STSM

Defiance Daily Target 2X Short TSM ETF seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of the ADR of Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM). The fund is an actively managed exchange traded fund, the management attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The fund is non-diversified.