Defiance Daily Target 2X Short TSM ETF (STSM)

The Defiance Daily Target 2X Short TSM ETF is an exchange-traded fund that seeks daily investment results, before fees and expenses, equal to twice the inverse (opposite) of the daily percentage change of the American depositary receipts of Taiwan Semiconductor Manufacturing Company (ticker TSM). It obtains this short exposure mainly through swap agreements and other derivatives.

TSMC is the world's leading contract chip manufacturer, producing advanced semiconductors for customers that design but do not fabricate their own chips. The fund is sponsored by Defiance ETFs. The fund resets its leverage each trading day, so its target applies to single-day returns only; over longer holding periods its performance can differ substantially from two times the inverse of the underlying return because of daily compounding.