Defiance Daily Target 2X Long VELO ETF (VELL)

Defiance Daily Target 2X Long VELO ETF (VELL) is a leveraged single-stock exchange-traded fund that seeks daily investment results equal to two times (2x) the daily percentage change in the share price of the company listed under the ticker VELO. Its performance is tied to that single stock rather than to a diversified portfolio.

The fund obtains its leveraged exposure mainly through swap agreements and similar instruments. Because the 2x target applies to each trading day and exposure is reset daily, results over longer periods can differ substantially from twice the underlying stock's return.

The fund is sponsored by Defiance ETFs, a provider of thematic, income and leveraged exchange-traded funds.