Defiance Daily Target 2x Long OSCR ETF (OSCX)

Defiance Daily Target 2x Long OSCR ETF (OSCX) seeks daily investment results, before fees and expenses, of 2 times (2x) the daily percentage change in the share price of Oscar Health (OSCR). It is a single-stock leveraged ETF sponsored by Defiance ETFs, giving amplified long exposure to one company.

The underlying company, Oscar Health, is a health insurance company, based in New York, that offers individual, family and small-business health plans built around its own technology platform. The fund does not usually own the reference shares outright in the required amount; instead it obtains its exposure mainly through derivatives such as swap agreements and options, backed by cash and short-term Treasury holdings.

Because the fund rebalances to its target exposure every day, its stated multiple applies to a single day only. Over periods longer than one day, compounding means the fund's cumulative return can differ significantly from 2 times the stock's return over the same period, particularly when the share price is volatile.