Defiance Daily Target 2X Long AVAV ETF (AVXX)

Defiance Daily Target 2X Long AVAV ETF (AVXX) is an exchange-traded fund in the Trading Leveraged Equity category. It has $10.95M in assets and an expense ratio of 1.31%. The fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) 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 expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. The fund is non-diversified.