Defiance Daily Target 2X Long DRAM ETF (DRAL)

The Defiance Daily Target 2X Long DRAM ETF (DRAL) is a leveraged fund from Defiance ETFs. It seeks daily investment results, before fees and expenses, equal to twice the daily percentage change of its DRAM reference asset, which provides exposure to companies in the computer memory chip industry.

The fund uses swap agreements and other derivatives to achieve its leverage and resets its exposure every trading day. Because the 2x target applies to a single day, returns over longer periods can differ substantially from twice the reference asset's performance, especially in volatile markets. It is intended as a short-term trading vehicle.