An actively managed ETF: aims for twice the daily return of ONDS shares, using swaps and listed options. Because it resets daily, longer-term returns can differ a lot from twice ONDS's.
ONDL, the Defiance Daily Target 2X Long ONDS ETF, is a $30 million ETF whose main story is the defense trade.
The narrative it carries
This is its only narrative.
The defense trade →
Defense contractors, defense technology and the industrial companies around them, paid from government budgets.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLI | 38.8% | $29.83bn | +11.5% | 0.08% |
| 2 | ITA | 15.8% | $12.14bn | −0.5% | 0.37% |
| 3 | VIS | 11.1% | $8.52bn | +11.0% | 0.09% |
| 4 | PPA | 9.6% | $7.40bn | +0.1% | 0.58% |
| 5 | XAR | 7.2% | $5.54bn | −1.9% | 0.35% |
| 62 other ETFs | 17.5% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 67 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| ONDL | −13.9% | −27.3% | −80.7% | – | – | – |
| The defense tradeits narrative | −3.2% | −10.2% | +4.9% | +5.2% | +24.3% | +14.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on December 30, 2025: −77.3%.
$10,000 invested December 31, 2025
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
ONDL has traded for less than a year, so how it moves against the market is not shown yet.
Where it sits in The defense trade
Each dot is one of 25 unlevered ETFs whose main narrative is the defense trade, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
ONDL is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 2x the daily return of its exposure. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Common questions
What story is ONDL selling?
ONDL’s main story is the defense trade, which covers defense contractors, defense technology and the industrial companies around them, paid from government budgets.
Run an ETF in the defense trade? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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