QBTZ

Defiance Daily Target 2X Short QBTS ETF seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of D-Wave Quantum Inc. (NYSE: QBTS). The management has adopted a policy to have at least 80% of fund's net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the underlying security. For purposes of the 80% policy, derivatives will be valued at notional value. The fund is non-diversified.