SOFI stock. It may also buy short-dated, in-the-money call options. These are options that already have value because their strike price is below the share price.
At the end of each trading day, the adviser values the swaps and options and rebalances so exposure stays near 200% of the fund's assets. This daily reset means returns compound. Over weeks or months, the result is each day's return multiplied together, and it will very likely differ from twice SOFI's return. The prospectus warns that the fund loses money if SOFI ends flat. It can lose money even when SOFI rises, if the stock swings a lot along the way. All this trading produced portfolio turnover of 72,985%.
Between 40% and 60% of assets are held as collateral or used to pay for options. As of July 31, 2026, a US Treasury bill made up 40.1% of the portfolio and cash 10.3%. The fund also held eight SOFI swap positions with counterparties including Marex and Cantor. The fund is non-diversified. If swaps become hard to get, it may lean more on options, which the prospectus calls less efficient.
What it really costs
- SOFX charges 1.33% 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 $135 in the first year and $1,601 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SOFX | $135 | $421 | $729 | $1,601 |
In a retirement portfolio
The prospectus says holders should not leave shares unmonitored for more than a single trading day, and the fund's leveraged bet on one stock has already produced losses of more than 80%.
SOFX offers little to a long-term or retirement portfolio. It launched on January 15, 2025, so it did not exist during the 2008, 2020 or 2022 market drops. There is no record of how it would hold up in a broad crash. Its own short history is stark. From its peak on October 28, 2025, it fell 88.1% by October 14, 2026, and it had not recovered as of October 27, 2026. Anyone who needed to sell during that stretch would have locked in most of that loss. The trailing yield was 49.97% as of October 27, 2026. That came from one annual payout of about $3.60 per share, which is not dependable income. Costs are high at 1.33% a year, or $1,601 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, 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 of SoFi Technologies and can check their positions daily, as the prospectus says to.
- Short-term traders who can handle volatility of 114.9% over the year to October 27, 2026, and the chance of losing everything.
- Experienced investors who understand how daily leverage resets, swaps and compounding can pull multi-day returns far from twice SOFI's move.
Look elsewhere if
- Retirees and buy-and-hold savers: SOFX lost 83% in the year to October 27, 2026, after falling 88.1% from its peak.
- Income seekers: the 49.97% trailing yield came from a single annual payout, not regular, dependable distributions.
- Cost-conscious investors: the 1.33% expense ratio adds up to $1,601 over 10 years on $10,000 in the SEC's standard example.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is SOFX a good long-term investment?
No, the fund isn't built for long holding periods. Its prospectus says it seeks twice SOFI's return for a single day only, and that holders should not leave shares unmonitored for longer than one trading day. Its record shows why. As of October 27, 2026, SOFX had lost 83% over one year and 34.5% since it launched on January 15, 2025. Its deepest drop was 88.1%.
What's the difference between SOFX and just buying SOFI stock?
SOFX aims for twice SOFI's daily move, while the stock gives you exactly SOFI's return. The fund does not own SoFi shares. It uses swaps and options, so holders get no voting rights. Because the fund resets its leverage every day, its return over months can differ sharply from twice the stock's. It also charges 1.33% a year, and holding the stock carries no fund fee. The packet lists no similar leveraged fund to compare it with.
Does SOFX pay dividends?
Yes, but only once a year, and not in a predictable way. Over the 12 months to October 27, 2026, it paid about $3.60 per share, for a trailing yield of 49.97%. That payout is not a pass-through of SoFi dividends, because the fund holds swaps, options, Treasury bills and cash rather than SoFi shares. A single large annual payment says little about what any future payout will be.
Can SOFX lose money even if SOFI goes up?
Yes. The prospectus says the fund can lose money over time even while SOFI's price rises, and that it will lose money if SOFI ends a period flat. The cause is daily rebalancing and compounding. When a stock swings up and down sharply, a 2x daily fund can fall behind. SOFX's volatility was 114.9% over the year to October 27, 2026, which is the kind of swinging that makes this effect worse.
What is the SOFX expense ratio?
SOFX's expense ratio is 1.33% a year, according to its prospectus filed August 28, 2026. That includes a 1.29% management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would pay about $135 in costs over 1 year, $421 over 3 years, $729 over 5 years and $1,601 over 10 years. Trading costs are not included in that figure, and the fund's portfolio turnover was 72,985%.