VSTL, the Defiance Daily Target 2X Long VST ETF, is a $16 million ETF whose main story is the power constraint. Over the past year it returned −68.6%, 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 power constraint →
Utilities, nuclear fuel and grid equipment: the power the AI buildout needs.
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 | XLU | 32.5% | $21.33bn | −6.8% | 0.08% |
| 2 | GRID | 18.1% | $11.87bn | +20.8% | 0.56% |
| 3 | VPU | 13.0% | $8.52bn | −7.0% | 0.09% |
| 4 | URA | 8.5% | $5.59bn | −16.9% | 0.69% |
| 5 | NLR | 5.4% | $3.55bn | −25.8% | 0.52% |
| 75 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 80 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| VSTL | −6.6% | −21.0% | −45.5% | −68.6% | – | – |
| The power constraintits narrative | −4.5% | −9.0% | +1.4% | −1.0% | +20.1% | +11.6% |
| 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 July 22, 2025: −59.6% a year.
$10,000 invested July 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
How closely it moves
VSTL moves largely apart from the market. When the market has moved 1%, VSTL has tended to move 0.72%.
VSTL moves partly with the power constraint. When the power constraint has moved 1%, VSTL has tended to move 3.13%.
Weekly returns over 62 weeks. The narrative is measured without VSTL 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 power constraint
Each dot is one of 29 unlevered ETFs whose main narrative is the power constraint, placed by its return (up) and how much it swung (right) over the last year. VSTL 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 VSTL selling?
VSTL’s main story is the power constraint, which covers utilities, nuclear fuel and grid equipment: the power the AI buildout needs.
Which ETFs compete with VSTL?
The ETFs whose weekly returns move most like VSTL’s over the past 3 years are UTES (0.88), PUI (0.70) and ZAP (0.69).
How has VSTL performed against its story?
Over the past year VSTL returned −68.6%, the ETFs carrying the power constraint −1.0% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.58 with the story. Past performance only.
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