SOUX, the Defiance Daily Target 2X Long SOUN ETF, is a $6 million ETF whose main story is the productivity handoff. Over the past year it returned −95.6%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The productivity handoff →
Software, cloud and online retail: the companies that sell the work AI is starting to do.
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 | CIBR | 31.1% | $17.32bn | +36.6% | 0.58% |
| 2 | IGV | 25.0% | $13.91bn | −6.3% | 0.38% |
| 3 | FDN | 9.4% | $5.23bn | +4.2% | 0.49% |
| 4 | SKYY | 6.0% | $3.33bn | +23.8% | 0.60% |
| 5 | HACK | 6.0% | $3.33bn | +40.0% | 0.60% |
| 163 other ETFs | 22.5% |
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 168 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| SOUX | −29.9% | −34.8% | −82.2% | −95.6% | – | – |
| The productivity handoffits narrative | +7.7% | +14.7% | +27.0% | +17.9% | +27.9% | +11.2% |
| 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 June 24, 2025: −82.6% a year.
$10,000 invested June 30, 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
How closely it moves
SOUX moves partly with the market. When the market has moved 1%, SOUX has tended to move 8.69%.
SOUX moves partly with the productivity handoff. When the productivity handoff has moved 1%, SOUX has tended to move 3.45%.
Weekly returns over 66 weeks. The narrative is measured without SOUX in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The productivity handoff
Each dot is one of 31 unlevered ETFs whose main narrative is the productivity handoff, placed by its return (up) and how much it swung (right) over the last year. SOUX is levered or inverse, so it is shown against them but not counted among them.
Risk
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 SOUX selling?
SOUX’s main story is the productivity handoff, which covers software, cloud and online retail: the companies that sell the work AI is starting to do.
Which ETFs compete with SOUX?
The ETFs whose weekly returns move most like SOUX’s over the past 3 years are WISE (0.76), OARK (0.73) and PCLG (0.73).
How has SOUX performed against its story?
Over the past year SOUX returned −95.6%, the ETFs carrying the productivity handoff +17.9% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.53 with the story. Past performance only.
Run an ETF in the productivity handoff? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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