Defiance Daily Target 2x Short RGTI ETF (RGTZ)

The Defiance Daily Target 2x Short RGTI ETF (RGTZ) is an exchange-traded fund from Defiance ETFs that seeks daily investment results equal to two times the inverse (-2x) of the daily percentage change in the share price of Rigetti Computing, Inc. (RGTI). It is designed to rise when the stock falls and decline when the stock rises over a single trading day.

Rigetti Computing, Inc. develops superconducting quantum computers and quantum integrated circuits and offers access to its systems through cloud services. The fund typically obtains its exposure through swap agreements and other derivatives rather than simply holding the shares, and it rebalances its exposure every trading day.

Because the leverage target resets daily, the fund's returns over periods longer than one day can differ substantially from the stated multiple of the stock's return for the same period, particularly when the share price is volatile.