Defiance Daily Target 2X Long OUST ETF (OUSL)

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

The underlying company, Ouster, develops digital lidar sensors and perception software used in automotive, industrial automation, robotics and smart infrastructure applications. 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.