QBTZ – Defiance Daily Target 2X Short QBTS 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 D-Wave Quantum Inc. (NYSE: QBTS). The management has adopted a policy to have at least 80% of fund's net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the underlying security. For purposes of the 80% policy, derivatives will be valued at notional value. 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
QBTZ	Defiance Daily Target 2X Short QBTS ETF	ETF	Open	—	—	Oct 6, 2025	$4.13M	2.310%	—	—	—

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