Defiance Daily Target 2X Long XOVR ETF (XOVL)

The Defiance Daily Target 2X Long XOVR ETF (XOVL) is a leveraged exchange-traded fund offered by Defiance ETFs. It seeks daily investment results, before fees and expenses, of twice (2x) the daily percentage change in the share price of the ERShares Private-Public Crossover ETF, which trades under the ticker XOVR.

The underlying fund invests in a mix of publicly traded growth companies and selected late-stage private companies. XOVL obtains its leveraged exposure through swap agreements and other derivatives and rebalances daily to maintain its target.

Because the 2x objective applies to a single day, returns over longer holding periods can diverge significantly from twice the return of the underlying ETF, especially in volatile markets.