Defender Risk Adaptive 500 ETF (SPDF)

The Defender Risk Adaptive 500 ETF is an exchange-traded fund that invests with reference to the large-cap U.S. stock market represented by the S&P 500. As its name indicates, the fund follows a risk-adaptive approach, adjusting its market exposure depending on prevailing risk conditions rather than remaining fully invested at all times.

Strategies of this kind typically shift between equity exposure and more defensive positions, such as cash or Treasury bills, using rules based on volatility, trend or other risk signals. The goal is to participate in the U.S. large-cap equity market while seeking to limit the impact of severe drawdowns. The fund is listed on Cboe BZX.