Defiance Daily Target 2X Long Copper Miners ETF (COPZ)

Defiance Daily Target 2X Long Copper Miners ETF is a leveraged exchange-traded fund from Defiance ETFs that seeks daily investment results, before fees and expenses, equal to two times, or 200%, of the daily performance of a benchmark of copper mining companies.

The fund obtains its leveraged exposure primarily through swap agreements and other derivatives referencing the copper miners benchmark, and it resets its leverage each trading day. Because the 2x target applies to one-day returns only, performance over longer periods can differ significantly from twice the return of the underlying copper miners over the same span.

The underlying exposure is to companies that mine and produce copper globally, so the fund is sensitive to copper prices and mining sector conditions.