Defiance Daily Target 2X Long SOUN ETF (SOUX)

Defiance Daily Target 2X Long SOUN ETF (SOUX) seeks daily investment results, before fees and expenses, equal to two times the daily performance of the common stock of SoundHound AI, Inc. It is a single-stock leveraged fund sponsored by Defiance ETFs, and its objective resets every trading day.

The fund obtains its exposure mainly through swap agreements and other derivatives on the underlying shares rather than simply holding the stock, keeping the remaining assets in cash and short-term instruments as collateral. Because the multiple applies to each day separately, results over periods longer than one day can differ meaningfully from two times the stock's return over the same period.

The underlying company: SoundHound AI develops voice and conversational artificial intelligence software used in automobiles, restaurants, customer service and connected devices.