Defiance Daily Target 2X Short ASTS ETF (ASTN)

The Defiance Daily Target 2X Short ASTS ETF (ASTN) is an inverse leveraged single-stock fund from Defiance ETFs. It seeks daily investment results, before fees and expenses, equal to -200% of the daily percentage change in the share price of AST SpaceMobile, Inc.

The fund is designed to gain when AST SpaceMobile shares decline on a given day and to lose when they rise, at about twice the magnitude, using swap agreements and holding cash and Treasuries as collateral. AST SpaceMobile is developing a satellite network that provides cellular broadband directly to ordinary smartphones.

The inverse 2x objective resets daily, so performance over multiple days can differ widely from twice the inverse of the stock's cumulative return.