Defiance Daily Target 2X Long XOVR ETF

Defiance Daily Target 2X Long XOVR ETF is a leveraged exchange-traded fund designed to provide amplified daily exposure to the share price movement of the ERShares Private-Public Crossover ETF. The fund uses derivatives, such as swap agreements, to target twice the daily return of its underlying reference on a single trading day, before fees and expenses. It is built for investors seeking a concentrated tactical instrument linked to a portfolio that combines entrepreneurial U.S. public companies with select late-stage private businesses. Defiance Daily Target 2X Long XOVR ETF occupies a niche in the market for leveraged equity products, offering a way to access crossover innovation themes through a short-term trading structure rather than direct ownership of the underlying companies.