ASTN – Defiance Daily Target 2X Short ASTS ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of AST SpaceMobile, Inc. (Nasdaq: ASTS). The fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
ASTN	Defiance Daily Target 2X Short ASTS ETF	ETF	Open	—	—	Feb 5, 2026	$2.40M	1.310%	—	—	—

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