AVXX – Defiance Daily Target 2X Long AVAV ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Aerovironment Inc. (NASDAQ: AVAV). The fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the underlying security by employing derivatives, namely swap agreements and/or listed options contracts. The fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. 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
AVXX	Defiance Daily Target 2X Long AVAV ETF	ETF	Open	—	—	Oct 22, 2025	$10.83M	1.310%	—	—	—

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