Defiance Daily Target 2X Long PL ETF

Defiance Daily Target 2X Long PL ETF is a leveraged exchange-traded fund designed to provide amplified daily exposure to Planet Labs PBC, a leading Earth observation and geospatial data company. It seeks to deliver 200% of the daily percentage change in Planet Labs PBC's share price, before fees and expenses, targeting active traders who want to express bullish views on satellite imagery, geospatial intelligence, and data-driven global monitoring without using a margin account. Planet Labs PBC operates one of the world's largest constellations of imaging satellites, supplying frequently updated imagery and geospatial data to commercial and government customers for applications in agriculture, climate monitoring, mapping, disaster response, national security, and supply chain intelligence. The ETF employs swap agreements and holds short-term government obligations and cash equivalents to achieve its daily leveraged objective. Launched by Defiance ETFs, this fund is intended strictly for short-term trading by knowledgeable investors who actively monitor their positions, given the risks of leverage and daily compounding effects.